OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.
On Tuesday, OPEC said it saw demand recovering by 7 million bpd in 2021 after falling by 9 million this year. [OPEC/M]
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Oil prices drop on demand recovery fears, OPEC+ easing expectationsOil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting.
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OPEC chief sees oil market moving closer to balance before key meetingThe oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
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Oil demand will rebound sharply in 2021, surpassing pre-virus levels, OPEC saysDemand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, the global coalition of producers said in a Tuesday ...
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OPEC sees record rise in global oil demand in 2021Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.
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Oil dips on demand fears as OPEC+ considers output increaseOil prices fell on Tuesday on worries that new restrictions to stem surging U.S. and Asian coronavirus cases could threaten a recovery in fuel demand just as OPEC+ producers prepare to increase output from August.
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