Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. According to OPEC, “The outcomes of the June Meetings extended the first phase of the production adjustments until July 31, 2020; provided a compensation mechanism for … OPEC/M. The association also predicted that demand for oil could reach pre-Covid-19 levels by the year-end. Besides, the developments in the global oil market were reviewed since the committee’s last meeting in mid-July. An OPEC+ ministerial monitoring committee meets on Thursday, and is unlikely to announce recommendations for expanding the oil cuts further, sources told Reuters this week. Earlier on oil data: It recalled the historic decisions taken by all Participating Countries in the DoC at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on 12 April 2020 to adjust downwards overall crude oil production, and the unanimous decisions taken at the 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting on 6 June 2020. But, when the time... By Dele Sobowale NOTE: A different article was planned for today. Crude oil yawns after OPEC meeting. The next support line is at 44.54, The 10-day MA, situated at 44.64, remains under pressure. The Committee also considered market prospects for the second half of 2020 and for 2021. The other major player, Saudi Arabia, warned at the meeting that production cuts could continue into 2022.Unless Covid-19 mounts a major comeback and paralyses major economies, it would seem that OPEC has found a formula to prevent oil prices from taking another plunge in 2020. ON M5V 1J9 Canada |
The Committee observed that there are some signs of gradually improving market conditions, including the inventory build in July 2020 being reversed and the lessening of the gap between global oil demand and supply. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc. No: 0325821. Losses can exceed investments. (Credit: DALIBRI/Wikipedia.org). A tale of three presidents and subsidy removal, For and against the quest for a president of Igbo extraction (3). Similarly, it recalled the historic decisions taken by all Participating Countries in the DoC at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on April 12, 2020, to adjust downwards overall crude oil production, and the unanimous decisions taken at the 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting on June 6, 2020.
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