Monday, 25 January, 2021


OPEC, allies adjourn meeting over oil production levels

BC-OPEC+-Warns-of-Risk-to-Oil-Recovery-as-Group-Mulls-Supply-Boost BC-OPEC+-Warns-of-Risk-to-Oil-Recovery-as-Group-Mulls-Supply-Boost , Grant Smith Salma El Wardany and Javier Blas
Conrad Doyle | 09 January, 2021, 10:32

Connor Campbell from SpreadEx commented: "With Saudi Arabia agreeing to a cut in output, oil was able to strike an 11-month high, prompting some rather larger gains for BP, up 4.4%, and Shell, rising 2.5%".

During Wednesday's Asian trading hours, WTI Crude Oil succeeded in extending its overnight winning streak, hitting the highest level in almost ten months, well above the $ 50.00 level, mainly after the unexpected commitment by Saudi Arabia to cut crude production further, by one million barrels a day in February.

Prices for both North Sea Brent Crude and West Texas Intermediate (WTI), which are often sensitive to OPEC+ discussions, were stable in early trading on Tuesday at around $50 a barrel. The contract on Tuesday closed up 4.6%.

Getty ImagesDuring talks with the Organization of the Petroleum Exporting Countries and others including Russia, Saudi Arabia offered to make voluntary cuts to its oil production in February, two OPEC+ sources said.

US crude oil inventories fell by 1.7 million barrels in the week to January 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.

The competing goals (higher prices vs. market share) may lay bare the fragility within the OPEC+ alliance, and one merely has to revisit the Oil price capitulation that was seen in March 2020 to realize what a divided OPEC+ alliance could do to Oil prices.

Analysts from Energy Aspects and RBC Capital said OPEC+ waslikely to maintain January production levels in February. It touched $54.90 on Thursday, the highest since February.

Bjornar Tonhaugen, head of oil markets at Rystad Energy, said, "Saudi Arabia put the cherry on the cake and if there is one way to describe what its voluntary cut means for the market, "happy hour" is a pretty fitting term".

Kuwait's oil minister said that he expected a gradual recovery in oil demand, particularly in the second half of 2021, as many countries start to distribute coronavirus vaccines.

The US benchmark WTI futures rebounded to 50 dollars a barrel on Tuesday for the first time since February previous year.

Between July 2014 and December 2016, and again in March and April 2020, Saudi Arabia fought volume wars, insisting that it would not reduce output unless other countries made proportionate cuts.

The kingdom's decision, which Russian Deputy Prime Minister Alexander Novak called a "new year gift" to the market, comes as governments enforce more stay-at-home orders and travel restrictions to curb a surge in virus infections.

United States crude stocks fell and fuel inventories rose, the Energy Information Administration said on Wednesday.

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