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LONDON/DUBAI (Reuters) - The United States said in call with Saudi Arabia that energy should be kept affordable for consumers, as the administration of President Joe Biden resumed the practice of his predecessor Donald Trump who contacted OPEC’s leader before key meetings.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
U.S. Energy Secretary Jennifer Granholm said on Twitter she had a call with Saudi Energy Minister Abdulaziz Bin Salman.
“We reaffirmed the importance of international cooperation to ensure affordable and reliable sources of energy for consumers,” Granholm said.
By Rania El Gamal, Ahmad Ghaddar and Olesya Astakhova DUBAI/LONDON/MOSCOW (Reuters) - OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market s recovery as new coronavirus lockdowns take hold, a move that could strengthen the case for a cautious output decision this week. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy. Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions, according to the JTC report seen by Reuters.
UPDATE 9-OPEC+ to ease oil curbs from May after U S calls Saudi reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
UPDATE 1-OPEC+ hesitates between oil cuts rollover and increase, sources say Reuters 10 hrs ago
LONDON/DUBAI, April 1 (Reuters) - OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.
Two OPEC+ sources said the increase would not exceed 0.5 million bpd.
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LONDON/DUBAI/MOSCOW (Reuters) - OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump s practice of calling OPEC s leader over oil policy.
The group, which has implemented deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.
Iran s oil minister, Bijan Zanganeh, confirmed the group would have boosted output by a total of 1.1 million bpd by July.