The decision by OPEC+ at the start of this month to leave output unchanged despite a near doubling of oil prices since the start of November sparked an angry exchange of words between India and Saudi Arabia.
European nations including France, Switzerland and Norway have tightened restrictions to address rising coronavirus cases as OPEC+ prepares to assess their policy on oil output cuts on April 1.
The potential disruption to supplies due to the Suez Canal incident has lifted oil prices, but “the reprieve seems temporary,” says Jeffrey Halley of brokerage OANDA.
In its latest oil price forecast, Stratas Advisors explores whether more downside is on the horizon after last week’s price decline which was the first significant decline in oil prices since the beginning of March when the market was waiting for the outcome of the OPEC+ meeting.
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China's goal to become carbon neutral in 2060 will require $6.4 trillion of investment in new power generating capacity, leading to a tectonic shift in manufacturing and commodity imports while boosting its energy security, consultancy Wood Mackenzie said on March 18.
An extended surge in oil prices is unlikely as the world rebounds from the pandemic given ample supply but changes are seen in demand and gasoline may have peaked, the IEA said on March 17.
If you thought coronavirus had hobbled the oil industry for good, think again, says Financial Times' Derek Brower. Just a year after a Saudi-Russian price war and the pandemic triggered the worst oil crash in decades, a stunning reversal is under way.
Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking $55 in less than a year to $70 a barrel this week while actual fuel demand remains weak.