OPEC+ Meeting in Doubt Due to Dispute Over Oil-Quota Cheating

03 Juin, 2020, 14:07 | Auteur: Auguste Feret
  • Oil prices spiked by nearly 90% in May

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.

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