Page 30 - Utput Cuts News Today

After the already notorious publication of its 2050 net-zero roadmap report, the IEA is now calling upon OPEC+ to open the taps in order to keep the oil markets well supplied

OPEC’s crude oil production rose by 390,000 barrels per day (bpd) to 25.46 million bpd in May 2021

Russia was close to complying 100 percent with its oil production quota under the OPEC+ deal in May, Russian Deputy Prime Minister Alexander Novak said on Friday

Crude oil prices strengthened further this week after OPEC+ signaled its growing optimism about the balance between demand and supply

Oil prices rallied ahead of and during the monthly meeting of OPEC+ early on Tuesday after the alliance’s Joint Ministerial Monitoring Committee (JMMC) signaled there would be no changes in the plans to boost July oil production

The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) this year

As agreed in early April, OPEC has been raising its oil production in May, but lower output in Nigeria, Angola, and Iran partly offset major increases from top producers Saudi Arabia and Iraq to result in a lower-than-expected rise in the cartel’s supply

The OPEC+ group is expected to confirm next week its May-July plan to ease the oil production cuts by the planned 840,000 barrels per day (bpd) in July

Russia estimates that the global oil market is currently in a deficit of around 1 million barrels per day (bpd), Deputy Prime Minister Alexander Novak said on Wednesday.

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