Coronavirus company news summary – OPEC+ urges better output cut compliance – Russian oil exports to remain stable in Q4

18 September 2020 (Last Updated September 18th, 2020 10:02)

18 September

OPEC+, which includes the oil cartel members and other key producers, urged better compliance with oil output cuts. The group warned that rising Covid-19 cases in some countries may further dampen crude demand, reported Reuters. Previously, OPEC+ agreed to trim output by 7.7 million barrels per day (bpd) to revive oil prices.

Russian oil exports are expected to remain stable in the last three month period of this year on a quarter-on-quarter basis amid Covid-19 pandemic. In 2020 Q4, the exports will amount to around 62.4 million tonnes, Reuters reported citing loading schedule. In the third quarter of this year, the figure was 62.8 million tonnes.

According to a PTI report, India’s petrol demand may have touched pre-Covid-19 levels following an increase in sales in the first half of this month. In the first 15 days of September, petrol sales jumped 2.2% on a year-on-year basis. The figure also represents a 7% increase over the previous month. However, diesel sales in the country continue to drag with demand falling 6% year-on-year.