In this file:

 

·         Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply

·         Oil prices reach seven-year high as OPEC keeps crude supply tight

·         Oil hits three-year high after OPEC+ sticks to output plan

 

 

 

Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply

 

o   OPEC and non-OPEC partners, a group collectively referred to as OPEC+, said Monday that it would stick to its existing pact for a gradual increase in oil supply.

o   The group’s decision on production policy had been widely expected, although some had hoped pressure from the U.S. and India to tame soaring oil prices might have been enough to persuade the group to offer more supply.

o   “The market is full of confidence,” Tamas Varga, senior analyst at PVM Oil Associates, said in a research note on Tuesday. “The question is whether this optimism is justified or not.”

 

Sam Meredith, CNBC

Oct 5 2021

 

LONDON — Oil prices climbed to multi-year highs shortly after a group of some of the world’s most powerful oil producers opted against a big supply boost.

 

Now energy analysts believe crude prices could be poised to rally toward $100 a barrel.

 

OPEC and non-OPEC partners, a group collectively referred to as OPEC+, said Monday that it would stick to its existing pact for a gradual increase in oil supply.

 

OPEC+ said it had “reconfirmed the production adjustment plan” in a statement published online shortly after relatively swift ministerial talks. This referred to its previously agreed decision to add 400,000 barrels per day to the market for the month of November.

 

The group’s decision on production policy had been widely expected, although some had hoped pressure from the U.S. and India to tame soaring oil prices might have been enough to persuade the group to offer more supply.

 

International benchmark Brent...

 

more, including links

https://www.cnbc.com/2021/10/05/oil-prices-analysts-see-a-prolonged-rally-as-opec-sticks-to-its-plan.html

 

 

Oil prices reach seven-year high as OPEC keeps crude supply tight

 

By Sharon Cho and Grant Smith, World Oil

10/5/2021

 

SINGAPORE (Bloomberg) --Oil rose to a new seven-year high after OPEC+ chose to keep supplies fairly tight even as the world grapples with an energy crunch.

 

Futures climbed above $78 a barrel in New York after surging 2.3% on Monday as Saudi Arabia and its partners opted for a modest output increase of 400,000 barrels a day. Some observers had thought OPEC+ would deliver a bigger hike as the spike in natural gas prices looks set to inflame demand for oil products this winter. Goldman Sachs Group Inc. sees the switch adding extra 650,000 barrels a day to oil demand.

 

“I think for OPEC, they’re probably just saying, ‘look, this is not our crisis, there’s not much we can do to solve it,’” Richard Gorry, managing director at industry consultant JBC Asia Pte, said in a Bloomberg Television interview. “Extra barrels maybe add a little bit of downward pressure on prices but they’re not going to solve the energy crisis by giving more oil.”

 

The OPEC+ decision “will allow us to continue normalize the market situation,” Russian Deputy Prime Minister Alexander Novak said during a speech at the meeting, part of which was broadcast by Rossiya 24 state TV channel. Ministers will meet again to discuss production policy on Nov. 4.

 

Citigroup said...

 

more

https://www.worldoil.com/news/2021/10/5/oil-prices-reach-seven-year-high-as-opec-keeps-crude-supply-tight

 

 

Oil hits three-year high after OPEC+ sticks to output plan

 

By Shadia Nasralla, Reuters

via StreetInsider.com - October 4, 2021

 

LONDON (Reuters) -Brent crude oil futures hit a three-year high on Tuesday while U.S. benchmark crude reached close to 2014 peaks after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude.

 

OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.

 

Brent crude was up $1.17, or 1.4%, at $82.43 a barrel by 1345 GMT, having risen 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose $1.10, or 1.4%, to $78.72 after gaining 2.3% in the previous session.

 

Oil prices have already surged more than 50% this year, adding to inflationary pressures that crude-consuming nations such as the United States and India are concerned will derail recovery from the COVID-19 pandemic.

 

The OPEC+ Joint Technical Committee (JTC) said late last month that it expected a 1.1 million bpd supply deficit this year, which could turn into a 1.4 million bpd surplus next year...

 

more

https://www.streetinsider.com/Commodities/Oil+holds+near+3-year+highs+after+OPEC%2B+keep+tight+control+of+taps/19021709.html