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LONDON (Reuters) - OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. While there was general agreement on limited U.S. supply growth this year, an industry source said for 2022 forecasts ranged from growth of 500,000 bpd to 1.3 million bpd. U.S. shale oil output usually responds rapidly to price signals and U.S. crude has this week hit its highest since October 2018 at nearly $73 a barrel. “Investment discipline and free cash flow for the investor,” said one OPEC+ source on condition of anonymity, summarising one of the ECB meeting’s talking points. OPEC producers were sent reeling by a 2014-2016 price slide and global glut caused partly by rising U.S. output.
Persons: Dado, , Wood MacKenzie Organizations: REUTERS, OPEC’s Economic, Board, ECB, Investment, OPEC, International Energy Agency, Argus Media, U.S . Energy Information Administration, IHS, Energy Intelligence Locations: OPEC, Saudi Arabia
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Officials from OPEC's Economic Commission Board (ECB) and external presenters attended a meeting on Tuesday focused on U.S. output, the sources said. While there was general agreement on limited U.S. supply growth this year, an industry source said for 2022 forecasts ranged from growth of 500,000 bpd to 1.3 million bpd. "Investment discipline and free cash flow for the investor," said one OPEC+ source on condition of anonymity, summarising one of the ECB meeting's talking points. OPEC producers were sent reeling by a 2014-2016 price slide and global glut caused partly by rising U.S. output.
Persons: Dado, Wood MacKenzie, Elaine Hardcastle Organizations: REUTERS, OPEC, OPEC's Economic, Board, ECB, International Energy Agency, Argus Media, U.S . Energy Information Administration, IHS, Energy Intelligence, Thomson Locations: OPEC, Saudi Arabia
Oil hits new high near $75 on demand rise, falling inventories
  + stars: | 2021-06-14 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. “Demand growth is outpacing supply and will continue to do so over the coming months,” said Stephen Brennock of oil broker PVM. “Even non-energy traders are placing bets that oil prices will continue to rise,” said Edward Moya, senior market analyst at brokerage OANDA. Executives from major oil traders said on Tuesday they expected prices to remain above $70 and demand to return to pre-pandemic levels in the second half of 2022. At the same time, the prospect of an imminent rise in Iranian oil exports looks less likely, analysts said.
Persons: Nick Oxford, Brent, , Stephen Brennock, Edward Moya, PVM’s Brennock Organizations: REUTERS, American Petroleum Institute, Energy, Administration, Organization of, Petroleum Locations: Cushing , Oklahoma, OPEC, Tehran, Washington, Vienna
OPEC sticks to forecast of oil demand surge in second half of 2021
  + stars: | 2021-06-10 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
LONDON, June 10 (Reuters) - OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China, although it cited uncertainties around the path of the pandemic. “Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half,” it said. The price has gained 39% this year on rising demand and supply cuts by OPEC and its allies, known as OPEC+. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said.
Persons: Edmund Blair Organizations: Organization of, Petroleum, OPEC Locations: United States, China, Japan, India, OPEC, Iran
REUTERS/Dado RuvicOPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group. "Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," it said. TOWARDS REBALANCEOPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said. In theory this allows for more of the OPEC+ cuts to be unwound in the second half.
Persons: Dado Organizations: REUTERS, Organization of, Petroleum, OPEC, Thomson Locations: United States, China, Japan, India, OPEC, Iran, Saudi Arabia, Saudi
Oil eases after hitting two-year highs; Iran talks in focus
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year peak on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. In another hopeful step for demand, India is easing its lockdown and OPEC and its allies are sticking to agreed supply restraints through July. read moreBrent crude fell 35 cents, or 0.5%, to $71.54 a barrel by 0810 GMT, after earlier hitting $72.27, the highest since May 2019. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil eases on Iran concern after hitting two-year high above $72
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year high above $72 a barrel on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. Brent crude fell 62 cents, or 0.9%, to $71.27 by 0920 GMT, after earlier hitting $72.27, the highest since May 2019. The chance of more Iranian supply, and a drop in China's crude imports, also weighed. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, Eugen Weinberg, Commerzbank, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil hits two-year high above $72 on demand hopes, OPEC+ curbs
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.94   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits. Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and, in another hopeful step for fuel use, India eases its lockdown. "Oil demand has been rising this year and many traders have bet on the expected summer uptick, buying oil at cheaper prices before and now reaping the profits," said analyst Louise Dickson of Rystad Energy. read moreNonetheless, there is still solid price support from both the demand and supply sides, Commerzbank said.
