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OPEC+ Success With Oil Strategy Buys Time Before Tough Choices


OPEC+ Oil Strategy Success Buys Time Before Tough Choices
Bloomberg
2/2/2021
Grant Smith
(Bloomberg) OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
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Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran. ....

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OPEC+ Oil Strategy Success Buys Time Before Tough Choices


OPEC+ Oil Strategy Success Buys Time Before Tough Choices
Bloomberg
2/2/2021
Grant Smith
(Bloomberg) OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
Popular Searches
Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran. ....

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Oil jumps to one-year high with depleting supplies aiding rally


Oil jumps to one-year high with depleting supplies aiding rally
Andrew Janes, Bloomberg News
Biden s oil & gas leasing pause has marginal or negative at best net benefit to climate: Anne Bradbury
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Oil surged above US$55 a barrel in New York to the highest level in a year, fueled by a virus-recovery rally underscored by declining global stockpiles.
West Texas Intermediate futures advanced as much as 3.2 per cent on Tuesday, while the global Brent benchmark headed toward US$60 a barrel. Crude has been climbing steadily since late last year as coronavirus vaccines and producers’ supply curbs boost expectations of a tighter market. OPEC and its allies expect to drain an oil surplus by the middle of the year. ....

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