OPEC news

Oil prices declined this morning as traders continue to keep them in manageable levels, on anticipation of more bullish news and with a wary eye on how Covid-19 evolves.

Oil prices recovered early losses and see gains on relief that international trade remains unchanged, while road fuel demand stands strong despite a spike in Covid-19 cases.

Oil prices continued to gain on prolonged enthusiasm from Thursday’s OPEC+ meeting, with traders expecting increased production-cut compliance and regaining trust that supply is under control.

Oil prices have swung to gains after road fuel demand signals and an upcoming OPEC+ meeting weighted positively on trader sentiments.

Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.

Oil prices have swung to gains after a morning flavoured by concerns over expected crude stock build in the US.

Oil prices are enjoying some stability now, after pricing in fears of a new pandemic wave and the OPEC+ cuts agreement.

Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.

Mele Kyari, the head of the Nigerian National Petroleum Corp., has said Africa's top oil exporter is fully committed to the cuts.

OPEC+'s cuts are deep enough to create a monthly deficit in crude and condensate supply from June 2020 and continuing uninterrupted until at least the end of next year, according to Rystad Energy.