Opec, allies get scant relief from vaccine

SourceEmirates Business
SectorOil & Gas
CountryGCC

BloombergOil markets may be cheering the prospects of a coronavirus vaccine, but Opec+ can’t celebrate. Crude prices have rallied to a 10-week high on hopes that Pfizer Inc. and BioNTech SE’s breakthrough could soon revive the flights, car journeys and other economic activity that underpin fuel consumption. Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing a delay of the supply boost they’d hoped to make in January.

Oil demand is currently suffering a fresh blow from a resurgence of the pandemic. Ministers are focused on a postponement of three to six months, according to delegates familiar with the talks who asked not to be identified. They’ll hold an interim meeting on Tuesday to review the market, then make a final decision in a further two ...read more...