Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
Updated Jan 20, 2021 | 11:54 IST
Saudi Arabia s, and effectively OPEC s decision is likely to have significant implications for the average Indian commuter. Representational image. | Photo Credit: PTI
Key Highlights
On January 6, in a show of primacy, Saudi Arabia decided to unilaterally slash output by 1 million barrels a day in February and March, despite most other nations within the grouping choosing to maintain supply levels
The Centre has collected roughly 48 per cent more in excise duties (on fuel) between April and November 2020 (compared to the previous year) despite retail sales being markedly less during that period OPEC s latest move is only likely to further dampen prospects of a drop in fuel prices
Published on: Wednesday, January 06, 2021
By: AFP
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The Opec+ ministerial meeting comes after the Covid-19 pandemic tanked the market for crude in 2020.
LONDON: Members of the Opec group of oil producers and their partners ended discussions without agreement on production levels for February, as divisions opened up between the linchpins of the two groups, Saudi Arabia and Russia.
Ministers adjourned after three hours of video-conference talks, with discussions expected to restart on Tuesday at 1430 GMT.
The Opec+ ministerial meeting came after the Covid-19 pandemic tanked the market for crude in 2020.
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Despite a slight recovery of prices towards the end of last year, the 13 members of the Organization of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, and their ten allies, led by Russia, are still suffering under a highly volatile market.
Could ExxonMobil Stock be a Winner in 2021 after a Dismal 2020?
Last Updated: January 6, 2021
2020 was a dismal year for energy companies like ExxonMobil (XOM) as crude oil prices plummeted during the year. However, things are looking up for the battered energy sector in 2021.
2020 was among the worst year for oil and gas companies. The WTI (West Texas Intermediate) contract turned briefly negative in April. It was the first time that energy prices had turned negative in history. However, it showcased the troubles faced by energy companies. Energy stocks like ExxonMobil were among the worst-performers of 2020.
ExxonMobil lowered dividend in 2020
While crude oil demand plummeted during the COVID-19 pandemic, US shale producers could not immediately cut their production. This led to a glut of crude oil in the market and producers were willing to offer money to take the oil from the fields as is reflected in the WTI contract turning negative. The fall in crude oil prices prompted