Saudi Arabia commended Iraq for implementing nearly all its pledged oil-production cuts and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among Opec+ members over cheating of quotas are being resolved. That was pushed back a month and now the Saudis seem desperate to make sure it starts.
The Journal, citing sources, said Saudi Arabia was leading a push within the organisation to increase production.
Oil prices have recovered sharply from multi-decade lows in April as the Organization of the Petroleum Exporting Countries and allies including Russian Federation, a group known as OPEC+, cut output by a record 9.7 million barrels per day (bpd) over May to July.
OPEC estimated demand for its crude this year at 23.8 million bpd, up 200,000 bpd from last month and over 1.5 million bpd more than it pumped in June, suggesting maintaining current output would lead to a 2020 supply deficit. West Texas Intermediate future, the United States marker trades at around $US40 a barrel since late June after falling below zero at one point in late April.
USA crude was little changed on the week while Brent notched a weekly gain of about 1%.
In the futures market, crude oil for July delivery touched an intraday high of Rs 2,995 and an intraday low of Rs 2,944 per barrel on the Multi-Commodity Exchange (MCX).
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Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging US coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting.
According to him, the discussion focused on developments in the global oil markets, the improvement in demand for oil and progress toward full implementation of the OPEC+ agreement.
In the longer-term, OPEC expects demand for its crude to rebound next year, surpassing levels seen before the pandemic, as rival producers struggle to revive output. However, the demand for oil will remain below pre-Covid-19 levels. After slumping 7.4% this year, the USA will see only limited production growth in 2021, the report showed. Large Russian oil companies are also said to have plans to produce more oil.
Demand in big oil importing countries like India and China is important for oil producers as it would determine how much oil the world would guzzle.