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HuaweiIn a monthly report on Friday, the Opec trimmed its projection for growth in global demand this year to 1.10 million barrels per day, down 30,000 bpd, citing weaker-than-expected US demand.
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The International Energy Agency (IEA) said in its monthly report that risks to oil production in several regions remained acute.
The International Energy Agency (IEA) said in its monthly report that risks to oil production in several regions remained acute.
Some 40 billion pounds ($5.59 billion) worth of savings were made by curbing planned spending on energy subsidies to 100.3 billion pounds in the next fiscal year, Finance Minister Hany Kadry Dimian told a news conference.
The Opec is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday.
Investors will be watching a range of data, from German and Japanese consumer prices to first-quarter US GDP, to see how the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan respond.
The Organisation for Petroleum Exporting Countries (Opec), whose dozen member nations together supply about one third of the world’s crude, is widely predicted by experts to keep its daily output ceiling at 30 million barrels of oil.
The tender would remain open until the first week of June
Saudi Arabia, the only oil producer which can significantly alter output in response to changing demand, has in the past two years played the leading role in cushioning against supply disruptions from Libya, Nigeria, Iraq and South Sudan.