Oil gains as supply concerns loom after OPEC+ output plan | Reuters
Crude prices settled higher on Friday fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.
Brent crude rose $2.20 to settle at $82.74 per barrel, while U.S. West Texas Intermediate crude (WTI) gained $2.46 to $81.27.
The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day from December. U.S. President Joe Biden had called for extra output to cool rising prices. read more
OPEC's decision to stay the course and the Biden administration's lack of a substantial response has the oil rally continuing, said Bob Yawger, director of energy futures at Mizuho.
Friday 5 November 2021
Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters
Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters
Oil prices rose towards $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.
Brent crude rose 36 cents, or 0.45%, to $80.90 a barrel by 1358 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81%, to $79.45 after rising as high as $80.17.
The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read more
Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.
Oil prices rose towards $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.
Brent crude rose 36 cents, or 0.45%, to $80.90 a barrel by 1358 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81%, to $79.45 after rising as high as $80.17.
The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read more
Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.
What Citigroup, Goldman Sachs, UBS Say About Oil After OPEC+ Move - Bloomberg video
What Citigroup, Goldman Sachs, UBS Say About Oil After OPEC+ Move - Bloomberg
OPEC+ stuck to its guns and maintained its modest output boost for December as the alliance shunned calls from key consumers to pump more. President Joe Biden has been a vocal advocate of a larger supply increase and the decision from the group prompted the U.S. to say it would consider a wide range of tools to deal with prices. Brent rose Friday after sinking this week.
Here’s what some analysts had to say about the oil market after OPEC+ agreed to increase production by 400,000 barrels a day next month:
Citigroup
OPEC+ said last week that “demand was going to be very slow in growing, we’ve got the pandemic ahead of us,” Ed Morse, the global head of commodities research at Citigroup Inc., said in a Bloomberg television interview. “Actually, the reverse is probably more true. We’re seeing an uptick in demand.”
Here’s what some analysts had to say about the oil market after OPEC+ agreed to increase production by 400,000 barrels a day next month:
Citigroup
OPEC+ said last week that “demand was going to be very slow in growing, we’ve got the pandemic ahead of us,” Ed Morse, the global head of commodities research at Citigroup Inc., said in a Bloomberg television interview. “Actually, the reverse is probably more true. We’re seeing an uptick in demand.”
#Kuwait nominates former governor as new OPEC chief, sources say | Reuters
Kuwait nominates former governor as new OPEC chief, sources say | Reuters
Kuwait has nominated its former governor to the Organization of the Petroleum Exporting Countries (OPEC), Haitham al-Ghais, to lead the oil producer group after Mohammad Barkindo's term as secretary general, two sources close to the matter said.
Nigerian Barkindo, whose is due to step down at the end of July next year, took OPEC's top job in mid-2016 and was granted a second three-year term in 2019.
Al-Ghais is the only candidate to be nominated so far, the sources said.
Al-Ghais stepped down as Kuwait's OPEC governor in June this year and was appointed deputy managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).
He was previously in charge of KPC's regional offices in Beijing and London before becoming governor to OPEC in 2017.
Kuwait has nominated its former governor to the Organization of the Petroleum Exporting Countries (OPEC), Haitham al-Ghais, to lead the oil producer group after Mohammad Barkindo's term as secretary general, two sources close to the matter said.
Nigerian Barkindo, whose is due to step down at the end of July next year, took OPEC's top job in mid-2016 and was granted a second three-year term in 2019.
Al-Ghais is the only candidate to be nominated so far, the sources said.
Al-Ghais stepped down as Kuwait's OPEC governor in June this year and was appointed deputy managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).
He was previously in charge of KPC's regional offices in Beijing and London before becoming governor to OPEC in 2017.
Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters
Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters
Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.
Brent crude rose 52 cents, or 0.65%, to $81.06 a barrel by 1200 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81%, to $79.45 after rising as high as $80.17.
The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read more
Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.
Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.
Brent crude rose 52 cents, or 0.65%, to $81.06 a barrel by 1200 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81%, to $79.45 after rising as high as $80.17.
The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read more
Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.
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