Oil prices decline as OPEC+ is yet to agree on Feb output

  • Date: 05-Jan-2021
  • Source: Gulf Today
  • Sector:Oil & Gas
  • Country:Gulf
  • Who else needs to know?

Oil prices decline as OPEC+ is yet to agree on Feb output

Picture used for illustrative purpose. File



Gulf Today Report 

Oil fell on Tuesday as OPEC+ are yet to decide on February output and investors are worried about fuel demand due to new COVID-19 lockdowns.

Brent crude futures for March fell 12 cents, or 0.2%, to $50.97 a barrel while US West Texas Intermediate crude for February was at $47.56 a barrel, down 6 cents, or 0.1%. 

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Major producers have been unable to agree on oil output. Saudi Arabia is against pumping more due to new lockdowns. On the other hand, Russia is for higher production, citing recovery demand.

OPEC+ will reconvene on Tuesday.

"OPEC+ drama is, of course, steering the latest oil price downgrade, but the heavier hand is likely the still unknown impact