Oil futures end higher as OPEC+ keeps its plan to slowly raise output
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Weekend car travel boosting gasoline demand in U S , China and Britain
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Marriage Of Convenience : A Fragile Saudi, Russian Oil Alliance By Beno?t PELEGRIN
04/27/21 AT 10:57 AM
Russia and OPEC leader Saudi Arabia have made a fragile oil alliance work during the pandemic, but their marriage of convenience could be undone as a rebounding market dredges up old tensions, analysts said.
The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 other oil-producing countries, including Russia, formed the OPEC+ alliance in 2016 as a response to rapidly growing competition from the US as well as falling crude prices.
The group which was holding a technical committee meeting on Tuesday drastically cut productions in the face of sluggish demand when Covid-19 turned into a pandemic last year, a move aimed at raising prices.
North American Energy Integration Promotes Efficiency, Higher Standards of Living, Says Yergin
Mexico, the United States and Canada have benefitted from the energy integration of North America through greater energy security and improved standards of living, according to IHS Markit Vice Chairman Daniel Yergin.
Speaking Tuesday at the La Convención Nacional Petrolera virtual conference organized by Mexican oil and gas association Asociación Mexicana de Empresas de Hidrocarburos (Amexhi), Yergin highlighted U.S. natural gas exports as an example of energy integration’s benefits.
U.S. natural gas exports to Mexico generate cheap and reliable electricity for the country that then “goes into industrial production that goes back to the United States,” he said.