Oil drops as OPEC+ resume talks on output cut extension after impasse
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Saturday
June 25, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SATURDAY, JUNE 25, 2022
Oil drops as OPEC+ resume talks on output cut extension after impasse

Global Economy

Retuers
03 December, 2020, 09:45 am
Last modified: 03 December, 2020, 09:52 am

Related News

  • Oil prices rise on tight supply, inventory uncertainty
  • Oil falls as investors eye recession risks
  • OPEC+ mulls when to fire its last oil production bullets
  • Stocks and oil tumble as recession fears mount
  • Oil rises on market caution over tight supply

Oil drops as OPEC+ resume talks on output cut extension after impasse

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussions on Thursday to agree on policies for 2021

Retuers
03 December, 2020, 09:45 am
Last modified: 03 December, 2020, 09:52 am
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. Photo:Reuters
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. Photo:Reuters

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the Covid-19 pandemic.

Brent crude was down 15 cents, or 0.3%, at $48.10 a barrel by 0155 GMT, after gaining 1.8% on Wednesday. US oil was down 17 cents, or 0.4%, at $45.11 a barrel, having ended 1.6% higher the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussions on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.

OPEC and allies, in the group known as OPEC+, had been widely expected to roll over oil cuts of 7.7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

But after hopes for a speedy approval of anti-virus vaccines spurred a rally in oil prices at the end of November, some producers questioned the need to tighten oil policy, which is supported by OPEC leader Saudi Arabia.

"Any sign that the group is struggling to reach an agreement could weigh on prices," ANZ Research said in a note.

Britain approved Pfizer Inc's Covid-19 vaccine on Wednesday, jumping ahead in a global race to start the most crucial mass inoculation programme in history.

In the United States, crude stockpiles fell last week, while gasoline and distillate inventories rose sharply as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday.

Oil stocks fell by 679,000 barrels in the week to November 27, by less than the 2.4 million-barrel decline forecast in a Reuters poll of analysts.

Gasoline stocks increased by 3.5 million barrels, while distillate inventories were up by 3.2 million barrels.

Adding to international supplies, Venezuela's crude exports almost doubled last month, according to data from the state-run PDVSA and Refinitiv Eikon.

Top News / World+Biz

Oil / Oil price / oil price fell / OPEC / OPEC+ / Organization of the Petroleum Exporting Countries (OPEC)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: PMO Press Wing
    Building Padma Bridge a perfect reply to conspirators: Sheikh Hasina
  • Her grit made it possible
    Her grit made it possible
  • Photo: PMO Press Wing
    New era begins as PM Hasina opens Padma Bridge

MOST VIEWED

  • Russian President Vladimir Putin looks up during a joint press conference with French President Emmanuel Macron after their talks, in Moscow, Russia, 7 February, 2022. PHOTO: REUTERS
    Putin defends Russia's stance on global food crisis
  • A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
    US recession would be 'necessary price' to defeat inflation: IMF chief
  • NATO Secretary General Jens Stoltenberg, European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, U.S. President Joe Biden, German Chancellor Olaf Scholz, Britain's Prime Minister Boris Johnson, France's President Emmanuel Macron and Japan's Prime Minister Fumio Kishidameet pose for a family photo at NATO Headquarters in Brussels, Belgium, March 24, 2022. Doug Mills/Pool via REUTERS
    G7 must act to help tackle global hunger crisis-German UN food agency
  • Wall St Week Ahead: Bruised US stock investors brace for more pain in second half of 2022
    Wall St Week Ahead: Bruised US stock investors brace for more pain in second half of 2022
  • Gas pipelines are pictured at the Atamanskaya compressor station, facility of Gazprom's Power Of Siberia project outside the far eastern town of Svobodny, in Amur region, Russia November 29, 2019. REUTERS/Maxim Shemetov.
    Running short of gas: Russia's pipeline repair has Europe worried
  • The 1970s revisited?
    The 1970s revisited?

Related News

  • Oil prices rise on tight supply, inventory uncertainty
  • Oil falls as investors eye recession risks
  • OPEC+ mulls when to fire its last oil production bullets
  • Stocks and oil tumble as recession fears mount
  • Oil rises on market caution over tight supply

Features

In pictures: 2022 Dhaka Motor Show

In pictures: 2022 Dhaka Motor Show

6h | Wheels
Our team full of hope and mettle, before we entered the disaster zone. PHOTO: SWAMIM AHMED

How we survived 4 days in Sunamganj flood

1d | Panorama
Photo: Bipul Sarker Sunny

Immigrants or refugees: Who really are the Maldoiyas?

1d | Features
Selim Raihan, executive director, Sanem. Photo: TBS

'To make full use of the bridge's connectivity in this region, we need Padma Plus'

1d | Interviews

More Videos from TBS

Is Padma Bridge really expensive?

Is Padma Bridge really expensive?

1h | Videos
Messi means record, record means Messi

Messi means record, record means Messi

18h | Videos
Zovan, Safa to star in '24 Ghonta'

Zovan, Safa to star in '24 Ghonta'

18h | Videos
Modern rehabilitation centre for those affected by Padma Bridge land acquisition

Modern rehabilitation centre for those affected by Padma Bridge land acquisition

20h | Videos

Most Read

1
Photo: Prime Minister's Office
Bangladesh

New investment in transports as Padma Bridge set to open

2
Japan cancels financing Matarbari coal project phase 2
Bangladesh

Japan cancels financing Matarbari coal project phase 2

3
Photo: TBS
Infrastructure

Gains from Padma Bridge to cross $10b, hope experts

4
Desco wanted to make a bold statement with their new head office building, a physical entity that would be a corporate icon. Photo: Courtesy
Habitat

Desco head office: When commitment to community and environment inspires architecture

5
Multiple robbery incidents reported in flood stranded Sylhet and Sunamganj
Bangladesh

Multiple robbery incidents reported in flood stranded Sylhet and Sunamganj

6
20 businesses get nod for $326m foreign loan for expansion
Economy

20 businesses get nod for $326m foreign loan for expansion

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Cattle graze on the bank of the River Padma at Paschim Painpara near Jajira end of the Padma Bridge. Photo: Mumit M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net