• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Oil bounces back after OPEC+ reaffirms supply return as demand wavers

September 2, 20217:50 AM Reuters0 Comments

Pumpjack at sunset

Oil prices climbed on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline.

U.S. West Texas Intermediate (WTI) crude was up $1.20, or 1.76% at $69.44. 

CL1! chart by TradingView
Brent crude was up $1.12 cents, or 1.57%, at $72.38 a barrel, after dropping 4 cents on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, together known as OPEC+, agreed on Wednesday to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) each month to the market.

However, OPEC+ raised its demand forecast for 2022 while also facing pressure to accelerate production increases from the Biden administration, which said it was “glad” the group had reaffirmed its commitment to raising supply.

“What is not so certain… is whether demand will be able to grow as quickly as OPEC+ and the market predicts, given the risk of new lockdowns to fight the unresolved Covid-mutant spread,” Rystad Energy’s head of oil markets, Bjornar Tonhaugen, said in a note.

In the U.S., oil refineries in Louisiana may take weeks to restart after Hurricane Ida swept through the region, with operators facing power and water shortages, which is likely to crimp demand for oil.

Energy companies were scrambling to restart platforms and pipelines in the Gulf, with about 1.4 million bpd of oil production still offline, the U.S. offshore regulator said.

U.S. crude inventories dropped by 7.2 million barrels and petroleum products supplied by refiners rose to a record despite the increase in coronavirus infections across the country, the Energy Information Administration said on Wednesday.

“Stocks seem likely to rise in the weeks ahead as reports suggest that refinery activity will take longer to restart than crude production in the aftermath of Hurricane Ida,” said Kieran Clancy, commodities economist at Capital Economics.

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Venture Global cashes in on exports from Plaquemines LNG plant, SEC filing shows
  • Journey Energy Inc. Provides Encouraging Results from Its First Three 2025 Duvernay Wells
  • US proposes rules that could boost oil, gas output in US West
  • Ontario Premier Doug Ford pitches railway to Ring of Fire, Alberta is on board
  • Alberta to hold nuclear power consultations as reactor companies weigh opportunities

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.