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OPEC+ meeting preview: Will more production stall crude’s impressive rally? Ahead of Thursday’s meeting, cracks are emerging in OPEC+’s united façade once again - what will that mean for the price of crude? Share: Markets are starting the week off on a bullish note on the back of US stimulus package hopes, with equities rising across the globe, bond yields reversing Friday’s surge, and oil prices supported near their 14-month highs. Crude oil will be particularly interesting for traders this week ahead of Thursday’s highly-anticipated OPEC+ meeting. After all, the cartel’s failure to reach an agreement was one of the primary factors that drove oil prices into negative territory last April (I still have trouble believing this happened, nearly a year later!). After that catastrophic development, coordination between Saudi Arabia and Russia increased, culminating in a nearly 9.7M b/d cut to p ....
Russia s annual oil production tumbles for first time in 12 years Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency Reuters | January 2, 2021 | Updated 13:35 IST The 512.68 million tonnes reading for 2020 was the lowest since 511.43 million tonnes in 2011, and the first annualised decline since 2008 amid the global financial crisis and falling oil prices Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency. ....
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