OPEC+ Set To Ease Oil Cuts

13 Juillet, 2020, 10:39 | Auteur: Auguste Feret
  • A pump jack operates just outside of Midland Texas U.S on Friday

Overall demand for 2020 will be about 92.1 million bpd, with the pace of decline having slowed to 5.1 million bpd in the second half, the agency's monthly oil market report for July showed.

Brent crude, which is the global benchmark for oil, is down around 30% this year, while US-traded West Texas Intermediate (WTI) fell below zero at one point in April.

Global oil supply dropped to a nine-year low of 86.9 million barrels a day last month as OPEC+ delivered all the curbs it promised, while investment cuts and reduced drilling hit output from the US and Canada.

That the IEA would predict a positive number for oil demand as the world remains gripped by the fear of more economic fallout from the new wave of Covid-19 was startling.

An alliance of crude producers led by Saudi Arabia is pushing OPEC and its allies to enhance oil manufacturing starting in August, officials in the group mentioned, amid signs that demand from customers is returning to normal concentrations subsequent coronavirus-associated lockdowns. Other states together with Arizona, California and Texas go on to see a increasing cases.

Aiding the IEA's outlook on crude was a slight weekly drop in the US and positive news on Covid-19 vaccine development. Oil fell 1.4% to $39.06 a barrel at 7:20 a.m.in NY, heading for a weekly loss.

News of the OPEC + group's cut idea came two days after the International Energy Agency forecast slightly improved global oil demand for this year but said much hinges on the progression of the pandemic.

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June production averaged 3.698 million b/d vs 4.068 million b/d in May, state-oil marketer SOMO said. The contract hit $1,829.80 on Wednesday, its highest since September 2011, when it scaled to a record $1,911.60.

The world's demand for oil is expected to recover to 97.4 million bpd next year.

"While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is nearly certainly to the downside", the IEA said in its monthly report.

A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, the agency said in a monthly report. The number of active US oil rigs fell by four to 181, the least since June 2009, according to Baker Hughes Co. data released on Friday.

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