World Bank says commodity prices will remain close to current recovery levels jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.
4/20/2021
SINGAPORE, April 20 (Reuters) - Global commodity prices are
expected to stay firm around current levels in 2021 after
recovering in the first quarter buoyed by strong economic
growth, the World Bank said on Tuesday.
Energy prices are expected to average more than one-third
higher this year than 2020, with oil averaging $56 a barrel, it
said. Prices should rise to $60 a barrel in 2022, broadly in
line with their 2017-19 average.
Metals are expected to climb 30% and agricultural markets
are forecast to rise nearly 14%.
Still, the World Bank said its outlook is heavily dependent
on progress in containing the COVID-19 pandemic as well as
Tuesday, 20 April, 2021 - 10:15
Oil prices hover near $65 a barrel (Reuters) London- Asharq Al-Awsat
Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organizations Data Initiative (JODI) said on Monday.
Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) and allies, voluntarily cut output by one million bpd in February, March, and April as part of a deal with OPEC+ producers after new virus variants cast doubts over fuel demand.
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WASHINGTON A U.S. House panel on Tuesday passed a bill to open the OPEC oil production group and countries that work with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the full chamber would consider the legislation.
The so-called NOPEC bill, introduced by Representative Steve Chabot, a Republican, passed on a voice vote in the House Judiciary Committee. It would allow the U.S. Justice Department to bring anti-trust lawsuits against oil-producing countries in the Organization of the Petroleum Exporting Countries.
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Enbridge Predicting Oil Capacity Growth for Mainline Conduit to Lower 48
Alberta and Saskatchewan oil producers stand to gain committed customers, reliable tolls and shipping capacity growth from the hotly contested service overhaul proposal for their chief conduit to markets across Canada and the United States, according to Enbridge Inc.
The Calgary pipeline conglomerate predicted the benefits in a 94-page response to industry furor ignited by its plan to convert 90% of its 2.9 million b/d Mainline to years-long delivery contracts from monthly common carrier bookings.
The reply ends a year of written salvos before an estimated five weeks of oral hearings on the switch, scheduled to start May 19 before the Canada Energy Regulator (CER). Critics have inundated Enbridge with more than 3,000 questions.