{"id":25320,"date":"2021-03-19T12:22:17","date_gmt":"2021-03-19T11:22:17","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=25320"},"modified":"2021-03-19T12:23:00","modified_gmt":"2021-03-19T11:23:00","slug":"eia-opec-cuts-to-lift-oil-prices-through-april","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/19\/eia-opec-cuts-to-lift-oil-prices-through-april\/","title":{"rendered":"EIA: OPEC+ Cuts To Lift Oil Prices Through April"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25320\" class=\"elementor elementor-25320\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">EIA: OPEC+ Cuts To Lift Oil Prices Through April<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>19\/03\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>Oil prices will likely remain at the current high levels in March and April, with Brent Crude prices averaging between $65 and $70 per barrel, after the OPEC+ group unexpectedly decided to maintain their production cuts into April, the U.S. Energy Information Administration (EIA)\u00a0<a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=47176\">said<\/a>\u00a0on Wednesday.<\/p><p>In its Short-Term Energy Outlook (STEO) for March, the EIA\u00a0<a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/\">expects<\/a>\u00a0Brent prices to average $65 to $70 per barrel in March and April, more than $10 a barrel above the forecast from February, primarily due to OPEC+ keeping a tight rein on production in April.<\/p><p>Earlier this month, the OPEC+ alliance\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Oil-Prices\/Oil-Soars-As-OPEC-Sources-Suggest-No-Production-Increase.html\">decided not to raise production<\/a>\u00a0from April, except for small increases for Russia and Kazakhstan, while top OPEC producer and de facto leader, Saudi Arabia, is keeping its extra 1 million bpd cut into April. This was contrary to market expectations which had revolved around the group easing the cuts by 500,000 bpd and the Saudis reversing the additional cut.<\/p><div class=\"video_location\">\u00a0<\/div><p>For the second quarter of 2021, the EIA sees Brent prices averaging $64 per barrel and then averaging $58 a barrel in the second half of 2021, as it expects downward price pressures will emerge in the coming months as the oil market becomes more balanced.<\/p><p>Wood Mackenzie\u00a0<a href=\"https:\/\/www.woodmac.com\/press-releases\/opec_surprises_oil_market\/\">expects<\/a>\u00a0oil prices to rise toward $70-$75 per barrel during April, with the stock draw significantly more than 1 million bpd next month, as the summer demand season looms.<\/p><p>\u201cThe risk is these higher prices will dampen the tentative global recovery. But the Saudi Energy Minister, Prince Abdulaziz, is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production,\u201d Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said after the OPEC+ meeting earlier this month.<\/p><p>Following the surprise OPEC+ decision to keep oil production flat in April, Goldman Sachs now sees\u00a0<a href=\"https:\/\/www.reuters.com\/article\/global-oil-research-goldman\/goldman-hikes-brent-forecast-says-shale-discipline-behind-opec-strategy-idUSL3N2L31PX?rpc=401&amp;\">Brent prices hitting $80<\/a>\u00a0a barrel in the third quarter this year and $75 in the second quarter, up by $5 compared to the previous forecast issued just two weeks prior.<\/p><p>Source: <a href=\"https:\/\/oilprice.com\/\">OilPrice.com<\/a><\/p><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column 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class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil prices will likely remain at the current high levels in March and April, with Brent Crude prices averaging between $65 and $70 per barrel, after the OPEC+ group unexpectedly decided to maintain their production cuts into April, the U.S. Energy Information Administration (EIA)\u00a0said\u00a0on Wednesday. In its Short-Term Energy Outlook (STEO) for March, the EIA\u00a0expects\u00a0Brent [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":25321,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"EIA: OPEC+ Cuts To Lift Oil Prices Through April | StocExpo ","_seopress_titles_desc":"EIA: OPEC+ Cuts To Lift Oil Prices Through April. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-25320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/25320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=25320"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/25320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/25321"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=25320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=25320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=25320"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=25320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}