He pointed out that "OPEC +" confirms in every meeting the ability of the alliance to maintain unity and cohesion and work to achieve a balance between supply and demand in the markets in light of the escalating pace of the Coronavirus crisis, pointing to the conviction of the market and all industry parties of the ability of the "OPEC +" alliance to achieve Intervening decisively in times of crisis in the interest of supporting market stability and the prosperity of the industry despite all challenges.
Moahi Kwassi, managing director of the international "Aggracraft" company, points out that the survival of "OPEC +" as a united front to combat the negative impact of the epidemic on demand is a very important achievement and will be the main engine towards the full recovery of crude oil markets, which many hope will take place this year.
She noted that many are optimistic about the acceleration of withdrawals from surplus US oil stocks, referring to data issued by Standard & Poor's that suggest a decline in stocks by 1.7 million barrels to about 484.9 million barrels, which is expected to be confirmed by the American Petroleum Institute data this week.
On the other hand, and concerning prices, crude oil prices rose about 1 percent yesterday, supported by optimism surrounding the fiscal stimulus plans in the United States and concern about supplies, but concerns about demand raised by a new wave of general isolation measures to contain the Coronavirus restricted the gains.
Brent crude futures, the world benchmark, ended the trading session up 47 cents, or 0.9 percent, to settle at $ 55.88 a barrel, while US benchmark West Texas Intermediate crude futures closed 50 cents, or 1 percent, higher at $ 52.77 a barrel.
Petro Logistics, which specializes in tracking oil tankers, said on Monday that the compliance of the Organization of the Petroleum Exporting Countries (OPEC) and its allies with production cuts in January averaged 85 percent.
The data suggests that the group, known as "OPEC +", has improved its adherence to supply curbs it has pledged. On the other hand, European countries imposed tight restrictions to stop the spread of the Coronavirus, while China announced an increase in new infections with the virus, which cast doubts on the outlook for demand in the largest energy consumer in the world.
Barclays Bank raised its oil price forecast for 2021 but said that the increase in HIV infections in China may contribute to price declines in the short term.
Besides, the OPEC crude basket rose, and its price reached 54.85 dollars a barrel yesterday, compared to 54.69 dollars a barrel the previous day.
The daily report of the Organization of Petroleum Exporting Countries (OPEC) said yesterday that the price of the basket, which includes average prices of 13 crudes produced by OPEC member states, achieved the first increase after several previous declines, and that the basket gained about one dollar compared to the same day last week, in which it recorded 53.92 dollars per barrel.