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2021-02-02 12:20:00

OIL PRICE: NOT BELOW $56

OIL PRICE: NOT BELOW $56

REUTERS - FEBRUARY 2, 2021 -  Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.

Brent crude was up 48 cents, or 0.9%, at $56.83 a barrel by 0754 GMT, its third straight day of gains. U.S. oil gained 52 cents, or 1%, to $54.07. Both contracts rose more than 2% in the previous session.

OPEC crude production rose for a seventh month in January but the increase was smaller than expected, a Reuters survey found.

The Organization of the Petroleum Exporting Countries (OPEC) was pumping 25.75 million barrels per day (bpd) in January, the survey found, up 160,000 bpd from December.

Market analysts say the OPEC has been showing more discipline in keeping to its commitments as surging COVID-19 infections threaten any recovery in demand.

Also, voluntary cuts of 1 million bpd by OPEC’s de facto leader, Saudi Arabia, are set to be implemented from the beginning of February though March.

“Once a critical mass of the population is vaccinated this year, we think oil demand will rise further,” UBS said, adding “with OPEC and its allies (OPEC+) endeavouring to keep global oil production below demand, we expect petroleum inventories to keep falling as well.”

The investment bank forecast Brent would reach $63 a barrel by the second half of this year and $65 by the first quarter of 2022.

Russian output increased in January but in line with the agreement on reducing production, while in Kazakhstan oil volume fell for the month. Both countries are members of the OPEC+ grouping that banded together to help support prices with production cuts.

Russian oil and gas condensate output rose by 120,000 barrels per day (bpd) to 10.16 million bpd in January from December, following the agreement on production restraint, two sources familiar with the data told Reuters on Monday.

Kazakhstan cut its oil production by 2% in January from the previous month due to power outages, which also improved its compliance with the OPEC+ deal, according to two industry sources familiar with the matter and Reuters calculations.

Helping to support prices, a severe blizzard hitting a large area of the northeastern United States is pushing up demand for heating fuel.

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Earlier:

OIL PRICE: NOT BELOW $56
2021, February, 1, 12:25:00
OIL PRICE: NOT BELOW $55
Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.
OIL PRICE: NOT BELOW $56
2021, January, 29, 14:35:00
OIL PRICE: BELOW $56 YET
Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.
OIL PRICE: NOT BELOW $56
2021, January, 28, 13:20:00
OIL PRICE: BELOW $56 AGAIN
Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.
OIL PRICE: NOT BELOW $56
2021, January, 28, 13:10:00
OPEC: DIALOGUE, COOPERATION, RESPECT
OPEC reaffirms its faith – time and time again – of the need for dialogue, cooperation, and respect.
OIL PRICE: NOT BELOW $56
2021, January, 28, 13:05:00
SAUDI ARABIA'S BRILLIANT MOVE
"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.
OIL PRICE: NOT BELOW $56
2021, January, 27, 14:15:00
OIL PRICE: BELOW $57
Brent climbed 51 cents, or 0.9%, to $56.42 a barrel. WTI rose 41 cents, or 0.8%, to $53.02.
OIL PRICE: NOT BELOW $56
2021, January, 26, 12:25:00
OIL PRICE: NOT ABOVE $56 AGAIN
Brent was down 28 cents, or 0.5%, at $55.60. WTI fell 26 cents, or 0.5%, to $52.51.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $56
2022, July, 4, 12:44:00
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 $56
2022, July, 4, 12:43:00
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 $56
2022, July, 4, 12:40:00
GERMAN UTILITIES COLLAPSE
German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.
OIL PRICE: NOT BELOW $56
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
OIL PRICE: NOT BELOW $56
2022, July, 4, 12:30:00
S.KOREAN NUCLEAR FOR CZECH
"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.
OIL PRICE: NOT BELOW $56
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
OIL PRICE: NOT BELOW $56
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
All Publications »