OPEC+ Meeting in Doubt Due to Dispute Over Oil-Quota Cheating
03 Juin, 2020, 14:07 | Auteur: Auguste Feret
Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and US states begin to reopen after coronavirus lockdowns.
Brent was up 1.09 per cent trading at $40 per barrel, while West Texas Intermediate, the key United States gauge, was also at a three-month high, trading 1.96 per cent higher at $37.53 per barrel at 8.35am UAE time. The contract climbed to as high as US$40.53, the highest since March 6, after gaining 3.3% on Tuesday.
The contract ended the previous session up 3.9 per cent.
Both benchmarks have surged in recent weeks.
The Organization of the Petroleum Exporting Countries and other producers including Russian Federation, known as Opec+, are cutting output by 9.7 million barrels per day (bpd), about 10 per cent of pre-coronavirus global output, in May and June to support prices.
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Amid the global oil demand crash due to the pandemic, OPEC+ agreed to cut its combined output by around 10 million bpd (or 10 percent of global oil production) in May and June, with a subsequent easing of the reductions.
Saudi Arabia has been pushing to keep the deeper cuts in place longer, sources said.
But the demand picture is looking brighter as economies including China, the world's second-biggest oil consumer, start to recover from the pandemic.
"As virus-related lockdown measures continue to be lifted, we expect that demand will gradually recover", Capital Economics said in a note, estimating that global oil consumption will fall to just under 92 million bpd on average in 2020.
The U.S. crude oil inventories fell by 483,000 barrels in the week to May 29, the American Petroleum Institute said on Tuesday. Oil prices rise if less of the fossil fuel is being sold on the market because buyers are forced to outbid each other.
But the report, published today , found that "people from Black ethnic groups were most likely to be diagnosed" with the disease. It presents no recommendations. "The government must take urgent action to protect at-risk groups", he tweeted.
Jason Toff, identified as director of product management, wrote: "I work at Facebook and I am not proud of how we're showing up. A Facebook ad by Donald Trump's re-election campaign running amid widespread civil unrest.
La Bolivie a enregistré à la date du 31 mai 8.731 cas de coronavirus et 300 morts, la plupart dans la région de Santa Cruz. L'Italie a rouvert au public samedi la Tour de Pise, un des plus célèbres symboles de l'attrait touristique du pays.
After about two months of loosely enforced quarantines, some regions of the country have begun to reopen from lockdowns. The man was among at least 29 Rohingya to test positive in the shelters, which are home to almost one million people.
If the protesters were so peaceful, why did they light the Church on fire the night before? Some also and tackled protestors. He said he believed Mayor Bill de Blasio underestimated the scope of the problem. "Gianna does not have a father".
En dehors du spectacle, les gens découvraient une personne accessible, pleine d'humour et d'une très grande modestie. Qu'est-ce qu'on peut faire contre cela ou pour cela?", disait la cantatrice dans un entretien à France-Musique.
There have been a total of 13,111 tests performed in McHenry County, according to the Illinois Department of Public Health . The Health Protection Surveillance Centre on Tuesday had been informed that a total of eight people with Covid-19 had died.
Seven's director of news and public affairs Craig McPherson described the police actions as "nothing short of wanton thuggery". Both were shot with rubber bullets and faced the tear gas thrown at protesters near the White House, according to the Times.
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