Opec has hit back at the latest research on transition in the oil and gas sector released by the International Energy Agency (IEA), claiming the report aims to “vilify” the industry while ignoring the quest to secure energy supplies for global economies.
Despite the dramatic reaction of oil markets to news that the OPEC+ meeting would be postponed, oil prices are set to end the week with little real change as traders now await the outcome of the November 30th meeting.
LONDON: Oil prices tanked 4 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Brent crude futures rose 14 cents, or 0.17%, to US $82.59 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures rose 13 cents, or 0.17%, to US $77.90
Oil prices crashed by 4% early on Wednesday morning after confirmation that this weekend’s OPEC+ meeting would be postponed.
The energy sector is poised for a moderately lower start, pressured by low conviction weakness in the underlying commodities and in the broader equity futures. Equity sentiment steadied this morning following the recent run up in the benchmark indices as the markets assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.
Fifty years after the Trans-Alaska Pipeline, U.S. energy independence is threatened by attacks on resource development projects.
Oil markets are now fully focused on the upcoming OPEC+ meeting, with reports that the group may deepen cuts being counteracted by an apparent lack of unity amongst OPEC members on the issue.
First half production from the country’s three main oilfields has declined by 13.2 per cent to 22.45 million barrels (bbls) from 25.86 bbls in the same period last year.
Traders, this week, focused on rising U.S. crude oil inventories, record American oil production, weaker Chinese refinery and economic data.