Brent oil futures were down 0.63% to $62.88 by 9:55 PM ET (1:55 AM GMT). WTI Futures fell 1.30% to $59.85, slipping just below the $60 mark.
The biggest challenge for the cartel during the 14th OPEC and non-OPEC Ministerial Meeting, taking place on Mar. 4th, will be deciding how many barrels to return to the market and the pace at which to return them. Current reductions stand at just over seven million barrels per day, (bpd), or 7% of global supply.
Citigroup Inc (NYSE:C). analysts predicted that OPEC+ will boost output around 500,000 bpd in April, and do not believe that top oil exporter and key OPEC member Saudi Arabia will continue its earlier, voluntary output cuts. The country urged a cautious approach ahead of the meeting, even amid signs of a tightening.
Investors also await US crude oil supply data from the American Petroleum Institute, due later in the day.
The drop in the Asian session came as futures in New York fell for a third consecutive day, on track for the worst run of losses since December 2020. It also comes as the black liquid rallied during the first two months of 2021, boosted by deep supply cuts made by OPEC+, including the Saudi cuts. The rollout of Covid-19 vaccines globally and an investor turn to commodities also pushed prices in New York to their highest close since 2019 as hopes for fuel demand recovery also increased.
However, Covid-19 remains a global threat, as the number of global cases rose for the first time in almost two months in the past week, the World Health Organization warned during its media briefing on Monday.
First published on Investing.com
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.