Wednesday, February 8, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market Russia

Oil jumps 3% on supply cuts, improving demand

June 16, 2020
in Russia
Oil jumps 3% on supply cuts, improving demand
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of Long Beach, California.

Mario Tama | Getty Images

Oil prices rose on Tuesday, with Brent crude rising above $40 a barrel, as the IEA increased its oil demand forecast for 2020 and as record supply cuts supported.

Brent crude rose $1.20, or 3%, to trade at $40.92 per barrel. West Texas Intermediate crude settled $1.26, or 3.39%, higher at $38.38 per barrel.

In its monthly report on Tuesday, the International Energy Agency (IEA) forecast oil demand at 91.7 million barrels per day in 2020, 500,000 bpd higher than its estimate in May’s report, citing higher than expected consumption during the lockdowns.

But the agency warned that a fall in flying due to the coronavirus means the world will not return to pre-pandemic demand levels before 2022.

Oil supplies in May, the IEA said, plunged by nearly 12 million bpd, with the Organization of the Petroleum Exporting Countries and its allies including Russia – a grouping known as OPEC+ – reducing their output by 9.4 million bpd.

This means OPEC+ hit 89% compliance with their agreed cuts in May, the IEA said.

OPEC+, agreed this month to extend production cuts of 9.7 million barrels per day through July. They also called on members that have not been complying to make up their commitments with extra cuts later.

Iraq, which had one of the worst compliance rates among the major producers, has already made deep cuts to its crude supplies to Asia in July.

Elsewhere U.S. shale producers are also cutting back on drilling amid the collapse in demand for oil.

Production from seven major U.S. shale formations is likely to drop to close to a two-year low of 7.63 million barrels per day by July, the U.S. Energy Information Administration said on Monday.

But concerns about a second wave of lockdowns from rising infection rates weighed on the market.

Coronavirus cases rose to more than 8 million worldwide by Monday, with infections surging in Latin America, while the United States and China are dealing with fresh outbreaks. But some observers said they didn’t expect to see any return to the stringent lockdowns seen at the start of the year.

“If the world treats a second COVID-19 wave like in the first half of the year, then we are in for a demand reduction that was not in the initial planning,” Head of Oil Markets at Rystad Energy Bjornar Tonhaugen said.



Read More: Oil jumps 3% on supply cuts, improving demand

Tags: business newsCommodity marketscutsDEMANDEnergyICE Brent Crude (Jul'20)improvingjumpsoilOil and GasSupplyWTI Crude (Jun'20)

Related Posts

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,
Russia

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

by Oil Market
July 29, 2020
0

Let’s begin with, why research is important for Sandalwood Essential Oil Market? It is always important because it gives...

Read more
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,
Russia

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

by Oil Market
July 28, 2020
0

“ Los Angeles, United State, July 2020,– – The Gas, Oil and Dual-fuel Burners market research report added by...

Read more
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,
Russia

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

by Oil Market
July 28, 2020
0

“ Los Angeles, United State, July 2020,– – The Gas, Oil and Dual-fuel Burners market research report added by...

Read more
Saudi oil revenues down 40% in five months
Russia

Saudi oil revenues down 40% in five months

by Oil Market
July 27, 2020
0

Riyadh – Mubasher: Saudi oil revenues plunged by SAR 133.97 billion or 40.38% on a yearly basis during the...

Read more
Next Post
Castor Oil Market Analysis, Top Manufacturers, Share, Growth, Statistics,

Castor Oil Market Analysis, Top Manufacturers, Share, Growth, Statistics,

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Oil and Gas Pipeline Market 2020 | Covid19 Impact Analysis | Business

Oil and Gas Pipeline Market 2020 | Covid19 Impact Analysis | Business

3 years ago

ZOZEN WNS Oil-fired Boiler Assists the Food Enterprise in Venezuela to

3 years ago
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

3 years ago
Vetiver Oil Market Analysis, Size, Share, Growth, Trends And Forecast

Vetiver Oil Market Analysis, Size, Share, Growth, Trends And Forecast

3 years ago
Landowners, oil companies support plugging abandoned wells but want

Landowners, oil companies support plugging abandoned wells but want

3 years ago
Is Warren Buffet Right About Natural Gas? | OilPrice.com

Is Warren Buffet Right About Natural Gas? | OilPrice.com

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com