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OPEC+ keeps oil demand forecast, but worried by COVID surge - sources 04/26/2021 | 11:14am EDT Send by mail : Message : Required fields LONDON (Reuters) -The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters. In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd. Demand growth is still at 6 million bpd for 2021, one of the sources said. ....
Oil drops from one-mth highs on demand fears as virus surges in India Crude futures settled lower on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surge to record highs. Oil prices have risen steadily this year on anticipation that demand would recover, but while the United States and China are rebounding, numerous other countries are not. “Unless major progress is seen beyond the key industrialized nations such as the U.S., the pandemic factor could require some downward adjustments in global oil demand expectations for this year,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. ....
OPEC+ heads for largely technical meeting next week – Russia, sources OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, we discussed our action plan for the (next) three months. So, if nothing extraordinary happens, our task will be to confirm these plans and to tweak the new ones,” Novak told reporters. The Organization of the Petroleum Exporting Countries and allies led by Russia, a producer group known as OPEC+, surprised the market at their April 1 meeting by agreeing to gradually ease their record cuts. ....
Oil fell by $1 on Tuesday, pulling back from one-month highs, on fears that India, the world s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths soar in that. ....