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2021-07-19

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Oil falls more than 1% after OPEC+ agrees to boost supply

TOKYO (Reuters) - Oil prices fell more than 1% on Monday, hit by an agreement over the weekend withi

Oil falls more than 1% after OPEC+ agrees to boost supply

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jimmylaw
·2021-07-19
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U.S. oil was down 94 cents, or 1.3%, at $70.87 a barrel, having declined almost 4% last week.</p>\n<p>OPEC+ ministers agreed on Sunday to increase oil supply from August to dampen prices that earlier this month climbed to the highest in around two and a half years as the global economy recovers from the COVID-19 pandemic.</p>\n<p>The group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, together known as OPEC+, agreed new production shares from May 2022.</p>\n<p>\"This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon,\" RBC Capital Markets said in a note.</p>\n<p>OPEC+ agreed new production quotas for other members from May 2022, including the UAE, Saudi Arabia, Russia, Kuwait and Iraq.</p>\n<p>The group last year cut output by a record 10 million barrels per day (bpd) amid an evaporation in demand the pandemic developed, prompting a collapse in prices with U.S. oil at one point falling in negative territory.</p>\n<p>It has gradually brought back some supply, leaving it with a reduction of around 5.8 million bpd.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil falls more than 1% after OPEC+ agrees to boost supply\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 09:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-falls-more-1-opec-010449756.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TOKYO (Reuters) - Oil prices fell more than 1% on Monday, hit by an agreement over the weekend within the OPEC+ group of producers to boost output after an earlier pact fell apart due to objections ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-falls-more-1-opec-010449756.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://finance.yahoo.com/news/oil-falls-more-1-opec-010449756.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141120788","content_text":"TOKYO (Reuters) - Oil prices fell more than 1% on Monday, hit by an agreement over the weekend within the OPEC+ group of producers to boost output after an earlier pact fell apart due to objections from the United Arab Emirates (UAE).\nBrent crude was down $1, or 1.4%, at $72.59 a barrel by 0037 GMT, after falling nearly 3% last week. 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