5 million barrels last week, shrinking much more than the 2.S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks.Data from the Energy Information Administration showed U.1 million-barrel drop expected by analysts in a Reuters poll.end-ofTags: oil prices, opec, russia, oil supply, crude stocks, oil demand, tokyo, rystad energy, coronavirus, energy information administrationLocation: Japan, Tokyo-to, Tokyo.3%, at $43.OPEC+ has been cutting output since May by 9.S.7 million barrels per day, or 10% of global supply, but from August, cuts will officially taper to 7.Brent crude LCOc1 fell 13 cents, or 0.Elsewhere, International Energy Agency Executive Director Fatih Birol said on Wednesday that global oil markets are slowly rebalancing after the shocks seen during the coronavirus lockdown, with prices expected at about $40/barrel in the coming months.4%, to $41.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic. West Texas Intermediate (WTI) crude CLc1 dropped 18 cents OPEC+ agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic Representative Image. That’s because countries in the grouping which over-produced earlier this year would compensate by making extra August-September cuts, the minister said.3 million bpd,foam wall panel barrel screws Factory more than the headline number.S. (AFP)TOKYO: Oil prices slide on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. crude inventories fell 7.66 a barrel by 0015 GMT, and U.1 million-8.S.Still, oil prices are expected to remain static as an increase in crude processed by refineries is likely to offset higher supply volumes, Rystad Energy said in a note.  
They rose 2% the previous day, helped by the U. crude provided some support,” Kazuhiko Saito, chief analyst at Fujitomi Co said.“We find that prices will have to stay where they are for the rest of 2020 as any uptick will hurt already struggling refining margins and negatively impact the most-needed recovery in refinery runs,” it said.02 a barrel.7 million bpd until December. crude inventories drop.“Some investors took profits after the OPEC+ decision, but a big draw in U.Despite the official OPEC+ accord, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.