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Russia Complies 100% With OPEC+ Production Cut Quota – OilPrice.com

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Russia Complies 100% With OPEC+ Production Cut Quota | OilPrice.com

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Russia is complying 100% with the OPEC+ production cut quota, according to Alexander Novak, who spoke to Rossiya-24 television on Wednesday, Russian news agency Tass reported.

“We are at a high level. In July, we fulfilled 97% of our level. This is a high figure for us. We have attained 100% in August. As of today, we are fulfilling 100% of the obligations we assumed in August,” Novak claimed.

Novak also claimed that the oil market is close to balancing itself. Meanwhile, Saudi Arabia’s energy minister Prince Abdulaziz said that global oil demand would recover by the end of the year.

According to Novak, OPEC+ has “practically reached the results” that it set out to reach in balancing the market, with oil demand recovering to 90% of the pre-covid-19 level.

The balancing was, in part, attributed to supply being a million barrels per day lower than demand, Novak said.

While Novak’s words were positive for the market, he went further to say that OPEC+ could relax its cuts earlier than planned if things start to look better—particularly if there turns out to be no second wave of the coronavirus.

“We will have every opportunity to make decisions, namely if the market will be overheating, we will have the opportunity to reduce quotas faster,” Novak added.

Even though the market is surely eyeing a quicker rebalancing as a favorable scenario, it may very well view Novak’s comments about relaxing the group’s production cuts sooner than anticipated as bearish.

Oil prices have remained rangebound over the past month or so despite the stellar performance of OPEC+ because oil demand has not yet snapped back to pre-covid 19 levels. Without that resurgence of demand that remains stymied due to the coronavirus, the market will continue to eye any OPEC+ pullback with a healthy dose of skepticism.

Julianne Geiger for Oilprice.com

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Three Foothills units placed under 'outbreak watch' as Alberta reports 153 new COVID-19 cases – Calgary Herald

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“A unit can be on watch without having any active patient or staff cases.”

AHS added that patients, families, staff and physicians are all notified when a unit is placed under watch.

The outbreaks at Foothills continued to grow Friday. One more patient tested positive for COVID-19, while five more hospital staff were infected. In total, positive cases in 17 patients and 18 health-care workers have been linked to the outbreaks.

More than a dozen more workers at Foothills have also been instructed to isolate, for a total of 136 staff members currently in quarantine. More than 300 staff have been tested for the novel coronavirus since the start of the outbreaks.

No new deaths at Foothills were reported Friday. Three patients have died due to the outbreaks.

AHS said all patients and almost all health-care workers linked to the outbreaks have been identified, with testing underway.

Though the Foothills outbreak continues to expand, Alberta reported Friday that a much smaller outbreak at another Calgary hospital has been declared over. An outbreak at the Peter Lougheed Centre resulted in infections of three people, all of whom have recovered.

153 new COVID-19 cases

Alberta reported 153 new cases of the coronavirus Friday, bringing the province’s total case count since March to 17,343.

The new cases came from 14,211 tests, about a 1.1 per cent positive rate. There are now 1,497 active COVID-19 cases in Alberta, an increase from Thursday. More than half of those cases (773) are in the AHS Edmonton zone.

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Alberta reports more than 100 COVID-19 cases for 16th straight day – CTV Edmonton

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EDMONTON —
Alberta reported 153 cases of COVID-19 Friday as active infections increased to 1,497.

The province has added more than 100 cases every day since Sept. 9, when it reported 98 new cases.

Fifty-six Albertans are being treated for the coronavirus in hospital, including the 14 patients who are in intensive care.

Alberta did not report new deaths Friday, keeping the total at 261.

The Edmonton zone continues to have more than half of Alberta’s count with 786 confirmed cases, while the Calgary zone has 518.

Alberta has reported 17,343 cases of COVID-19 to date.

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Alberta reports 153 new cases of COVID-19, no new deaths – CBC.ca

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Alberta reported 153 new cases of COVID-19 Friday bringing the number of active cases in the province to 1,497, up 35 from the day before.

A total of 56 people were being treated in Alberta hospitals for the illness, including 14 in intensive care.

No deaths were recorded leaving the number at 261.

Three more outbreaks at schools — Calgary’s Clarence Sansom and Glenmeadows schools and Elsie Yanik Catholic School in Fort McMurray — have been reported, bringing the number of schools with outbreaks to 35.

Outbreaks are declared when a school has two or more cases.

Five schools, with five or more cases, are on a provincial ‘watch’ list. Four of those schools are in Edmonton, with Centre High the most recent addition.

The regional breakdown of active cases was:

  • Edmonton zone: 786 up 13 from the day before.
  • Calgary zone: 518 up 23 from the day before.
  • North zone: 129 down one from the day before.
  • South zone: 41, up one from the day before.
  • Central zone: 16, down three from the day before.
  • Unknown: seven, up two from the day before.

To date 968,031 Albertans have been tested for the coronavirus. So far 15,585 have recovered from the disease.

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