Expected output increase while Covid-19 slows demand recovery

Oil prices down with record new COVID-19 cases globally

Oil falls, heads for weekly decline as virus cases hit record

"OPEC raises 2020 demand forecast for its crude by 0.2 million bpd to 23.8 million bpd". In the case of Iran, exports fell from 60.519 billion dollars in 2018 to almost 19.233 billion in 2019, a 68 percent decline, the survey noted.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

OPEC has just published its Monthly Oil Market Report for July.

The price of Brent crude, the worldwide oil benchmark, averaged $64 per barrel in 2019, down from $71 per barrel in 2018, according to the US Energy Information Agency.

Iraq and the U.A.E. - two of the biggest OPEC producers - along with Qatar increased their official selling prices of so-called medium-sour varieties for August from a month earlier. However, the demand for oil will remain below pre-Covid-19 levels.

The country earned $37.98bn from oil exports in 2017, compared to $27.29bn in 2016 and $41.17bn in 2015.

Important customers of the Business of the Petroleum Exporting Nations around the world and its Russia-led allies are established to fulfill by way of world-wide-web meeting Wednesday to discussion the group's existing and long run output.

Middle East producers are banking on robust demand from Asia for their more sulfurous and dense crude, boosting prices for the dirtier oil even as OPEC+ considers loosening cuts.

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The Liberals expect more workers to move onto the wage subsidy and off the CERB as that program winds down. He adds he's planning either a fiscal update or a budget for the fall.

OPEC's 13 members suffered an 18.4 per cent contraction in their oil export revenue in 2019 on slumping prices, the report showed.

Brent oil futures dropped 0.74% to $42.92 by 11:58 PM ET (4:58 AM GMT) while WTI futures slid 0.81% to $40.22.

The Paris-based IEA raised its demand forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month.

The easing of lockdown measures in many countries caused a strong rebound to fuel deliveries in May, June, and likely also July, the IEA said.

The Journal, citing sources, said Saudi Arabia was leading a push within the organisation to increase production.

In simple words, the world is about to increase oil production, but demand is now projected to recover in a slower pace.

Still, more than 60,500 new COVID-19 cases were reported in the United States on Thursday, a daily record and the highest daily count for any country since the pathogen emerged in China past year.

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