OPEC’s Production Increases As Iran Ramps Up Output OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, the latest survey by Argus showed.
Other surveys of analysts and ship-tracking data also suggest that OPEC either boosted or maintained its crude oil production flat last month, ahead of the planned increase of 600,000 bpd from the OPEC+ coalition in May.
OPEC will announce official data on the cartel’s production in its Monthly Oil Market Report (MOMR) on Tuesday, May 11.
OPEC Sticking to Strong Global Oil Demand Outlook Through 2021
The Organization of Petroleum Exporting Countries (OPEC) on Tuesday held to its forecast for relatively robust oil demand in 2021, driven by expectations for increased economic activity and travel in the second half of the year.
The cartel noted that coronavirus inoculation campaigns are gaining rapid momentum across North America, Europe and much of Asia. This is expected to diminish the impact of the pandemic and, in turn, unleash pent-up demand for fuels derived from oil as more people get back to work and travel.
For 2021, world oil demand is expected to increase by nearly 6.0 million b/d from 2020, or 7%, to average 96.5 million b/d. OPEC issued the forecast in its closely watched Monthly Oil Market Report (MOMR). Its global demand estimate is unchanged from the prior month’s estimate.
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Here is the current market situation from CNN Money
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
Saudi Arabia To Ship Full Volumes To Asian Oil Buyers Saudi Arabia will export full crude oil volumes to at least four Asian clients next month, Reuters has reported, citing unnamed sources familiar with the situation. Saudi Aramco and its Asian buyers use standard contracts, under which either side can trim or boost orders by a margin of 10 percent above or below the originally stipulated amounts depending on demand and supply. Earlier this year, Aramco angered the Indian government after it said it will raise prices for crude oil shipments for Asian buyers as it continued to keep a heavy cap on
That was quite a day. The tech wreck continued, leading the drop in stocks. Commodities did the unthinkable and tumbled on the day but Gold and Cryptos gained as the dollar dumped into the red for the year.
Source: Bloomberg
Dallas Fed s Kaplan warned that he was cognizant of excess risk-taking in financial markets . Maybe turn the taps off then?
🠦 Monetary policy since March 2020.. pic.twitter.com/kPgQXol3VJ PiQ (@PriapusIQ) May 10, 2021
The Dow topped 35k for the first time ever but was unable to hold gains and ended its win streak at 5 days. The US cash open sparked panic-selling in Small Caps and Big-Tech and they never really looked back. All major indices were hit to the downside around 1415ET (a .