Persons: Richard Carson, Brent, Louise Dickson, Jeffrey Halley, WTI, Avtar, Commerzbank, Eugen Weinberg Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Rystad Energy, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore
OPEC oil output rise in May limited by Nigeria, Iran losses -survey
  + stars: | 2021-05-31 | by ( Alex Lawler | ) www.reuters.com + 0.00   time to read: +3 min
An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. The 13-member Organization of the Petroleum Exporting Countries has pumped 25.52 million barrels per day (bpd) in May, the survey found, up 280,000 bpd from April. OPEC compliance with pledged cuts was 122% in May, the survey found, versus 123% in April. 2 producer Iraq also pumped more in May, the survey found, adding an extra 70,000 bpd and pushing output beyond its quota. Libya, one of the OPEC members exempt from making voluntary cuts, boosted output in May after a force majeure on oil loadings from the port of Hariga was lifted.
Persons: Eugen Weinberg, Commerzbank Organizations: Saudi, REUTERS, Maxim, Organization of, Petroleum, OPEC, Reuters, Petro, Logistics, Thomson Locations: Saudi Aramco, Abqaiq, Saudi Arabia, OPEC, Saudi, SAUDI, IRAQ, Iraq, Libya, Hariga, Nigeria, Angolan, Iran, China
But the prospect of higher Iranian output as talks on reviving its nuclear deal make progress has limited the upside. OPEC Secretary General Mohammad Barkindo said he did not expect higher Iranian supply to cause problems. The JTC confirmed OPEC's forecast for a sizeable, 6 million bpd jump in world oil demand in 2021 focused on the second half, OPEC+ sources said. Two more OPEC+ sources said on Monday they do not expect OPEC+ to decide on output policy beyond July, since the outlook for Iranian supply is not yet clear. As of July, the OPEC+ curbs will stand at 5.8 million bpd.
Persons: Dado, Mohammad Barkindo Organizations: REUTERS, of, Petroleum, OPEC, Reuters, Thomson Locations: OPEC, India
REUTERS/Dado Ruvic/File PhotoOPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply. Still, the prospect of higher Iranian output as talks make progress on reviving its nuclear deal with world powers has limited the upside. "Not to relax more on production cuts is a wise decision to be taken, in my opinion," one of the OPEC+ sources said. Still, the prospect of higher Iranian supply cannot be ignored, another OPEC+ source said, asked about discussions of a return of Iranian barrels. OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed, of which the bulk remains in place.
Persons: Dado Organizations: REUTERS, of, Petroleum, OPEC, Thomson Locations: India, OPEC, Vienna, Iran
Oil hits $70, two-month high, as Europe, U.S. reopen economies
  + stars: | 2021-05-18 | by ( Alex Lawler | ) www.reuters.com sentiment -0.98   time to read: +2 min
The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. read moreBrent crude was up 47 cents, or 0.7%, at $69.93 by 0825 GMT, and earlier topped $70 for the first time since March 15. "The euphoria is reflected in the general belief that the economic revival will be soon coupled with oil demand recovery." "A rise through $70 should trigger more systematic buying and see it advance to $71.50 a barrel quite quickly," said Jeffrey Halley, analyst at brokerage OANDA. read moreIn focus later will be this week's U.S. supply reports, expected to show a 1.7 million-barrel rise in crude inventories.
