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!

2021-07-05 13:30:00

OIL PRICE: NOT BELOW $76

OIL PRICE: NOT BELOW $76

REUTERS July 5, 2021 - Oil prices rose on Monday, driven higher by a disagreement inside OPEC+ about output policy that led to a third day of talks to try to break an impasse among producers in the group.

Brent was up 30 cents, or 0.4%, at $76.47 a barrel by 0935 GMT, trading around 2-1/2 year highs. U.S. oil gained 32 cents, or 0.4%, to $75.48 a barrel.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, resumes talks on Monday after failing to reach a deal last week amid a standoff between Saudi Arabia and the United Arab Emirates.

OPEC+, which agreed record output cuts in 2020 to cope with a COVID-induced price crash, voted on Friday to lift output by about 2 million barrels per day (bpd) from August to December 2021 and to extend their remaining cuts to the end of 2022, instead of ending in April 2022. The UAE blocked an agreement.

“The standoff at present is supporting the oil complex,” said StoneX analyst Kevin Solomon.

“But the longer the deadlock remains, we are bound to see intervention by a number of the global powers such as the United States as inflation - and rising prices at gas stations- continues to be a pivotal global concern,” he said.

ING Economics also said OPEC+’s failure to come to a deal may provide some brief upside to the oil market but said “it could also signal the beginning of the end for the broader deal, and so the risk that members start to increase output.”

Prince Abdulaziz bin Salman, energy minister of Saudi Arabia, the biggest oil exporter in OPEC, called on Sunday for “compromise and rationality” to secure a deal.

The standoff has erupted amid uncertainty about the course of the pandemic. The spread of the Delta variant of the coronavirus has put a drag on oil prices, although positive European economic data offered some support on Monday.

Euro zone businesses expanded activity at the fastest rate in 15 years in June as easing coronavirus restrictions brought life back to the service industry, a survey showed on Monday.

In the United States, energy companies increased oil and natural gas rigs for a third week out of the last four.

The number of oil and gas rigs, an early indicator of future output, was up by five to 475 in the week to July 2, the most since April 2020, Baker Hughes Co said a report on Friday.

-----


Earlier:

OIL PRICE: NOT BELOW $76
2021, July, 2, 12:40:00
OIL PRICE: BELOW $76
Brent were down 20 cents at $75.64 a barrel , WTI were down 15 cents at $75.08.
OIL PRICE: NOT BELOW $76
2021, July, 1, 12:35:00
OIL PRICE: NOT ABOVE $76 AGAIN
Brent ended the session up 37 cents, or 0.5% at $75.13 a barrel, WTI settled up 49 cents, or 0.7% at $73.47 a barrel.
OIL PRICE: NOT BELOW $76
2021, June, 30, 13:25:00
OIL PRICE: NEAR $75 YET
Brent was up 25 cents, or 0.3% at $75.01 a barrel, WTI was up 41 cents, or 0.6% at $73.39 a barrel.
OIL PRICE: NOT BELOW $76
2021, June, 29, 13:35:00
OIL PRICE: NOT ABOVE $75 AGAIN
Brent fell 67 cents, or 0.9%, to $74.01 a barrel, WTI fell 83 cents, or 1.1%, to $72.08 a barrel.
OIL PRICE: NOT BELOW $76
2021, June, 28, 13:40:00
OIL PRICE: NEAR $76
Brent Brent dipped 10 cents, or 0.1%, to $76.08 a barrel, WTI was down 4 cents, or 0.1%, at $74.01 a barrel.
OIL PRICE: NOT BELOW $76
2021, June, 25, 12:50:00
OIL PRICE: NOT ABOVE $76 YET
Brent was up 4 cents, or 0.1%, at $75.60 a barrel, WTI was up 1 cent, or less than 0.1%, at $73.31 a barrel.
OIL PRICE: NOT BELOW $76
2021, June, 24, 11:55:00
U.S. OIL INVENTORIES DOWN 7.6 MB TO 459.1 MB
U.S. commercial crude oil inventories decreased by 7.6 million barrels from the previous week to 459.1 million barrels.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $76
2022, May, 27, 12:14:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: NOT BELOW $76
2022, May, 27, 12:13:00
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 $76
2022, May, 27, 12:10:00
ЭНЕРГОРЕСУРСЫ ДЛЯ ЕАЭС
Николай Шульгинов подчеркнул, что для обеспечения энергетической безопасности энергосистем Центральной Азии необходима совместная разработка мер нормативного, организационного и технического характера.
OIL PRICE: NOT BELOW $76
2022, May, 27, 12:05:00
UAE, INDIA ENERGY COOPERATION
The UAE’s expanded cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy installed capacity by 2030 and aligns with the UAE’s ambitions to expand its low and zero-carbon energy capabilities.
OIL PRICE: NOT BELOW $76
2022, May, 27, 12:00:00
U.S. OIL INVENTORIES DOWN BY 1.0 MB TO 419.8 MB
U.S. commercial crude oil inventories decreased by 1.0 million barrels to 419.8 million barrels.
OIL PRICE: NOT BELOW $76
2022, May, 26, 12:40:00
OIL PRICE: BRENT ABOVE $114, WTI NEAR $111
Brent gained 47 cents, or 0.41%, to $114.50 a barrel , WTI climbed 53 cents, or 0.48%, to $110.86 a barrel.
OIL PRICE: NOT BELOW $76
2022, May, 26, 12:35:00
ВЗАИМОДЕЙСТВИЕ РОССИИ, ИРАНА
Важную роль в развитии двусторонних отношений играют флагманские проекты сотрудничества, продолжил вице-премьер, такие как строительство атомной электростанции «Бушер» и теплоэлектростанции «Сирик».
All Publications »