Red Sea VDC

Main Menu

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash

Red Sea VDC

Header Banner

Red Sea VDC

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash
OPEC
Home›OPEC›Oil rises on OPEC outlook as US production growth will slow; Brent crude nears $ 74 a barrel

Oil rises on OPEC outlook as US production growth will slow; Brent crude nears $ 74 a barrel

By Loriann Hicks
June 19, 2021
0
0



Brent crude futures contracts rose 43 cents, or 0.6%, to $ 73.51 per barrel. U.S. West Texas Intermediate (WTI) crude rose 60 cents, or 0.8% to $ 71.64 a barrel

Reuters | June 19, 2021 | Updated at 15:59 IST

Oil futures rose on Friday, reversing initial losses and set for a fourth week of gains after OPEC sources said the producer group expected limited output growth of oil in the United States this year despite rising prices. Officials of the Organization of the Petroleum Exporting Countries obtained the outlook for US production from industry experts, OPEC sources said. This would give the producer group more power to manage the market ahead of a potential increase in shale production in 2022.

Brent crude futures rose 43 cents, or 0.6%, to $ 73.51 per barrel. U.S. West Texas Intermediate (WTI) crude rose 60 cents, or 0.8%, to $ 71.64 a barrel. Both benchmarks were heading for a weekly gain of around 1.1%.

“Oil markets are recovering because OPEC is skeptical that the increase in US oil production will be enough to change their price support plans,” said Phil Flynn, senior analyst at Price Futures Group in Chicago . On Wednesday, Brent settled at its highest price since April 2019 and WTI closed at its highest since October 2018. Gains were limited by lingering concerns about the pandemic and a stronger US dollar, this which makes oil more expensive in other currencies.

Sources told Reuters that on Tuesday, officials from OPEC’s Economic Commission (ECB) Council and external presenters attended a meeting focused on US production. OPEC heard more forecasters on the outlook for 2021 and 2022 at a separate meeting on Thursday.

Although there has been general agreement on limited growth in U.S. supply this year, an industry source said forecasts for 2022 ranged from growth of between 500,000 and 1.3 million barrels per year. day. “The general feeling about the shale was that it would come back as prices rose but not very quickly,” said a source from one of the companies who provided the forecast to OPEC.

Rising oil prices have prompted some US energy companies to return to the well rig. The number of oil rigs, an early indicator of future production, rose by eight this week to 373, the highest since April 2020, according to energy services firm Baker Hughes Co. on Thursday, Iran’s chief negotiator said. that an agreement was near in talks between Tehran and Washington on the relaunch of the 2015 Iran nuclear deal. This added to the pressure on prices.

Also Read: Oil Prices Dip For Second Day In A Row Following Soaring US Dollar, Brent Crude Hits $ 72.56 Per Barrel





Related posts:

  1. OPEC: Evaluate of the World Financial system
  2. How China’s photo voltaic trade is designed to be the brand new inexperienced OPEC
  3. UAE oil resale exception: OPEC was dug under the waterline
  4. As Oil Costs Rise, Outdated Opec Tensions Will Rise
Tagsexporting countriesmillion barrelsoil pricesoil productionorganization petroleumpetroleum exportingunited states

Categories

  • All-Equity Rate
  • Cash
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)

Recent Posts

  • Crude oil price at USD 110/barrel is unsustainable, says Hardeep Singh Puri
  • Yatra Capital: Audited financial statements March 2021
  • To eliminate prejudice, doctors are training to look beyond obesity
  • Emirates News Agency – Ministry of Finance, OPEC Fund for International Development discuss strengthening cooperation
  • Future Sportswear Market Challenges and Industry Growth Prospects by 2026 – The Daily Vale
  • Terms and Conditions
  • Privacy Policy