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2021-03-31

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OPEC+ Sees Slower Oil Demand Recovery Amid New Lockdowns

An OPEC+ panel advising the group has revised down its global oil demand forecast for 2021 by 300,00

OPEC+ Sees Slower Oil Demand Recovery Amid New Lockdowns

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Kuwait reiterated its full support to OPEC+ efforts to rebalance the market, the minister added.</p><p>The “cautious optimism” messages coming from OPEC and the OPEC+ group this week suggest that the group is more likely than not to roll over the current cuts into May, analysts say.</p><p>Russia is reportedly favoring a rollover of the alliance’s oil production cuts, but it is&nbsp;seeking a slight increase for itself&nbsp;to meet higher domestic seasonal demand, a source with knowledge of Moscow’s plans told Reuters on Monday.</p><p>OPEC’s top producer and de facto leader, Saudi Arabia, is also reportedly ready to extend current OPEC+ production cuts over May and June and&nbsp;also keep cutting 1 million bpd&nbsp;in oil output unilaterally, according to an unnamed source who&nbsp;spoke&nbsp;to Reuters.</p>","source":"lsy1606109400967","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>OPEC+ Sees Slower Oil Demand Recovery Amid New Lockdowns</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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This is 200,000 bpd higher than its previous supply growth estimate.At the JTC meeting, OPEC Secretary General Mohammad Barkindo “expressed cautious optimism about the positive trajectory of the recovery in the oil market and global economy,” OPECsaid.One of the Arab Gulf members of OPEC, Kuwait, alsosaidon Wednesday that it was “cautiously optimistic” about global oil demand growth this year, its Oil Minister, Mohammad Abdulatif al-Fares, said, as per Kuwait’s state news agency KUNA. Kuwait reiterated its full support to OPEC+ efforts to rebalance the market, the minister added.The “cautious optimism” messages coming from OPEC and the OPEC+ group this week suggest that the group is more likely than not to roll over the current cuts into May, analysts say.Russia is reportedly favoring a rollover of the alliance’s oil production cuts, but it is seeking a slight increase for itself to meet higher domestic seasonal demand, a source with knowledge of Moscow’s plans told Reuters on Monday.OPEC’s top producer and de facto leader, Saudi Arabia, is also reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed source who spoke to Reuters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":411,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":15,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

OPEC+ Sees Slower Oil Demand Recovery Amid New Lockdowns

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