Persons: Eric Gaillard Oil, Brent, Tamas Varga, PVM, Jeffrey Halley Organizations: REUTERS, . West Texas, Organization of, Petroleum, American Petroleum Institute, Thomson Locations: Nice, France, U.S, Asia, Europe, United States, New York, Singapore, Taiwan, India, OPEC
Oil hits two-month high as Europe and U.S. reopen economies
  + stars: | 2021-05-18 | by ( Alex Lawler | ) www.reuters.com sentiment -0.98   time to read: +2 min
Britain further eased coronavirus restrictions on Monday and Europe is starting to reopen cities and beaches. read moreBrent crude topped $70 for the first time since March 15 and by 1340 GMT was up 10 cents, or 0.1%, at $69.56 a barrel. "The euphoria is reflected in the general belief that the economic revival will soon be coupled with oil demand recovery." Singapore and Taiwan have reinstated lockdown measures and India has experienced a plunge in fuel demand after imposing restrictions to curb infections. read moreIn focus later will be this week's U.S. supply reports, expected to show a 1.7 million barrel rise in crude inventories.
Persons: Eric Gaillard Oil, Brent, Tamas Varga, PVM, Jeffrey Halley Organizations: REUTERS, . West Texas, Organization of, Petroleum, American Petroleum, Thomson Locations: Nice, France, U.S, Asia, Britain, Europe, United States, New York, Singapore, Taiwan, India, OPEC
OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis
  + stars: | 2021-05-11 | by ( Alex Lawler | ) www.reuters.com sentiment -0.95   time to read: +1 min
OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts. The Organization of the Petroleum Exporting Countries expected demand to rise by 5.95 million barrels per day (bpd) this year, or 6.6%, its forecast unchanged from last month. The oil organisation, however, cut its demand forecast for the second quarter by 300,000 bpd. Prices have risen to pre-pandemic highs above $71 this year, boosted by hopes of economic recovery and OPEC+ cuts, although concern about Indian demand has weighed. OPEC and its allies, known as OPEC+, agreed in April to gradually ease oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers.
Organizations: of, Petroleum, OPEC, Thomson Locations: China, United States, India, OPEC, Saudi Arabia, Iran
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
  + stars: | 2021-05-10 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
Oil rose on Monday after major U.S. fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases. Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational. "The Colonial Pipeline hack headlines over the weekend have lifted oil prices," said Jeffrey Halley, analyst at brokerage OANDA. "Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses." U.S. West Texas Intermediate (WTI) crude CLc1> rose by 24 cents, or 0.4%, to $65.14.
Persons: Jeffrey Halley, Brent, Carsten Fritsch, Gina Raimondo, Biden, Goldman Sachs Organizations: Colonial Pipeline, Pipeline, . West Texas, Colonial, Organization of, Petroleum, Thomson Locations: U.S, Europe, Washington, OPEC
HONG KONG (Reuters) - Major Chinese investors are in talks to buy a stake in Saudi Aramco, several sources told Reuters on Wednesday, as Saudi Arabia’s state oil firm prepares to sell another slice of its business to international investors. Sovereign wealth fund China Investment Corporation (CIC) was among those that could invest, two sources told Reuters. Aramco was talking to CIC, as well as Chinese national oil companies, said one of the sources close to CIC. Another source said before the COVID-19 pandemic, Aramco had toured around China looking for investors, talking to all the major state investors with overseas money, but few were interested. “China has said Saudi Arabia is a strategic partner, India has said Saudi Arabia is a strategic partner and Russia has also said Saudi Arabia is a strategic partner,” the prince said.
