{"id":7906,"date":"2021-04-01T12:05:41","date_gmt":"2021-04-01T12:05:41","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=7906"},"modified":"2021-04-01T12:05:41","modified_gmt":"2021-04-01T12:05:41","slug":"opec-to-decide-on-oil-production-policy-as-demand-concerns-persist","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/01\/opec-to-decide-on-oil-production-policy-as-demand-concerns-persist\/","title":{"rendered":"OPEC+ to decide on oil production policy as demand concerns persist"},"content":{"rendered":"

A group consisting of some of the world\u2019s most powerful oil producers on Thursday will meet to decide on the next phase of output policy.<\/p>\n

OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, are scheduled to hold a virtual meeting from 1 p.m. London time.<\/p>\n

The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.<\/p>\n

\"OPEC-to-decide-on-oil-production-policy-as-demand-concerns-persist-rapidnews\"<\/p>\n

The meeting comes shortly after the Suez Canal\u00a0reopened\u00a0to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron\u00a0ordering\u00a0the country into its third national lockdown to alleviate some of the pressure on hospitals.<\/p>\n

The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia\u2019s caution about the global economic recovery.<\/p>\n

Analysts at Eurasia Group said the most likely outcome for the OPEC+ meeting is for the group to keep production unchanged from April and for Saudi Arabia to continue to withhold its additional 1 million barrels per day \u2014 although it may taper this slightly by 100,000 barrels \u201cto signal its willingness to adjust.\u201d<\/p>\n

They noted that the last month in global oil markets \u201cfeatured a significant level of volatility\u201d and a sell-off that brought\u00a0Brent crude futures down to $62 a barrel from $70, before stabilizing around $64 in recent days.<\/p>\n

\u201cThe Suez Canal incident probably helped many oil producers, as it prevented a further slide in prices,\u201d analysts at Eurasia Group said in a research note published Wednesday.<\/p>\n

\u201cOnce again, it is far from clear that a sustainable recovery would justify a strong cycle of OPEC+ tapering to be followed each month. Saudi Arabia\u2019s caution about the global economic recovery was in many respects warranted,\u201d they added.<\/p>\n

International benchmark Brent crude futures traded at $62.90 a barrel on Thursday, around 0.3% higher, while U.S.\u00a0West Texas Intermediate\u00a0futures stood at $59.42, up more than 0.4%.<\/p>\n

Both contracts pared gains for the session shortly after midday London time, briefly turning negative after trading up over 2% earlier in the day.<\/p>\n

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Ahead of the meeting, OPEC Secretary-General Mohammed Barkindo stressed the need \u201cto remain very cautious\u201d as a result of ongoing uncertainties and fragility caused by the coronavirus pandemic.<\/p>\n

Similarly, Saudi Arabia has previously encouraged allied partners to remain \u201cextremely cautious\u201d on production policy, warning the group against complacency as it seeks to ensure a full oil market recovery.<\/p>\n

Non-OPEC leader Russia, meanwhile, has sought for the group to push ahead with a supply increase.<\/p>\n

Two unnamed OPEC+ sources told Reuters that an increase in oil production at Thursday\u2019s meeting would not exceed 0.5 million barrels. CNBC was not able to independently verify these sources.<\/p>\n

\u201cI think if you look into the second half of the year, with demand potentially increasing by 4 to 5 million barrels as we get into 3Q and 4Q, I think this is really when the tightness in the oil market is going to really reappear again,\u201d Neil Beveridge, a senior oil and gas analyst at Bernstein, told CNBC\u2019s \u201cCapital Connection\u201d on Thursday.<\/p>\n

\u201cAt the moment it feels too early to raise production but as we go into the second half, there\u2019s a lot of pent-up demand and OPEC is going to need to put oil in the market if they are going to control pricing.\u201d<\/p>\n<\/div>\n

<\/a>U.S.-Saudi call<\/h2>\n
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U.S. Energy Secretary Jennifer Granholm said via Twitter on Thursday that she spoke with Saudi Arabia\u2019s Energy Minister Prince Abdulaziz bin Salman to reaffirm \u201cthe importance of international cooperation to ensure affordable and reliable sources of energy for consumers.\u201d<\/p>\n

It was thought to be the first call to Riyadh from a U.S. official ahead of an OPEC meeting since President Joe Biden took office.<\/p>\n

OPEC+ initially agreed to cut oil production by a record of 9.7 million barrels per day last year, before easing cuts to 7.7 million and eventually 7.2 million from January.<\/p>\n

Saudi Arabia has since taken on cuts of 1 million from the beginning of February through March, although these are due to expire unless further measures are announced on April 1.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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A group consisting of some of the world\u2019s most powerful oil producers on Thursday will<\/p>\n","protected":false},"author":1,"featured_media":7907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-7906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOPEC+ to decide on oil production policy as demand concerns persist<\/title>\n<meta name=\"description\" content=\"A group consisting of some of the world\u2019s most powerful oil producers on Thursday will meet to decide on the next phase of output policy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/01\/opec-to-decide-on-oil-production-policy-as-demand-concerns-persist\/\" 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Brent crude was up $0.79, or 1.4%, at $55.83 a barrel by 1215 GMT. US crude gained $0.61, or 1.2%, to $52.81. Both\u2026","rel":"","context":"In "Business"","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":3725,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/03\/oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast\/","url_meta":{"origin":7906,"position":5},"title":"Oil prices near 1-year highs after stocks draw, supply deficit forecast","date":"February 3, 2021","format":false,"excerpt":"Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in US crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. Brent crude futures were up $0.55, or\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-prices-near-1-year-highs-after-stocks-draw-supply-deficit-forecast-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=7906"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7906\/revisions"}],"predecessor-version":[{"id":7909,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7906\/revisions\/7909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/7907"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=7906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=7906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=7906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}