OPEC urges members to lobby against U.S. NOPEC bill and outline risks
OPEC is encouraging its members to engage with the U.S. administration over a proposed U.S. bill against the group, known as NOPEC, and to explain that passing the bill could put at risk U.S. interests abroad.
A U.S. House panel passed a bill this week to open the Organization of the Petroleum Exporting Countries to lawsuits for collusion in boosting oil prices but it is uncertain whether the full chamber will consider the legislation.
“It is essential that member countries reinforce diplomatic bilateral contacts with government officials in the U.S. … and explain the disadvantages for the U.S. should the NOPEC bill become law,” according to a letter written by OPEC Secretary General Mohammad Barkindo to member states and seen by Reuters.
Brent, WTI down more than $1 COVID-19 cases rise in India and Japan Market eyes this week's OPEC+ meeting Libya's NOC lifts force majeure on Hariga port (Updates prices, adds latest on India)By Bozorgmehr SharafedinLONDON, April 26 (Reuters) - Oil fell on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer,
Outlook Brightens for Oil and Gas Demand as Vaccines Take Hold, Moody’s Says
Moody’s Investors Service upgraded its outlook for the global energy industry on Monday, citing a sustained increase in commodity prices and expectations for global economic growth to drive increased oil and gas demand over the next 12 to 18 months.
The firm said it expects that, as vaccine programs become prevalent and the coronavirus outbreaks fade, increased travel should drive demand for oil while greater commercial and industrial activity should boost demand for natural gas.
“Pent-up consumer demand and increasing trade and manufacturing activity as the Covid-19 pandemic is brought under control are driving a rebound in global economic activity,” said Elena Nadtotchi, a Moody’s Senior Vice President. “This, in turn, is quickening the pace of a recovery in demand for oil and gas through late 2021 and into early 2022.”
OPEC+ keeps oil demand forecast, but worried by COVID surge - sources reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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(Reuters) - U.S. oil and gas operators face billions of dollars in hedging losses that will weigh on first quarter earnings as this year s oil-price recovery left dozens selling their oil at below market prices.
Companies including Cimarex Energy Co and Concho Resources that locked in prices on some of their volumes when prices rebounded last year to around $40 per barrel missed some of the price jump, and Concho owner ConocoPhillips paid millions of dollars to unwind those contracts.
Benchmark U.S. crude prices have doubled from year-ago levels, averaging over $58 a barrel for the quarter ended March 31. Hedges and a February freeze that temporarily slowed output, are expected to crimp the benefits of higher prices as U.S. oil producers report earnings in coming days.