Persons: Prince Mohammed bin Salman, , ” Prince Mohammed, Prince Mohammed, Biden Organizations: Reuters, China Investment Corporation, Aramco, CIC, Fund, Saudi bourse, Saudi, Public Investment Fund Locations: HONG KONG, Saudi Aramco, Saudi, Saudi Arabia, Aramco, China, Riyadh, India, Russia, United States, Taiwan, Xinjiang
Major Chinese investors are in talks to buy a stake in Saudi Aramco (2222.SE), several sources told Reuters on Wednesday, as Saudi Arabia's state oil firm prepares to sell another slice of its business to international investors. Aramco was talking to CIC, as well as Chinese national oil companies, said one of the sources close to CIC. Saudi Arabia, the world's biggest oil exporter, retained its position as China's biggest crude oil supplier for a seventh consecutive month in March. Another source said before the COVID-19 pandemic, Aramco had toured around China looking for investors, talking to all the major state investors with overseas money, but few were interested. read more"China has said Saudi Arabia is a strategic partner, India has said Saudi Arabia is a strategic partner and Russia has also said Saudi Arabia is a strategic partner," the prince said.
Persons: Prince Mohammed bin Salman, Prince Mohammed, Biden Organizations: Reuters, China Investment Corporation, CIC, Aramco, Fund, Saudi bourse, Saudi, Public Investment Fund, Thomson Locations: Saudi Aramco, Saudi, Saudi Arabia, Aramco, China, Riyadh, India, Russia, United States, Taiwan, Xinjiang
Oil near $66 ahead of OPEC+ meeting, India weighs
  + stars: | 2021-04-27 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
LONDON (Reuters) -Oil rebounded to $66 a barrel on Tuesday ahead of a meeting of producer group OPEC+ to discuss oil output policy amid concern India’s coronavirus crisis could dent a recovery in fuel demand. A technical meeting on Monday had voiced concern about surging COVID-19 cases, although it kept its 2021 oil demand forecast unchanged. “Traders do not want to miss out on a potential bullish OPEC+ meeting so a limited optimism is reflected in prices,” said Bjornar Tonhaugen of Rystad Energy. Others expect OPEC+ to stick to its easing policy. Record OPEC+ supply cuts put in place last year have helped drive a recovery in oil prices from historic lows.
Persons: Edgar Su, Brent, , Bjornar Organizations: REUTERS, “ Traders, Rystad Energy, , ING, OPEC, American Petroleum Institute Locations: VLCC, Singapore, . U.S, OPEC, India
Oil rises to $66 ahead of OPEC+ meeting, India weighs
  + stars: | 2021-04-27 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
LONDON (Reuters) -Oil rose to about $66 a barrel on Tuesday before a meeting of the producer group OPEC+ to discuss oil output policy amid concern India’s coronavirus crisis could dent a recovery in fuel demand. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its 2021 oil demand forecast unchanged. “Traders do not want to miss out on a potential bullish OPEC+ meeting so a limited optimism is reflected in prices,” said Bjornar Tonhaugen of Rystad Energy. Others expect OPEC+ to stick to its easing policy. Record OPEC+ supply cuts last year have helped drive a recovery in prices from historic lows.
Persons: Edgar Su, Brent, , Bjornar Organizations: REUTERS, “ Traders, Rystad Energy, , ING, ., OPEC, American Petroleum Institute Locations: VLCC, Singapore, . U.S, OPEC, India, Vienna, Iran
Oil rebounds to $66 ahead of OPEC+ meeting, India's COVID surge weighs
  + stars: | 2021-04-27 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
LONDON (Reuters) -Oil rebounded to $66 a barrel on Tuesday on speculation that a meeting of producer group OPEC+ may tweak oil output policy to address India’s coronavirus crisis that could dent fuel demand. A technical meeting on Monday had voiced concern about surging COVID-19 cases, although it kept its 2021 oil demand forecast unchanged. “Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting,” said Bjornar Tonhaugen of Rystad Energy. Others expect OPEC+ to stick to its easing policy. Record OPEC+ supply cuts put in place last year have helped drive a recovery in oil prices from historic lows.
