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OPEC’s compliance with oil production cuts deal 122% in April ― Report
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The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day.
In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day.
“According to secondary sources, total OPEC-13 crude oil production averaged 25.08 mb/d in April 2021, up by 0.03 mb/d m-o-m.
“Crude oil output increased mainly in Nigeria, IR Iran, and Saudi Arabia, while production decreased primarily in Venezuela, Libya and Angola,’’ OPEC said in its monthly report released on Tuesday.
Russia s Liquids Production Expected to Grow to 10.61 Mln Barrels Per Day in 2021 - OPEC Tue 11th May 2021 | 04:37 PM
The Organization of the Petroleum Exporting Countries (OPEC) has improved its forecast for Russia s oil and gas condensate production this year and expects it to increase by 20,000 barrels per day, to an average of 10.61 million barrels
MOSCOW (UrduPoint News / Sputnik - 11th May, 2021) The Organization of the Petroleum Exporting Countries (OPEC) has improved its forecast for Russia s oil and gas condensate production this year and expects it to increase by 20,000 barrels per day, to an average of 10.61 million barrels. Russia s liquids production in April increased m-o-m to average 10.76 mb/d, as per preliminary data, and was also higher by 0.06 mb/d y-o-y. With this, Russia s liquids production in 2Q21 was revised up by 72 tb/d to average 10.66 mb/d, and is expected to remain at this level for 2H21, OPEC said in its monthly report.
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Oil Futures Recover After Early Weakness, Settle Notably Higher
WASHINGTON (dpa-AFX) - Crude oil futures settled notably higher on Tuesday, recovering well after early struggling earlier in the session amid concerns over inflation.
Reports that suggested Colonial Pipeline might re-open its key U.S. pipeline by the end of the week weighed as well on oil prices earlier in the day.
According to reports, the operator of Colonial Pipeline said that one of its lines has been partially restored and that a phased approach has been executed to facilitate a return to service by the end of the week.
A report from the Organization of the Petroleum Exporting Countries (OPEC) that said demand will rise by 5.95 million barrels per day (bpd) or 6.6% this year, supported oil prices.
OPEC pins oil demand hopes on second-half recovery as India dents Q2
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Last Updated: May 11, 2021, 07:14 PM IST
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Synopsis
In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.95 million barrels per day (bpd) this year, or 6.6%. The forecast was unchanged from last month.
Reuters
The report s optimism comes even as it warns of significant uncertainties, mainly around the pandemic, and as concern about India weighs on oil prices.
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LONDON: OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group s plan to gradually ease output cuts.