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  • OPEC ready to adjust oil output increases -Barkindo

    From reuters.com

    OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the next months depending on market conditions, OPEC Secretary General Mohammad Barkindo said on Sunday. Barkindo was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC. OPEC+ will meet on Monday to decide output policies for February. In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd rise but some members have questioned the need for a further increase ... (full story)

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  • Post #1
  • Quote
  • Jan 3, 2021 12:50pm Jan 3, 2021 12:50pm
  •  Guest
  • | IP XXX.X.1.225
I think there is optimism.
  • Post #2
  • Quote
  • Jan 3, 2021 1:01pm Jan 3, 2021 1:01pm
  •  creativereza
  • | Joined Apr 2019 | Status: Member | 2 Comments | Online Now
Will oil market open with a bullish gap?
  • Post #3
  • Quote
  • Jan 3, 2021 1:46pm Jan 3, 2021 1:46pm
  •  dele5000
  • | Joined Mar 2018 | Status: Member | 5 Comments
Quoting creativereza
Disliked
Will oil market open with a bullish gap?
Ignored
It should be down, increase in supply will lead to fall in price
  • Post #4
  • Quote
  • Jan 3, 2021 2:17pm Jan 3, 2021 2:17pm
  •  asmadi78
  • Joined Oct 2012 | Status: Member | 760 Comments
Sell off WTI!!
  • Post #5
  • Quote
  • Jan 3, 2021 2:30pm Jan 3, 2021 2:30pm
  •  KareemAliFx
  • Joined Oct 2019 | Status: Member | 20 Comments
Quoting dele5000
Disliked
{quote} It should be down, increase in supply will lead to fall in price
Ignored
Actually increasing oil production is bullish.
  • Post #6
  • Quote
  • Jan 3, 2021 2:53pm Jan 3, 2021 2:53pm
  •  herewardwake
  • | Joined Mar 2020 | Status: Member | 189 Comments | Invisible
"OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January."

"In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise..."

“Given fundamentals are weakening, it would be prudent for OPEC+ to hold output steady and there is a preference among some of the biggest producers to hold production flat,”

Based on the article, supply will be gradually increased. I assume there is an effort for supply to meet demand to avoid surplus. There is always the f*uckery of politics and attempts to fend off competition. So, we will see.
  • Post #7
  • Quote
  • Jan 3, 2021 3:42pm Jan 3, 2021 3:42pm
  •  Tony112
  • Joined Apr 2008 | Status: sometimes... news come unexpected | 2,376 Comments
Oil down
  • Post #8
  • Quote
  • Jan 3, 2021 3:44pm Jan 3, 2021 3:44pm
  •  ww3361
  • | Joined Jun 2012 | Status: Member | 268 Comments
Quoting herewardwake
Disliked
"OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January." "In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise..." “Given fundamentals are weakening, it would be prudent for OPEC+ to hold output steady and there is a preference among some of the biggest producers to hold production flat,” Based on the article, supply will be gradually increased. I assume there is an effort for supply to meet demand...
Ignored
Going off of what you've quoted:

Expectation was for increased production. News is: that MIGHT no longer be the case. That means a CHANCE of less oil supply than expected. That means, if anything, oil should open strongly and be bullish.

However..... experience tells me this will either have zero impact or any immediate impact will be quickly faded.
  • Post #9
  • Quote
  • Jan 3, 2021 5:04pm Jan 3, 2021 5:04pm
  •  fxx360
  • | Joined Dec 2011 | Status: Member | 784 Comments
Greed will eventually failed. Above $40 cannot be justified for too long.
  • Post #10
  • Quote
  • Jan 3, 2021 11:17pm Jan 3, 2021 11:17pm
  •  Guest
  • | IP XX.XXX.198.93
Buy on dip Usoil .
  • Post #11
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  • Jan 4, 2021 9:26am Jan 4, 2021 9:26am
  •  Rocket719
  • | Joined Aug 2019 | Status: Member | 26 Comments
Best Thing to do as COVID-19 is still on the horizon at least for short term with COVID VARIANT MUTATION
  •  Guest
  • | IP X.XXX.29.122
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  • Story Stats
  • Posted: Jan 3, 2021 11:52am
  • Submitted by:
     Newsstand
    Category: Low Impact Breaking News
    Comments: 11  /  Views: 2,198
  • Linked event:
    All OPEC-JMMC Meetings
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