2021-08-30 13:55:00
OPEC+ WITHOUT CHANGES
REUTERS - AUGUST 30, 2021 - OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Sept. 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
U.S. President Joe Biden’s administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery.
On Monday, Brent was down 16 cents or 0.2% at $72.54 a barrel by 0654 GMT. It rose more than 11% last week in anticipation of disruptions to oil production from Hurricane Ida.
But the OPEC+ sources said the recent rise in oil prices was temporary, driven mainly by disruption of supply in Mexico and the severe storm hitting the U.S. Gulf Coast over the weekend.
“Current oil prices around $70 are okay. OPEC+ is likely to continue as planned with the increase of 400,000 bpd,” said one source.
Another OPEC+ said it was “very likely” that the 400,000 bpd increase would go ahead from September.
Kuwait oil minister Mohammad al-Fares on Sunday told Reuters that this week OPEC+ would discuss whether it would continue with its planned increase or reconsider it and halt the rise adding that economies of East Asian countries and China were still affected by COVID-19 and caution should be exercised.
He later told state news agency KUNA that Kuwait supports any decision taken by OPEC+ ministers based on consensus.
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Earlier:
2021, August, 27, 12:05:00
OPEC+ RUSSIA UNCERTAINTY
OPEC, Russia and nine other countries agreed in July to increase crude production by 400,000 b/d starting August through the end of 2022, a quantity that many analysts said would be insufficient to meet demand in the short-term, given seasonal consumption patterns and the world's recovery from the pandemic.
2021, August, 26, 16:30:00
OIL PRICE: NOT ABOVE $72
Brent was down 71 cents, or 1%, at $71.54 a barrel, WTI was down 77 cents, or 1.10%, at $67.59 a barrel.
2021, August, 25, 12:50:00
OIL PRICE: NEAR $71
Brent dropped 9 cents, or 0.1%, to $70.96 a barrel, WTI fell 19 cents, or 0.3%, to $67.35.
2021, August, 9, 12:05:00
OIL PRICE: BELOW $69
Brent fell by $2.43, or 3.5%, to $68.27 a barrel, WTI fell by $2.43, or 3.5%, to $68.27 a barrel.
2021, August, 6, 11:45:00
OIL PRICE: BELOW $72
Brent rwere up 47 cents at $71.76 a barrel, WTI rose 45 cents to $69.54 a barrel.
2021, August, 5, 15:05:00
OIL PRICE: BELOW $71
Brent rose by 50 cents, or 0.71%, to $70.88 a barrel, WTI rose 66 cents, or 1%, to $68.81.
2021, June, 25, 12:45:00
OPEC OIL NEEDED
OPEC+ negotiations on August production levels will pick up in earnest on June 29, with a meeting of the delegate-level advisory Joint Technical Committee, before the nine-country Joint Ministerial Monitoring Committee co-chaired by Saudi Arabia and Russia convene on June 30.
