Goldman cuts 2021 Brent forecast as virus surge creates temporary headwind
The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously
Tag: OPEC
OPEC and Russia studying deeper oil cuts to address weaker oil markets
The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said
Demand issues to overshadow OPEC+ supply next year
The OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said
OPEC chief says rising infections may delay oil recovery
OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market
Russia’s Novak says premature to talk about OPEC+ plans beyond 2020
Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed
Barkindo: OPEC+ will ensure oil prices do not plunge again
The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected
OPEC cuts 2021 oil demand forecast again as virus cases rise
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market
JP Morgan sees Saudi Arabia offering deeper oil cuts
A worsening global oil demand outlook will prompt OPEC to reverse a planned easing of oil cuts in 2021 with Saudi Arabia offering deeper cuts below its current quota, J.P. Morgan said in a research note
OPEC says oil demand to plateau in late 2030s
World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits
Saudi Arabia oil exports at 6.1 million bpd
Saudi Arabia shipped 6.1 million barrels per day (bpd) of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, an industry source familiar with the matter said