Opec+ sticks to plans to ease oil cuts - report
Opec+ panel recommends no change to policy - sources tells Reuters 1 June 2021 14:19 GMT Updated 1 June 2021 14:20 GMT
Opec+ agreed on Tuesday to stick to the existing pace of gradually easing oil supply curbs, two OPEC+ sources said, as producers balanced expectations of a recovery in demand against a possible increase in Iranian supply.
Opec and allies known collectively as Opec+ decided in April to return 2.1 million barrels per day of supply to the market during May to July as it anticipated demand would rise despite high numbers of coronavirus cases in India.
OPEC+ signs off on July increase as market tightens
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OPEC+ signs off on July increase as oil market tightens
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OPEC, Russia seen gaining from climate activist wins
06/01/2021 | 12:27pm EDT
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LONDON (Reuters) -Climate activists who scored big wins against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia.
Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That s good news for the likes of Saudi Arabia s national oil company Saudi Aramco, Abu Dhabi National Oil Co, and Russia s Gazprom and Rosneft.
It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC).
FRANKFURT, Germany The OPEC oil cartel and allied producing countries have confirmed plans to restore 2.1 million barrels per day of crude production, balancing fears that continuing COVID-19 outbreaks in some countries will sap demand against the rising need for energy in recovering economies around the globe.
Energy ministers made the decision during an online meeting Tuesday.
Saudi Energy Minister Prince Abdulaziz bin Salman said recent market developments proved that the decision to gradually increase production, originally made in April and reconfirmed Tuesday, was “the right decision.” He said that there were still “clouds on the horizon” regarding the recovery and demand for energy.