{"id":216636,"date":"2021-04-01T18:45:00","date_gmt":"2021-04-01T15:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-pares-gains-on-reports-opec-has-a-plan-to-gradually-lift-production\/"},"modified":"2021-04-01T18:45:00","modified_gmt":"2021-04-01T15:45:00","slug":"oil-pares-gains-on-reports-opec-has-a-plan-to-gradually-lift-production","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-pares-gains-on-reports-opec-has-a-plan-to-gradually-lift-production\/","title":{"rendered":"#\n  Oil pares gains on reports OPEC+ has a plan to gradually lift production"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4ec7a230eb8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4ec7a230eb8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-pares-gains-on-reports-opec-has-a-plan-to-gradually-lift-production\/#Myra_P_Saefong_and\" >Myra P. Saefong and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-pares-gains-on-reports-opec-has-a-plan-to-gradually-lift-production\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil pares gains on reports OPEC+ has a plan to gradually lift production<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000217856\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Oil futures gave up much of their earlier gains on Thursday on reports that the Organization of the Petroleum Exporting Countries and its allies have come up with a plan to gradually lift production starting in May.<\/p>\n<p> The group of producers, together known as OPEC+ have reached a preliminary agreement to gradually ease production cuts from May, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSS8N2L20EE\" class=\"icon none\">Reuters reported, citing two OPEC+ sources<\/a>. The producers were holding a meeting Thursday and remain in closed-door discussions. <\/p>\n<div class=\"paywall\">\n       Reuters said two sources had earlier told the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> agency that OPEC+ was considering raising production by 350,000 barrels per day in May, 350,000 barrels per day in June and 400,000 barrels per day in July.<\/p>\n<p>West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude for May delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.00%<\/bg-quote><\/p>\n<p>        CLK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724703\/delayed\" class=\"positive\">+1.00%<\/bg-quote><br \/>\n       was up 45 cents, or 0.8%, to $59.61 a barrel on the New York Mercantile Exchange after trading as high as $60.84. June Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.69%<\/bg-quote><\/p>\n<p>        BRNM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705363\/delayed\" class=\"positive\">+0.69%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was up 30 cents, or 0.5%, at $63.04 a barrel on ICE Futures Europe, after earlier topping $64.<\/p>\n<p>Both crude benchmarks ended Wednesday with a monthly loss of close to 4%.<\/p>\n<p>As OPEC+ went into this meeting, \u201cthe physical oil market is well supplied,\u201d said Ann-Louise Hittle, vice president Macro Oils, at\u00a0Wood\u00a0Mackenzie, ahead of the latest news on the meeting. \u201cHowever, that will shift over this quarter when we expect total demand to outpace supply.\u201d <\/p>\n<p>\u201cA decision to keep OPEC+ output mostly unchanged for May from April would accelerate the rebalancing and risks overshooting, leaving the market at risk of price volatility,\u201d she said in emailed commentary. \u201cA sharp rise in prices from current levels in the low $60s per barrel would increase the risk of dampening both the global economic recovery and the revival in demand now under way.\u201d<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6404.htm\" class=\"icon none\">In opening remarks at the OPEC+ meeting Thursday<\/a>, Saudi energy minister Prince Abdulaziz bin Salman said that \u201cthe reality remains that the global picture is far from even, and the recovery is far from complete.\u201d<\/p>\n<p>\u201cOn the supply side, we have continued to play our part,\u201d he said. \u201cCompliance with the levels we agreed has \u2014 once again \u2014 been impressive,\u201d with new aggregate levels set at 113%. But \u201cwe have to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach the coming weeks with the same admirable commitment.\u201d<\/p>\n<p> \u201cUntil evidence of the recovery is undeniable, we should maintain this cautious stance,\u201d Prince Abdulaziz said. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>In a note Thursday, Fawad Razaqzada, analyst at ThinkMarkets, had referred to the potential for a production increase as merely an \u201coutside chance\u201d \u2014 one that \u201cwould come as a surprise to the market and would likely trigger selling even if the increase is small.\u201d <\/p>\n<p>U.S. Energy Secretary Jennifer Granholm late Wednesday tweeted that she had talked with Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud and had \u201creaffirmed the importance of international cooperation to ensure affordable and reliable sources of energy for consumers.\u201d<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SecGranholm\/status\/1377448452003672067\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/p><\/div>\n<p>       Petroleum-product futures tracked moves in oil prices Thursday. May gasoline<br \/>\n        RBK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287225\/delayed\" class=\"positive\">+1.10%<\/bg-quote><br \/>\n       tacked on 0.8% to $1.98 a gallon and May heating oil<br \/>\n        HOK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210063758\/delayed\" class=\"positive\">+1.22%<\/bg-quote><br \/>\n       added 0.9% to $1.79 a gallon. <\/p>\n<p>May natural gas<br \/>\n        NGK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190558\/delayed\" class=\"positive\">+1.34%<\/bg-quote><br \/>\n       rose 1.3% to $2.64 per million British thermal units. <\/p>\n<p>The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 14 billion cubic feet for the week ended March 26. That compares with an average increase of 19 billion cubic feet forecast by analysts polled by S&amp;P Global Platts. The data also included upward revisions to the previous week\u2019s stocks in the South Central region.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong_and\"><\/span>Myra P. Saefong and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D35300D16F6C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Oil pares gains on reports OPEC+ has a plan to gradually lift production &#8221; Oil futures gave up much of their earlier gains on Thursday on reports that the Organization of the Petroleum Exporting Countries and its allies have come up with a plan to gradually lift production starting in May. The group of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":89248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-216636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/216636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=216636"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/216636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/89248"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=216636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=216636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=216636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}