MOSCOW, Russian central bank said on Thursday that OPEC+, the group of leading oil producing countries, may delay a planned increase in oil output from Jan. 1, 2021 as the pandemic has negatively impacted the economic outlook and oil demand.<\/p>\n
OPEC+ is due to raise output by 2 million barrels per day (bpd) in January – about 2 per cent of global consumption – as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.<\/p>\n
“The worsening outlook for the global economy’s recovery and, accordingly, for the oil demand are pressuring the oil market. In such an environment, OPEC+ may make a decision to delay the planned easing of oil output cuts from January 2021,” the bank said in its review.<\/p>\n
“On one hand, this could lend support to the oil prices, but on other hand, oil companies would not be able to raise output volumes.”<\/p>\n
Earlier this week, three sources close to OPEC+ told Reuters that OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
MOSCOW, Russian central bank said on Thursday that OPEC+, the group of leading oil producing countries, may delay a planned increase in oil output from Jan. 1, 2021 as the pandemic has negatively impacted the economic outlook and oil demand. OPEC+ is due to raise output by 2 million barrels per day (bpd) in January – about 2 per cent of global consumption – as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase. “The worsening outlook for the global economy’s recovery and, accordingly, for the oil demand are pressuring […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-386625","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/386625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=386625"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/386625\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=386625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=386625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=386625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}