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A rising US dollar was behind the setback to both benchmarks, he added. However, the worsening situation in India, the world s third-largest oil consumer, also weighs heavily on the markets as states impose lockdowns to stop the spread of the virus and cope with a shortage of oxygen. States including West Bengal in the east, Karnataka in the south and the western Gujarat, imposed shutdowns on Sunday. Covid-19 infections continue to set fresh daily records in India, which registered 370,059 new cases and 3,422 new deaths on Sunday, according to Worldometer, which tracks the pandemic. The country has nearly 20 million infections ranking it second to the US, which leads the world with over 33 million Covid-19 cases. ....
The group plans to increase output by 350,000 bpd in May and June and will add 450,000 bpd in July. Saudi Arabia, which had supported the group s restrictions by volunteering to cut 1 million bpd until April, will phase out the curbs from May onwards. Riyadh will cut 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July. Opec+ delayed a ministerial meeting of producers set for today to June 1 and urged producers to remain vigilant and flexible amid uncertain market conditions. The decision to hold will provide some relief to markets in the form of stable volumes rather than the surprise production decisions that Opec+ has endorsed several times this year, said Edward Bell, senior director, market economic at Emirates NBD. ....
Oil prices dipped following the committee s assessment but the Brent and West Texas Intermediate (WTI) benchmarks were up ahead of today s meeting. Brent, the international benchmark, under which two-third s of oil is traded, was up 0.56 per cent at $66.02 per barrel at 9.09am UAE time. WTI, which tracks US grades, was up 0.58 per cent at $62.27 per barrel. Opec+ will convene its joint ministerial monitoring committee at 2pm Vienna time today. The ministerial meeting of the group is planned for Wednesday. The group s plan to incrementally add a total output of 2 million bpd by July is likely to remain unchanged despite a growing surge of Covid-19 infections in India. ....
The overall field development will contribute towards meeting 15 per cent of India s total gas demand. The country s share of natural gas in the energy mix is one of the lowest in the world at 6 per cent, according to the International Energy Agency (IEA). South Asia s largest economy, has a growing demand for energy, with the government prioritising gas, as a cleaner fuel to the more polluting coal that India burns to produce power. India will overtake the European Union as the world s third-largest energy consumer by 2030, according to the IEA. The country is also the world s third largest consumer of oil. ....