No agreement on increased output at OPEC meeting
Robert Besser
09 Jul 2021, 13:39 GMT+10
After two days of failed discussions, the OPEC+ ministers abandoned talks about an increase in oil output starting next month, after the UAE rejected a proposed eight-month extension to output curbs
OPEC s Secretary General Mohammad Barkindo said in a statement on Monday that the meeting had been cancelled without a date for the next one being set
Decisions in OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other large producers, must be unanimous
DUBAI, United Arab Emirates: After two days of failed discussions, the OPEC+ ministers abandoned talks about an increase in oil output starting next month, after the UAE rejected a proposed eight-month extension to output curbs.
EIA Predicts $72 Brent for 2H2021, Tacks on 14 Cents to Henry Hub Forecast
Brent crude prices gained $5/bbl from May to June and are on track to average $72 during the second half of 2021 (2H2021), the Energy Information Administration (EIA) said in an updated forecast published Wednesday.
Brent prices rose to $73 in June, up $5 month/month and up $33 from year-ago prices, EIA said. Rising production should “reduce the persistent global oil inventory draws” observed over the past year and help to stabilize prices around current levels, according to the July edition of the agency’s Short-Term Energy Outlook (STEO).
In last month’s STEO, EIA had called for Brent to average $68 during the third quarter.
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Oil prices rise after big draw in U.S. crude, gasoline stocks
Reuters | Jul 08, 2021 08:23 PM EDT
Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, (Photo : REUTERS/Brian Snyder)
Oil prices rose on Thursday, rebounding from early losses after U.S. government data showed a much bigger drop than expected in crude and gasoline inventories.
Still, Brent prices remained about $3 a barrel below Monday s close, as traders remained worried that global crude supplies might swell following the collapse that day of negotiations between the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.