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OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

3 Min Read
LONDON (Reuters) -OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.
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
Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month.
“As the spread and intensity of the COVID-19 pandemic are expected to subside with the ongoing rollout of vaccination programmes, social distancing requirements and travel limitations are likely to be scaled back, offering increased mobility,” OPEC said in the report. ....

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OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes
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.

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UPDATE 9-OPEC+ to ease oil curbs from May after U.S. calls Saudi

10 Apr 2021 / 09:01 H.
Deal sees OPEC+ output rising 350,000 bpd from May
Gradual rise in OPEC+ production continues in June, July
Saudi Arabia outlines plan to phase out its voluntary cut
U.S. energy secretary, Saudi energy minister hold call (Edits)
By Alex Lawler, Rania El Gamal and Vladimir Soldatkin
LONDON/DUBAI/MOSCOW, April 1 (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 for consumers.
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. ....

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Angolan under pressure from weak demand

By Reuters Staff
1 Min Read
LONDON (Reuters) - Angolan crude differentials were under downward pressure on Friday as limited demand in Europe and China weighed on the market.
ANGOLA
About 10 Angolan May-loading cargoes were available from equity holders, the same as on Thursday.
Eni was still offering Cabinda at dated Brent plus 30 cents, a trader said. Another seller was thought to be offering a cargo at a discount to the benchmark, but further details were not available.
Other offers were heard to be steady: Chevron was offering a cargo of Nemba at dated Brent minus 80 cents and CLOV was on offer at dated Brent plus $1.00. ....

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UPDATE 3-OPEC+ debates whether to ease oil output cuts, as U.S. resumes energy calls to Saudi

10 Apr 2021 / 09:00 H.
U.S. energy secretary, Saudi energy minister hold call
Biden administration has till now avoided Trump s approach
OPEC+ to consider oil cuts roll over or increase, sources say (Adds details)
By Alex Lawler, Rania El Gamal and Vladimir Soldatkin
LONDON/DUBAI/MOSCOW, April 1 (Reuters) - OPEC+ debated on Thursday whether to keep deep oil output cuts in place or ease them after the administration of U.S. President Joe Biden resumed Donald Trump s practice of calling OPEC leader Saudi Arabia and said energy should be kept affordable.
U.S. Energy Secretary Jennifer Granholm said on Twitter she had spoken to Saudi Energy Minister Prince Abdulaziz Bin Salman. ....

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