RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-12-01 16:15:00

OIL PRICE: NOT BELOW $72

OIL PRICE: NOT BELOW $72

REUTERS - Dec 1 - Oil prices rose more than 4% on Wednesday as major producers prepared to discuss future output against the backdrop of the new Omicron variant of the coronavirus triggering fresh travel restrictions which could dampen oil demand.

Equity markets, which often move in tandem with oil prices also rebounded as investors bought the previous session's dip in the hope that Omicron would not derail an economic recovery.

Brent crude futures for February rose $3.25, or 4.7%, to $72.48 a barrel at 1241 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose $3.01, or 4.6%, to $69.19 a barrel. Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since March 2020, down 16% and 21% respectively.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. 

Some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January. 2022 is expected to bring a supply surplus even at current demand levels.

"There is much to suggest that OPEC+ will not initially step up its oil production any further in an effort to maintain current prices at around $70/bbl," PVM analyst Stephen Brennock said.

"OPEC+ have erred on the side of caution since it began slowly boosting supplies and a decision to shelve a planned increase output in January and keep its quota flat comports with its cautious approach."

Several OPEC+ ministers, though, have said there was no need to change course.

But even if OPEC+ agrees to go ahead with its planned supply increase in January, producers may struggle to add that much.

A Reuters survey found OPEC pumped 27.74 million bpd in November, up 220,000 bpd from the previous month, but that was below the 254,000 bpd increase allowed for OPEC members under the OPEC+ agreement. 

In a bearish sign for demand, data from the American Petroleum Institute industry group showed U.S. crude stocks fell by 747,000 barrels in the week ended Nov. 26, according to market sources, a smaller decline than expected.

-----


Earlier:

OIL PRICE: NOT BELOW $72
2021, November, 30, 13:30:00
OIL PRICE: ABOVE $71
Brent fell $2.32, or 3.2%, to $71.12 a barrel, WTI fell $2.15, or 3.1%, to $67.80 a barrel.
OIL PRICE: NOT BELOW $72
2021, November, 30, 13:25:00
OPEC+: NO HASTY DECISIONS
"We need to monitor how the situation develops, we must carefully monitor the market. There is no need to make hasty decisions," Novak said.
OIL PRICE: NOT BELOW $72
2021, November, 29, 12:00:00
OIL PRICE: NEAR $76
Brent climbed $3.17, or 4.4%, to $75.89 a barrel, WTI was up $3.35, or 4.9%, at $71.50 a barrel.
OIL PRICE: NOT BELOW $72
2021, November, 29, 11:55:00
OPEC+ WARINESS
OPEC+ ministers, led by Saudi Arabia and Russia, are meeting after Dated Brent nosedived 11% on Nov. 26, sending shock waves into the energy market as news of the Omicron variant outbreak led to bans on flights from South Africa.
OIL PRICE: NOT BELOW $72
2021, November, 25, 16:00:00
OIL PRICE: NOT BELOW $82
Brent gained 7 cents to $82.32 a barrel, WTI fell 12 cents, or 0.2%, to $78.27 a barrel.
OIL PRICE: NOT BELOW $72
2021, November, 25, 15:55:00
OPEC+ SUPPORT
The meetings will decide the group's January production levels. The existing pact calls on OPEC+ countries to hike output quotas by 400,000 b/d, though the volumes can be changed per market conditions.
OIL PRICE: NOT BELOW $72
2021, November, 22, 12:35:00
OIL PRICE: NEAR $79
Brent lost 26 cents, or 0.3%, to $78.63 a barrel, WTI were down 12 cents, or 0.2%, at $75.82 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $72
2022, August, 9, 14:14:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: NOT BELOW $72
2022, August, 9, 14:13:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: NOT BELOW $72
2022, August, 9, 14:12:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: NOT BELOW $72
2022, August, 9, 14:10:00
RUSSIA FOR ITER FUSION
The 25th batch of Russian electrical equipment was successfully delivered to the construction site of the international thermonuclear experimental reactor Iter in France,
OIL PRICE: NOT BELOW $72
2022, August, 8, 12:50:00
OIL PRICE: BRENT ABOVE $94, WTI ABOVE $88
Brent were down 51 cents, or 0.5%, at $94.41 a barrel, WTI was at $88.58 a barrel, down 43 cents, or 0.5%.
OIL PRICE: NOT BELOW $72
2022, August, 8, 12:45:00
OPEC OIL PRICE: $100.01
The price of OPEC basket of thirteen crudes stood at $100.01 a barrel
OIL PRICE: NOT BELOW $72
2022, August, 8, 12:40:00
РАЗВИТИЕ ЭНЕРГЕТИКИ РОССИИ, ТУРЦИИ
Особое место в двустороннем взаимодействии занимает сфера энергетики: успешно функционируют газопроводы «Турецкий поток» и «Голубой поток», продолжается строительство первой турецкой АЭС «Аккую».
All Publications »