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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA

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Oil slides as OPEC+ delays decision on output cuts

12/01/2020 | 04:56pm EST
FILE PHOTO: The sun sets behind a pump-jack outside Saint-Fiacre

NEW YORK (Reuters) - Oil prices extended losses to a second day on Tuesday after OPEC and its allies left markets in limbo by postponing a formal meeting to decide whether to lift output come January.

Brent crude ended the session down 46 cents, or 1%, at $47.42 a barrel, while U.S. West Texas Intermediate settled down 79 cents, or 1.7%, at $44.55.

Prices extended losses in post-settlement trade after industry data from the American Petroleum Institute showed U.S. crude inventories rose by 4.1 million barrels last week, compared with analysts' expectations in a Reuters poll for a draw of 2.4 million barrels.

The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, delayed talks on next year's output policy to Thursday from Tuesday, sources said.

OPEC+ had been expected to ease current production cuts of 7.7 million barrels per day (bpd) by 2 million bpd from January.

However, the group has been considering extending existing cuts of about 8% of global demand into the first months of 2021, a position backed by de facto OPEC leader Saudi Arabia, sources say. Russia, meanwhile, backs a gradual increase.

Additional supply would undermine a recent rally which saw prices soar about 27% in November, and some nations are concerned about lower prices as demand remains weak and COVID-19 infections soar.

"The group will probably find some face-saving compromise, with a short extension being the most likely outcome followed by a phased production return," said Helima Croft at Royal Bank of Canada.

"Nonetheless this latest fracas does not bode well for collective cohesion in 2021 as vaccine optimism abounds and producers anticipate a strong recovery," Croft added.

Both benchmarks rallied recently on hopes that COVID-19 vaccines would boost the global economy and fuel demand, aided by expectations that oil producers would keep a tight rein on output amid a new wave of the virus.

"The apparent glitches in the OPEC discussions that have forced a delay in the full OPEC+ zoom meetings until Thursday have stalled the upward oil price momentum that proved quite impressive last month," said Jim Ritterbusch, president of Ritterbusch and Associates.

A Reuters poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year.

Graphic: Brent and WTI price forecast for 2021 https://graphics.reuters.com/OIL-PRICES/azgvozdjopd/chart.png

(Additional reporting by Shadia Nasralla in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Jonathan Oatis)

By Devika Krishna Kumar


© Reuters 2020
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Sales 2021 45 560 M 36 070 M 36 070 M
Net income 2021 11 626 M 9 204 M 9 204 M
Net Debt 2021 - - -
P/E ratio 2021 12,6x
Yield 2021 4,00%
Capitalization 154 B 122 B 122 B
Capi. / Sales 2021 3,37x
Capi. / Sales 2022 3,23x
Nbr of Employees 83 842
Free-Float 88,3%
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Number of Analysts 16
Average target price 111,84 CAD
Last Close Price 108,07 CAD
Spread / Highest target 18,4%
Spread / Average Target 3,49%
Spread / Lowest Target -17,6%
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NameTitle
David Ian McKay President, Chief Executive Officer & Director
Kathleen Patricia Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Rod Bolger Chief Financial Officer
Foteini Agrafioti Chief Science Officer
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