Oil is poised for its biggest weekly advance since early June after Saudi Arabia piled pressure on fellow OPEC+ nations to deliver on promised output cuts.
Futures in New York are up about 10% this week, despite bearish calls on the outlook from industry heavyweights such as BP Plc and Trafigura Group to the International Energy Agency. Saudi Arabia showed its determination to protect the recovery at an OPEC+ committee meeting on Thursday, lambasting members that have cheated on production quotas.
“All in all, the strong reiteration of OPEC+’s commitment with its planned supply cuts is welcome news to the bulls in the market,” said Harry Tchilinguirian, head of commodities strategy at BNP Paribas SA.
PREVIOUSLY: Oil jumps with Saudi Arabia lambasting OPEC+ laggards
Oil has clawed its way back above $40 a barrel this week, buoyed by a weaker dollar and a surprise decline in U.S. crude inventories. The market is still contending with an uneven recovery in consumption, with OPEC+ seeing a risk to demand from a second wave of the coronavirus, urging members to be proactive and ready to take further action.
Saudi Energy Minister Prince Abdulaziz bin Salman opened Thursday’s meeting with a forceful condemnation of members that try and get away with pumping too much crude.
This week, the IEA said the United Arab Emirates almost entirely disregarded its commitment to quotas last month, while tanker tracking data show Iraq is exporting more crude so far in September than it shipped in August, a sign it’s falling behind in its compliance efforts.
Saudi Arabia also warned short sellers not to challenge its resolve and dropped clear hints that there could be a change of direction in production policy before OPEC+’s next ministerial meeting in December.
©2020 Bloomberg L.P.
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Oil set for best week since June with Saudis defending recovery - Houston Chronicle
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