Oil slipped from seven-month highs on Nov. 26 as signs of growing supplies helped to halt a rally driven by optimism that COVID-19 vaccines will revive fuel demand.
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, three sources close to OPEC+ said.
The world witnessed the long-waited announcements related to successful trial results of several vaccines, which are the preliminary requisite for quick regulatory approvals that will then translate into mass production and distribution.
Analysts from the U.S., Europe and the Middle East joined Hart Energy to discuss the 2021 oil and gas market outlook.
Oil firm Equinor expects global oil demand to peak by around 2027-2028, two-three years earlier than the company previously saw, as a result of the COVID-19 pandemic, it said on Nov. 17.
There are three additional variables which oil markets are not used to deal with in the fourth quarter: the current infections uptick in Europe, the U.S. presidential transition and announcements about new vaccines, all of them adding bearish or bullish pressure to prices over the next few months.
An Iranian official said on Nov. 11 that Tehran exported up to 700,000 bbl/d of oil since March, but was later quoted by an Iranian news agency casting doubt on the figure which had been kept secret.