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How did OPEC respond to the pandemic? — Quartz


March 3, 2021
The oil industry is no stranger to boom-bust cycles, but the pandemic has been its wildest ride to date, and on March 4 it’s due to take another turn when OPEC meets to consider rolling back production cuts.
As the world’s cars and airplanes idled, global oil demand bottomed out in April at levels 16.4% below the previous year, dragging the price into negative territory for the first time. For the whole year, demand fell an unprecedented 8.8% and still has a long road to recovery.
White-knuckling through it all has been OPEC, the 13-member cartel that
 dictates quotas for most of the world’s biggest oil-producing countries (notably excluding the US). By tightening or loosening the world’s oil tap, OPEC effectively controls the price of the world’s most valuable commodity. The group has met regularly throughout the pandemic for members to butt heads over its central paradox: To sell less at a higher price, or sell more at a lower price. ....

United States , Saudi Arabia , United Arab Emirates , Bjornar Tonhaugen , Rystad Tonhaugen , Whiting Petroleum , Rystad Energy , Climate Change , Edited By Ana Campoy , Oil Price , ஒன்றுபட்டது மாநிலங்களில் , சவுதி அரேபியா , ஒன்றுபட்டது அரபு அமீரகங்கள் , வெள்ளை பெட்ரோலியம் , காலநிலை மாற்றம் , சர்வதேச பரவல் , எண்ணெய் ப்ரைஸ் ,

Saudi vows extra cuts as OPEC+ agrees small rise in oil output | Hellenic Shipping News Worldwide


Saudi vows extra cuts as OPEC+ agrees small rise in oil output
Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.
Saudi is going beyond its promised cuts as part of the OPEC+ group of producers to support both its own economy and the oil market, Energy Minister Prince Abdulaziz bin Salman said on Tuesday.
“If there is one way to describe what its voluntary cut means for the market, ‘happy hour’ is a pretty fitting term,” Rystad Energy analyst Bjornar Tonhaugen said in a note. ....

United Arab Emirates , United Kingdom , Saudi Arabia , South Africa , City Of , Shadia Nasralla , Lamine Chikhi , Vladimir Soldatkin , Dmitry Zhdannikov , Olesya Astakhova , Bjornar Tonhaugen , Jason Neely , Ahmad Ghaddar , Rania El Gamal , Alex Lawler , Rystad Tonhaugen , Rystad Energy , Energy Minister Prince Abdulaziz , ஒன்றுபட்டது அரபு அமீரகங்கள் , ஒன்றுபட்டது கிஂக்டம் , சவுதி அரேபியா , நகரம் ஆஃப் , ஜேசன் நீலீ , ரானியா எல் கமல் , அலெக்ஸ் சட்டத்தரணி , ஆற்றல் அமைச்சர் ப்ரிந்ஸ் அப்துலஜிஸ் ,