Oil could close at highest price since March after OPEC

04 Décembre, 2020, 04:35 | Auteur: Auguste Feret
  • OPEC+ agrees to ease coronavirus-driven oil supply cuts

The Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation are resuming discussions on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.

Brent crude oil, the worldwide standard, traded up 30 cents at $48.55 per barrel while West Texas Intermediate crude oil added 19 cents to $45.47 per barrel.

Brent crude was up 4 cents, or less than 1%, at $48.29 a barrel by 1337 GMT, and USA oil was down 1 cent, or less than 0.1%, at $45.27 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russian Federation, known as OPEC+, are resuming discussions on Thursday to agree on policies for 2021 after earlier talks had no conclusion on how to tackle weak oil demand amid a new coronavirus wave.

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OPEC and a group of allied countries including Russian Federation have agreed to increase their oil production by 500,000 barrels per day from January. This is leading some producers to question the need to tighten oil policy, which is supported by OPEC leader Saudi Arabia.

The oil producers decided in May to reduce production by 7.7 million barrels, or 8 percent of global demand.

"Any sign that the group is struggling to reach an agreement could weigh on prices", ANZ Research said in a note.

In the United States, crude stockpiles fell last week, while gasoline and distillate inventories rose sharply as refiners slowed production amid weakening demand, the Energy Information Administration (EIA) said on Wednesday. Every US$1 per barrel increase in oil prices would add about RM300 million to Malaysia's revenue.

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