Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
(Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.
OPEC+ to stay policy course as oil prices inch towards 1-year high
After a virtual meet on Wednesday, the OPEC+ joint ministerial panel made no mention of changing policy, which calls for most members to hold supply steady in February and top exporter Saudi Arabia to cut output voluntarily by 1 million barrels per day this month and next
Reuters | February 4, 2021 | Updated 00:18 IST
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A Joint Ministerial Monitoring Committee of OPEC+ met virtually on Wednesday, pronouncing itself optimistic for (a) year of recovery in 2021, a statement issued after the meeting said.
Oil has rallied from historic lows hit last year as the pandemic hit demand, thanks to record output cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ that the group is beginning to unwind.
OPEC optimistic of recovery in 2021 Nigeria-OPEC-Energy February 03, 2021 to 19:21 213 APA – Lagos (Nigeria) The 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) has said that although the economic prospects and oil demand will remain uncertain in the coming months, the gradual rollout of vaccines around the world is a positive factor for the rest of the year, boosting the global economy and oil demand.
The Committee report issued after the 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via videoconference on Wednesday, February 3, 2021, observed that in December 2020, stocks in OECD countries had fallen for the fifth consecutive month.
Oil Surges as OPEC+ Pledges to Clear Pandemic-Driven Surplus
Bloomberg 2/3/2021 Andres Guerra Luz
(Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.
by Bloomberg
|Wednesday, February 03, 2021
OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic.
(Bloomberg) OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic, a bullish signal for prices that have already surged to a one-year high.
Ministers led by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay” amid “uncertain” prospects for the global economy and oil demand on Wednesday. Crude in New York extended gains after the communique, advancing as much as 2.9% to above $56 a barrel.
The Organization of Petroleum Exporting Countries and its allies have taken a two-month pause while restoring some of the millions of barrels of crude output they halted when the coronavirus emerged to crush fuel demand last spring. Saudi Arabia is tightening supplies further this month and next with an extra cut of 1 million barrels a day.