OPEC crude oil producers and allies such as Russia, a grouping dubbed OPEC+, meets today to review compliance with oil cuts meant to support oil prices amid the COVID pandemic.
The United States has surpassed Kuwait to become India’s sixth largest oil supplier as it supplied 70 per cent more crude to the world’s third largest energy consumer during April-September. According to data furnished by the oil ministry to parliamentary committee, the US supplied 5.4 million tonnes of crude oil during the first six months of 2019-20. This compared to about 3.1 million tonnes of oil sourced from the US in the same period a year back.
OPEC crude oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and United states sanctions on Iran and Venezuela.
Saudi Arabia state oil company Aramco has hired UBS Group and Deutsche as bookrunners for its initial public offering, two sources familiar with the matter said, in a sign that the deal is moving ahead despite a recent attack on Saudi oil facilities.
The United States was discussing with Saudi Arabia and other Gulf allies possible responses to an attack on Saudi oil facilities they blame on Iran and which Secretary of State Mike Pompeo described as an act of war on the kingdom.
Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend. Brent crude futures rose 8 cents to $63.68 a barrel by 0139 GMT while U.S. West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel.
“Overall, the market is in a delicate situation,” Khalid al-Falih told reporters ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia. He said the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output.