Oil dips, focus on OPEC+ response to U.S.-led oil release

oil dips focus on opec response to u s led oil release

Sumary of Oil dips, focus on OPEC+ response to U.S.-led oil release:

  • “Given the holiday in the U.S. and with (trading) volumes light, I think the market is digesting the releases we’ve seen announced, and wondering what reaction we might see from OPEC+,” said Andrew Lipow, president of Houston-based Lipow Oil Associates.
  • Trading lacked a clear direction as the timing of the releases remains uncertain, Lipow said.
  • OPEC+ has been adding 400,000 barrels per day of supply since August, unwinding record output cuts made last year when pandemic curbs slammed demand.
  • Three sources told Reuters that OPEC+ is not discussing pausing its oil output increases, despite the decision by the United States, Japan, India and others to release emergency oil stocks.
  • Iraq, also an OPEC member, said it backs continuing OPEC+’s existing plan of raising output by 400,000 bpd a month, saying the outlook for the oil market was unclear due to turbulence in global markets.
  • Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close