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Oil is poised for its biggest weekly advance since early June, with Saudi Arabia increasing pressure on OPEC + members to adhere to the group’s production cuts amid signs that demand is failing.
Futures in New York are up nearly 10% this week, despite bearish calls about the outlook from industry heavyweights such as BP Plc and Trafigura Group to the International Energy Administration. Saudi Arabia showed its determination to protect the recovery at an OPEC + committee meeting on Thursday, criticizing members who have cheated on production quotas and warning short sellers not to challenge its resolution.
Oil fell to $ 41 a barrel this week, driven by a weaker dollar and a surprise drop in US crude inventories. The market is still grappling with an uneven recovery in consumption, and OPEC + sees a risk to demand from a second wave of the outbreak, urging members to be proactive and ready to take more action.
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Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman opened the meeting with a strong condemnation of members trying to get away with pumping too much crude. This week, the IEA said the UAE almost completely ignored its commitment to quotas last month, while tanker tracking data shows Iraq is exporting more crude so far in September than it shipped in August. a sign that you are falling behind in your compliance efforts.
This story has been published from a news agency feed with no changes to the text.
