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2021-09-01 14:20:00

OIL PRICE: BELOW $72 ANEW

OIL PRICE: BELOW $72 ANEW

REUTERS - Sept 1 - Oil prices rose on Wednesday before an OPEC+ meeting in which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month through to December. 

The Organization of the Petroleum Exporting Countries, Russia and allies, a group known as OPEC+, is set to meet at 1500 GMT. It raised its forecast for oil demand next year, OPEC+ sources said, a move that might help build a case for raising output. 

Brent crude for November delivery gained 36 cents, or 0.5%, to touch $71.99 a barrel by 0850 GMT. U.S. West Texas Intermediate (WTI) crude for October was at $68.81 a barrel, up 31 cents, or 0.5%. 

U.S. President Joe Biden's administration has urged OPEC+ to boost output to tackle rising gasoline prices that it views as a threat to the global economic recovery.

"One foregone conclusion is that they will not add additional barrels as per Washington's recent request. Nor will they press the pause button on easing supply curbs," said Stephen Brennock of oil broker PVM.

"There is no reason to think (OPEC+) will rock the boat when it comes to its production strategy," he said.

Also supporting prices, a U.S. industry report showed crude inventories fell more than expected last week, steadying after overnight losses caused by Hurricane Ida on U.S. refineries.

U.S. crude stocks fell by 4 million barrels for the week ended Aug. 27, according to two market sources, citing American Petroleum Institute (API) figures on Tuesday.

Ahead of the weekly Energy Information Administration report due at 10:30 a.m. EDT (1430 GMT) on Wednesday, a Reuters poll of analysts estimated crude stocks would drop 3.1 million barrels.

But U.S. crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers, although refinery operations will likely take longer to return to normal, analysts say. 

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Earlier:

OIL PRICE: BELOW $72 ANEW
2021, August, 30, 14:00:00
OIL PRICE: NOT ABOVE $73
Brent was down 21 cents or 0.3% at $72.49, WTI fell 50 cents or 0.7% to $68.24.
OIL PRICE: BELOW $72 ANEW
2021, August, 27, 12:10:00
OIL PRICE: NOT ABOVE $72 ANEW
Brent rose 98 cents, or 1.4%, to $72.05 a barrel, WTI climbed 93 cents, or 1.4%, to $68.35 a barrel.
OIL PRICE: BELOW $72 ANEW
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.
OIL PRICE: BELOW $72 ANEW
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.
OIL PRICE: BELOW $72 ANEW
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.
OIL PRICE: BELOW $72 ANEW
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.
OIL PRICE: BELOW $72 ANEW
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $72 ANEW
2021, September, 22, 12:25:00
ENERGY TRANSITION TO CARBON NEUTRALITY AS A FACTOR OF UNPRECEDENTED ACCELERATION OF GLOBAL WARMING
The article reveals the reasons for the unprecedented acceleration of global warming, which was reported by the IPCC in the report "Climate Change 2021", offers proposals for their elimination, as well as for eliminating their consequences.
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 13:10:00
OIL PRICE: NEAR $75
Brent gained 95 cents or 1.3% to $74.87 a barrel , WTI was up 91 cents or 1.3% at $71.20.
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 13:05:00
ЭНЕРГЕТИЧЕСКОЕ ВЗАИМОДЕЙСТВИЕ РОССИИ, ТУРЦИИ
Энергетическое взаимодействие России и Турции поступательно развивается по всем направлениям энергетики, её опорным точками остаются вопросы развития поставок энергоресурсов - нефти и нефтепродуктов, а также природного газа по газопроводу “Турецкий поток”.
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 13:00:00
ГЛОБАЛЬНЫЙ ЭНЕРГОПЕРЕХОД В РОССИИ
Правительство начинает подготовку плана адаптации российской экономики к глобальному энергопереходу – сокращению использования традиционных видов топлива на фоне активного развития альтернативной энергетики
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 12:55:00
НОВАЯ ЭНЕРГЕТИКА РОССИИ
При актуализации генеральной схемы размещения объектов электроэнергетики Минэнерго руководствуется необходимостью сохранения баланса в структуре российской генерации, делает ставку на гидроэнергетику и атомные электростанции
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 12:50:00
RUSSIAN GAS FOR TURKEY +153%
From January 1 through September 19, 2021, Gazprom delivered 20.3 billion cubic meters of gas to Turkey. This is an all-time high amount of gas for this period and an increase of 153 per cent (or 12.3 billion cubic meters) against 2020 (8 billion cubic meters).
OIL PRICE: BELOW $72 ANEW
2021, September, 21, 12:45:00
MORE RUSSIAN GAS
"Gazprom delivers natural gas to its customers in full accordance with existing contractual obligations, and does everything within its capabilities to meet additional requests,"
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