OPEC+ sticks with plan to gradually raise output - La Prensa Latina Media laprensalatina.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from laprensalatina.com Daily Mail and Mail on Sunday newspapers.
After a year of head-spinning volatility in American petro-diplomacy, a reversion to normal is under way. The US wants cheap oil again.
“I had a productive call with Saudi Energy Minister Abdulaziz bin Salman al-Saud today,” tweeted US energy secretary Jennifer Granholm last week. “We reaffirmed the importance of international co-operation to ensure affordable and reliable sources of energy for consumers.”
That was just hours before a meeting of the Opec+ oil producers cartel. Abdulaziz said the two ministers did not talk crude, but Granholm’s subtext was plain to anyone that has watched decades of Saudi-US relations. It read: keep a lid on crude prices.
Abdulaziz bin Salman and Russian Deputy Prime Minister
Alexander Novak via videoconference on April 1, approving the adjustment of the production levels for May, June and July, while agreeing to continue to hold monthly meetings to assess market conditions and decide on production level adjustments for the following month, with every adjustment being no more than 0.5 million barrels per day, OPEC said in a statement.
Saudi Arabia will maintain its additional voluntary adjustments of 1 million barrels per day in April for the third month in a row. They recognized the improvements in the market supported by global vaccination programmes and stimulus packages in key economies but noted that the volatility observed in recent weeks warrants a continued cautious and vigilant approach in monitoring market developments, OPEC said. The Ministers noted that since the April 2020 meeting, OPEC and non-OPEC Participating Countries had contributed to adjusting downward global oil supply by 2.6
by Bloomberg
|Friday, April 02, 2021
OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
(Bloomberg) OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Before Thursday’s meeting, the cartel had been widely expected to maintain its cautious stance by rolling over the current supply cuts, just as it did last month. Yet Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
U S phones Saudis ahead of OPEC talks to discuss need for affordable energy worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.