Even if OPEC cuts production by 600,000 barrels a day, oil prices could remain weak until April, according to Kang Wu, head of Asia analytics at S&P Global Platts.
OPEC's Joint Technical Committee met over three days in early February andThat's what S&P Global Platts expects at the March 5 and 6 OPEC meeting, Wu said.is the key player, they're already over compliant," he said. "So the 600,000 barrels a day will add to that supply constraint, will lend some support to the market."
However, the current buildup in inventories may need to be absorbed in April, he said. "In terms of prices, could still be weak in March and April, before it improves in the summer."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
OPEC+ countries should not be complacent about coronavirus - Saudi energy ministerSaudis Arabia's Minister of Energy, Prince Abdulaziz bin Salman, said on Tu...
Les mer »
Expert predicts coronavirus in China will be under control by end of AprilCoronavirus continues to spread worldwide, with new cluster outbreaks in South Korea, Europe, and the Middle East. Follow here for the latest.
Les mer »
Kate Garraway announces she will host new breakfast show starting in AprilIt's shaping up to be an exciting 2020 for Kate Garraway
Les mer »
China's Didi to launch Japan food delivery service from AprilChina's ride hailing company Didi Chuxing plans to launch a food delivery s...
Les mer »
Oil steadies above $56 as supply constraints counter virus fearsOil steadied above $56 a barrel on Tuesday after two days of declines as OPEC ou...
Les mer »
Devin Nunes' district remains the GOP's ruby heart as blue California votesThe San Joaquin Valley remains an upbeat bastion for Trump, even as Democrats dominate the state government and make preparations for the March 3 primary election.
Les mer »