Iner to traders
  • Home
  • Services
  • Market Review
  • Partners
    • MDRBroker
    • AVATRADE
    • FxPro
    • HotForex
    • Dukascopy Bank
    • HYCM
    • InstaForex
    • Plus500
  • About Company
  • Contact
  • EnglishEnglish
    • EnglishEnglish
    • РусскийРусский
Iner to traders
  • Home
  • Services
  • Market Review
  • Partners
    • MDRBroker
    • AVATRADE
    • FxPro
    • HotForex
    • Dukascopy Bank
    • HYCM
    • InstaForex
    • Plus500
  • About Company
  • Contact
  • EnglishEnglish
    • EnglishEnglish
    • РусскийРусский
Home Uncategorized Oil Price Fundamental Daily Forecast – Light Trade Expected Ahead of OPEC+ Oil Minister’s Meeting on Wednesday
Back Home

Oil Price Fundamental Daily Forecast – Light Trade Expected Ahead of OPEC+ Oil Minister’s Meeting on Wednesday

byadmin inUncategorized posted onAugust 17, 2020
0
0
Oil Price Fundamental Daily Forecast – Light Trade Expected Ahead of OPEC+ Oil Minister’s Meeting on Wednesday

Investors will be looking for more clues on future supply from a meeting on Wednesday of a panel representing ministers of OPEC+.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are inching higher early Monday on a report that China plans to ship large volumes of U.S. crude in August and September, which outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.

Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, as China ramped up energy and farm purchases ahead of a review of the Sino-U.S. trade deal.

Iran Says OPEC has Raised and Stabilized Crude Oil Price:  SHANA

“OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized,” Iran’s Oil Minister Bijan Zanganeh said.

OPEC and its allies including Russia, agreed to record output cuts to tackle the fallout from the COVID-19 pandemic. Zanganeh said oil Iran’s oil industry has signed 13 contracts worth roughly 1.5 billion Euros with 14 local firms to enhance and maintain the country’s oil production.

In 2018, U.S. President Donald Trump pulled the United States out of Iran’s 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Iran’s oil exports.

“We welcome the participation of all foreign companies in the development of oil industry projects except companies from Israel, but we will continue our work even without their participation in our projects,” Zanganeh said.

Fearing penalties, foreign companies have stayed away from investing in Iran. Tehran does not recognize Israel.

Daily Forecast

The trade looks to be a little light on Monday as investors await news from the OPEC panel meeting on August 19.

Investors will be looking for more clues on future supply from a meeting on Wednesday of a panel representing ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.

The panel, called the Joint Ministerial Monitoring Committee (JMMC), monitors OPEC+ production curbs agreed earlier this year. Last month, the JMMC recommended that cuts be eased from August 1 to about 7.7 million barrels per day (bpd) from a reduction of 9.7 million bpd since May, in line with an earlier OPEC+ agreement.

Share:

Previous

Goldman Boosts S&P 500 Target by 20% as Strategists Catch Up

Related Posts

Euro Climbs on EU Recovery Fund Optimism
July 20, 2020
Euro Climbs on EU Recovery Fund Optimism
No Comments
Exclusive: Pentagon to stockpile rare earth magnets for missiles, fighter jets
December 20, 2019
Exclusive: Pentagon to stockpile rare earth magnets for missiles, fighter jets
No Comments
Gold Up, but Rise Slows Down
August 10, 2020
Gold Up, but Rise Slows Down
No Comments

Recent Posts

  • Oil Price Fundamental Daily Forecast – Light Trade Expected Ahead of OPEC+ Oil Minister’s Meeting on Wednesday
  • Goldman Boosts S&P 500 Target by 20% as Strategists Catch Up
  • Super Tiny Stocks Staging Bigger Rebound Rally Than Megacap Tech
  • Dollar Down Over Persistent Global Economic Recovery Doubts
  • U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.29%

Archives

  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
Copyright © 2013 Iner All Rights Reserved.