Oil jumps to two-year high as OPEC and allies reconfirm gradual production increase

CNBC2021-06-01

KEY POINTS OPEC and its non-OPEC partners agreed on Tuesday to gradually ease production cuts. The group opted to stick to the plan agreed upon in April, whereby 2.1 million barrels per day of supply...

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Comments

Finree
2021-06-02
Finree
Inflation will help to pump up d oil price [財迷]
- Greg2021:
  ?
Gaik11
2021-06-02
Gaik11
Okay
Zwei2
2021-06-02
Zwei2
Nice
Ipodshuttle
2021-06-02
Ipodshuttle
Jump
Maisie C
2021-06-02
Maisie C
Nice
CheeMang
2021-06-01
CheeMang
Comment pls
- Wei88:
  commented reply?
- Greenfirefox:
  Commented

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Oil prices have climbed more than 30% this year.\nThe Middle East-dominated group, which is responsible for over one-third of global oil production, is seeking to balance an expected upswing in demand with the potential for an increase in Iranian output.\nThe alliance announced massive crude production cuts in 2020 in an effort to support prices when the coronavirus pandemic coincided with a historic demand shock.\nAhead of the meeting, analysts expected the group to keep output steady.\n“I think the event itself is going to be a nonevent. We expect them to basically reconfirm the plan that they laid out on April 1,” Jeffrey Currie, global head of commodities research at Goldman Sachs, told CNBC’s “Street Signs Europe” on Tuesday. “I think the bigger issue underlying this is: How are they going to deal with Iran?”\nIran is in discussions with six world powers to revive its 2015 nuclear deal. The restoration of a deal could lead to more oil on the global market in coming months.\n“It’s too early to give specific numbers around Iran,” Currie said. “So I think the best you can hope for in terms of how they are going to deal with Iran is the indication that they are willing to offset any increases in Iran. That could be the positive upside surprise coming out of this meeting.”\nOPEC Secretary General Mohammad Barkindo said Monday that he did not believe higher Iranian supply would be a cause for concern.\n“We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion,” Barkindo said in a statement.\nIran likely to act ‘constructively’\n“I think everybody is expecting Iran to add a lot of volume. So beyond the July increase, they aren’t likely to come out with any commitment,” Amrita Sen, chief oil analyst at Energy Aspects, told CNBC’s “Squawk Box Europe” on Tuesday.\n“We know that as demand rises, we will need more OPEC barrels, but I think Iran is going to be the big question mark for them,” Sen said.\nOPEC+ initially agreed to cut oil production by a record of 9.7 million barrels per day last year as global fuel demand collapsed, before easing cuts to 7.7 million and eventually 7.2 million from January. By July, the group’s production cuts will be on track to stand at 5.8 million.\n“The most consequential issue for OPEC+ over the short term relates to the potential rise of Iranian production as a result of the US and Iran returning to JCPOA compliance,” Eurasia Group analysts said in a research note, referring to the acronym for the nuclear deal: the Joint Comprehensive Plan of Action.\nAnalysts at the risk consultancy said it believed progress in successive rounds of talks made a return to the deal likely in the third quarter of 2021.\n“Over the medium term, OPEC+ will most likely adjust its policy to prevent the addition of Iranian barrels from derailing its market balancing strategy,” they continued. “Saudi Arabia will likely lean on Russia to better understand the scope of Iranian policy to work on adjustment plans. Iran would also probably act constructively as higher oil prices serve its own interests.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":113399516,"gmtCreate":1622593073535,"gmtModify":1704186858347,"author":{"id":"3578179845340728","authorId":"3578179845340728","name":"Finree","avatar":"https://static.tigerbbs.com/90e0afcf8b7bfce8ce34256846ba6981","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3578179845340728","idStr":"3578179845340728"},"htmlText":"Inflation will help to pump up d oil price&nbsp;[財迷]&nbsp;","listText":"Inflation will help to pump up d oil price&nbsp;[財迷]&nbsp;","text":"Inflation will help to pump up d oil price 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