OPEC+ to discuss weakening oil demand outlook

OPEC+ to discuss weakening oil demand outlook
Members of the OPEC+ group posing for a picture following the meeting in the Saudi city of Jeddah on May 19, 2019. (File/AFP)
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Updated 19 October 2020

OPEC+ to discuss weakening oil demand outlook

OPEC+ to discuss weakening oil demand outlook
  • The OPEC+ joint ministerial monitoring committee comprises of top producers Saudi Arabia and Russia
  • Members have been reducing output since January 2017 in an effort to balance the market, support prices and reduce inventories

LONDON: Oil producer group OPEC+ will meet on Monday to discuss the weakening demand outlook in the face of rising coronavirus infections as well as increased output from Libya but is unlikely to recommend immediate action, OPEC+ sources said.
An OPEC+ joint ministerial monitoring committee, comprising top producers Saudi Arabia and Russia, is scheduled to meet from 1330 GMT.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, have been reducing output since January 2017 in an effort to balance the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels per day (bpd), down from 9.7 million bpd, and are due to taper cuts by 2 million bpd in January.
Several OPEC watchers, including analysts from US investment bank J.P. Morgan, have suggested that a bearish demand outlook could prompt OPEC+ to delay any easing of the reductions. The United Arab Emirates and Russia, however, have said that cuts would be eased as planned.
The group will meet again on Nov. 30.
OPEC+ experts last week discussed risks of a persisting supply overhang in 2021 in the event of a prolonged and severe second wave of the COVID-19 pandemic.
“Demand itself is still looking anaemic,” OPEC Secretary General Mohammad Barkindo said last week.


Israel expects $220 million in non-defense trade with Bahrain in 2021

Updated 02 December 2020

Israel expects $220 million in non-defense trade with Bahrain in 2021

Israel expects $220 million in non-defense trade with Bahrain in 2021
  • The Economy Ministry trade forecast anticipated growth in Israeli exports to Bahrain of diamonds and refined metals for chemicals
  • It also anticipated growth in imports of oil and aluminium from Bahrain

JERUSALEM: Israel foresees $220 million in non-defense trade with Bahrain in 2021, the Economy Ministry said on Wednesday as it hosted a delegation from the Gulf state to cement newly established ties.
Bahrain and neighbor the United Arab Emirates normalized relations with Israel on Sept. 15, a US-brokered pact motivated by business prospects as well as shared worries about Iran.
Meeting Israeli Prime Minister Benjamin Netanyahu in Jerusalem, Bahrain’s minister for industry, commerce and tourism, Zayed bin Rashid Al-Zayani, said he saw an “immense opportunity to even develop (ties) further, not just in terms of business — in terms of culture, sport, exchange, tourism.”
The Economy Ministry trade forecast anticipated growth in Israeli exports to Bahrain of diamonds and refined metals for chemicals, and of imports of oil and aluminium from Bahrain.