At a ministerial meeting earlier this week, Opec+, which is headed by Saudi Arabia and Russia, said it decided to stick to its earlier decision to return 2 million barrels per day to the market with the pace being determined according to market conditions . Traders are feeling a lot more optimistic about the reopening of the global economy and the continuation of the vaccination process, said Naeem Aslam, chief market analyst at AvaTrade. Traders also understand that the US and Iran s nuclear deal cannot be reinstated that easily and it will take a while before the previous conditions are enacted. This means no immediate increase in oil supply and this is also supposing oil prices.
(Bloomberg) The world’s largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.
An earthquake of magnitude 6.2 struck in the Molucca Sea about 200 km east-southeast of Manado, Indonesia, the European-Mediterranean Seismological Centre (EMSC) said on Thursday. The quake was at a depth of 64 km (39.77 miles), EMSC added.