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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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:29:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
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OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:28:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:27:00
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: BELOW $72 ANEW
2022, November, 30, 11:25:00
QATAR LNG FOR GERMANY
Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.
OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:20:00
BRITAIN'S NUCLEAR INVESTMENT
The plan is for Sizewell C to feature two EPRs producing 3.2 GW of electricity, enough to power the equivalent of around six million homes.
OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:15:00
CANADA'S SMR DEVELOPMENT
The ARC-100 has also been selected for a demonstration project at NB Power's existing Point Lepreau nuclear power plant site as part of a joint strategic plan for SMR deployment set out earlier this year by the provincial governments of Ontario, Saskatchewan, New Brunswick and Alberta Canada’s SMR Roadmap.
OIL PRICE: BELOW $72 ANEW
2022, November, 30, 11:10:00
UZBEKISTAN'S URANIUM RISE
The new agreement lays the foundations of an "exclusive strategic alliance for the development of new uranium mines in Uzbekistan, beyond the Djengeldi project" and is a "significant broadening of the scope of the collaboration", Orano said.
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