Tag
OPEC
News and stories about OPEC
Crude oil markets are still trading unusually been less volatile this week
Also Brent crude soared by 0.4%, to trade at $44.07, heading for a weekly rise around 0.5%.
OPEC+ agreed to production cuts of 9.6 million barrels after record lows in April.
The report shows that the OPEC cuts to record production lows showed lower oil tanker movement.
Big Oil has been bruised by the pandemic, but it is not in retreat.
OPEC is expected to discuss production cut compliance from defaulting members in today’s meeting.
Brent crude futures dropped about, or 0.75%, to trade at $45.12 a barrel by 05.37 am GMT.
With the scaling back of the OPEC+ cuts of 9.7 mbpd to 7.7 mbpd we may begin to see some pressure on brent price.
China increased its order on energy and farm purchases ahead of a review of the Sino-U.S. trade deal.
Oil prices may fall again if there is another surge in Coronavirus cases.
Oil markets traded softer into the weekend on the back of escalating US-China tensions.
Saudi Aramco is the national energy company of Saudi Arabia.