Persons: Jo Yong, Brent, , Bjornar Organizations: REUTERS, Rystad Energy, ING, OPEC, American Petroleum Institute Locations: Seoul, . U.S, OPEC, India
Oil rises to $66 as OPEC+ seen sticking to policy despite India
  + stars: | 2021-04-27 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged. “Traders do not want to miss out on a potential bullish OPEC+ meeting so a limited optimism is reflected in prices,” said Bjornar Tonhaugen of Rystad Energy. The producer group known as OPEC+ is set to slightly ease oil output cuts from May 1, under a plan agreed before the coronavirus surge in India. Record OPEC+ supply cuts last year have helped drive a recovery in prices from historic lows. Most of the curbs are still in place, even after the plan to raise output slightly from May.
Persons: Jo Yong, Brent, , Bjornar Organizations: REUTERS, “ Traders, Rystad Energy, OPEC, American Petroleum Institute Locations: Seoul, . U.S, OPEC, India, Vienna, Iran
Oil hits $68 on Libya force majeure despite pandemic surge
  + stars: | 2021-04-20 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Adria Malcolm/File PhotoLibya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. U.S. West Texas Intermediate (WTI) crude gained 24 cents, or 0.4%, to $63.62. Worldwide coronavirus cases have exceeded 142.16 million and a surge in infections in India, the world’s third-biggest oil importer, has dampened optimism for a sustained demand recovery. Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for two weeks. Oil was underpinned by a weak U.S. dollar, which makes oil cheaper for buyers using other currencies.
Persons: Adria Malcolm, Brent, , Tamas Varga, WTI, Carsten Fritsch Organizations: REUTERS, . West Texas, American Petroleum Locations: Asia, Hobbs , New Mexico, U.S, Libya, Hariga, OPEC, Commerzbank, India, Philippines, Hong Kong, Pakistan, American
REUTERS/David Mercado/File PhotoOil settled modestly lower on Friday but secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States that offset concerns about rising COVID-19 infections in other major economies. Brent crude settled down 17 cents, or 0.3%, at $66.77 a barrel. The global benchmark finished up 6% on the week after rising in the past four sessions. U.S. West Texas Intermediate (WTI) crude settled down 33 cents, or 0.5%, at$63.13. China's first-quarter gross domestic product jumped 18.3% year on year, official data showed.
Persons: David Mercado, Brent, China's, Bob Yawger, Baker Hughes Organizations: REUTERS, . West Texas, Biden, Mizuho, International Energy Agency, Organization of, Petroleum, OPEC, Thomson Locations: Chuquiaguillo, La Paz, Bolivia, China, United States, OPEC
Oil drops below $64 as rising OPEC+, Iranian output weighs
  + stars: | 2021-04-05 | by ( Alex Lawler | ) www.reuters.com sentiment -0.97   time to read: +2 min
LONDON (Reuters) - Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/IllustrationThe Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply. Eurasia analyst Henry Rome said he expected U.S. sanctions, including restrictions on Iranian oil sales, to be lifted only after these talks are completed and Iran returns to compliance.
Persons: Dado Ruvic, Brent, ” Jeffrey Halley, OANDA, ” Halley, Henry Rome Organizations: REUTERS, of, Petroleum, . West Texas Locations: United States, OPEC, Iran, China, Europe, U.S, Tehran, Eurasia
Oil slips to $64 as rising OPEC+, Iranian output weighs
  + stars: | 2021-04-05 | by ( Alex Lawler | ) www.reuters.com sentiment -0.93   time to read: +2 min
LONDON (Reuters) - Oil slipped to around $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and hopes for a wider demand recovery in 2021. FILE PHOTO: A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File PhotoThe Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. Oil has recovered from historic lows last year due to record OPEC+ cuts, most of which will still remain after July, and some oil demand recovery that is expected to gather pace in the second half of the year. Eurasia analyst Henry Rome said he expected U.S. sanctions, including restrictions on Iranian oil sales, to be lifted only after these talks are completed and Iran returns to compliance.
Persons: Max Rossi, Brent, , Jeffrey Halley, ” Halley, Henry Rome Organizations: REUTERS, of, Petroleum, . West Texas Locations: United States, Rome, Italy, OPEC, Iran, China, Europe, U.S, Tehran, Eurasia
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