Oil rises despite OPEC+ sticking to raising output amid India COVID surge
Oil prices edged higher on Tuesday as OPEC, Russia and their allies will stick to plans to raise output slightly from May 1, suggesting it does not see a lasting impact on demand from India’s coronavirus crisis.
OPEC+, as the producer group is known, has also ditched plans to hold a full ministerial meeting on Wednesday, sources said. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged.
The panel decided to stick to policies broadly agreed at a previous April 1 meeting of OPEC+, Russian Deputy Prime Minister Alexander Novak said after the talks. [nL1N2MK0G8]
OPEC+ sticks to plan to ease oil output cuts from May 1
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OPEC+ keeps oil demand forecast, but worried by COVID surge – sources | Hellenic Shipping News Worldwide
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OPEC urges members to lobby against U.S. NOPEC bill and outline risks
OPEC is encouraging its members to engage with the U.S. administration over a proposed U.S. bill against the group, known as NOPEC, and to explain that passing the bill could put at risk U.S. interests abroad.
A U.S. House panel passed a bill this week to open the Organization of the Petroleum Exporting Countries to lawsuits for collusion in boosting oil prices but it is uncertain whether the full chamber will consider the legislation.
“It is essential that member countries reinforce diplomatic bilateral contacts with government officials in the U.S. … and explain the disadvantages for the U.S. should the NOPEC bill become law,” according to a letter written by OPEC Secretary General Mohammad Barkindo to member states and seen by Reuters.