OPEC

Source: CNBC

OPEC and allies’ oil production cut is Trump’s ‘biggest and most complex’ deal ever: Dan Yergin

CNBC


As the Organization of the Petroleum Exporting Countries and its allies came to an agreement on a record cut in oil production, U.S. President Donald Trump may have struck his “biggest and most complex deal,” according to oil expert …

Source: Reuters

OPEC+ deal saved ‘more than 2 million’ jobs in the US, says Russia’s sovereign wealth fund chief

Reuters


MOSCOW  – The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday.

Having been in a …

Mexico’s secret weapon in the oil price war

Mexico’s secret weapon in the oil price war

World Oil


LONDON (Bloomberg) –As Mexico and Saudi Arabia fight over a deal to bring the oil-price war to an end, Mexico has a powerful defense: a massive Wall Street hedge shielding it from low prices.

With talks well into …

Oil glut closes Middle East’s largest crude terminal

Oil glut closes Middle East’s largest crude terminal

World Oil


DUBAI (Bloomberg) – With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels.

Terminal operators at Fujairah in the …

Source: Reuters

Canada supports ‘concerted approach’ to end global oil glut: PM Trudeau

Reuters


OTTAWA  – Canadian Prime Minister Justin Trudeau on Friday said that efforts to ease the global oil glut should be done in a “concerted” way, without indicating whether the country would limit its own output.

“We recognize that this …

April 10, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Mexico says Trump agreed to help it meet global oil cut target

Reuters


MEXICO CITY – President Donald Trump has “generously” agreed to cut American oil output by an additional 250,000 barrels per day to help Mexico contribute to global reductions, his Mexican counterpart said on Friday.

During marathon talks on Thursday …

April 10, 2020 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Mexico, OPEC
These are the three big things to focus on from OPEC and the G-20 meetings over the next 48 hours

These are the three big things to focus on from OPEC and the G-20 meetings over the next 48 hours

CNBC


There are three big things to focus on from OPEC and the G-20 meetings over the next 48 hours: 1) total global output cut, 2) benchmark production levels for those cuts, and 3) the length of time of any

April 10, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Norway says it may cut oil output if OPEC+ deal implemented

Reuters


OSLO – Norway, Western Europe’s largest oil producer, signalled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.

Norway’s Minister of Petroleum and Energy Tina Bru is taking …

April 10, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

U.S. Energy Secretary tells G20 all nations should help reduce oil surplus

Reuters


WASHINGTON  – U.S. Energy Secretary Dan Brouillette on Friday described a dire situation in global energy markets, saying that the coronavirus pandemic and massive oil surplus have created a lethal combination.

“This is a time for all nations to …

Source: Reuters

Saudi, Russia seek to finalise oil cuts in G20 talks, want U.S. involved

Reuters


DUBAI/MOSCOW – Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies and will push the United States and other producers to remove …

Source: CNBC

Mexico throws OPEC’s historic oil production cut into doubt ahead of G-20 meeting

CNBC


Oil producer group OPEC and its allies failed to comprehensively secure a deal to take a historic amount of crude off the market on Thursday, after Mexico balked at the suggested production cuts.

An energy alliance of some of

April 10, 2020 - 9:08 am Closing Bell Story‎, Crude Oil News, Energy News, Mexico, OPEC
Source: CNBC

Oil drops 9%, giving back early double-digit gain as traders await OPEC cut details

CNBC


U.S. oil dropped more than 9% on Thursday, giving back an earlier gain of more than 12%, as the Street awaited details on production cuts from OPEC and its allies, known as OPEC+. An extraordinary meeting between the oil-producing …

April 9, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

An oil deal is still ‘tricky,’ prices could dip into the teens if it falls apart: Strategist

CNBC


Oil prices could fall under $20 a barrel if the world’s producers fail to reach an agreement on reducing output, one strategist told CNBC this week.

 

OPEC and its allies are set to meet via video conference on

April 9, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

These are the three big things to focus on from OPEC and the G-20 meetings over the next 48 hours

CNBC


There are three big things to focus on from OPEC and the G-20 meetings over the next 48 hours: 1) total global output cut, 2) benchmark production levels for those cuts, and 3) the length of time of any

April 9, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil prices rise on hopes OPEC+ will agree supply cuts

Reuters


LONDON- Oil prices rose on Thursday on expectations the world’s leading crude producers will at a meeting later in the day overcome obstacles that have so far prevented a deal to cut output in response to a collapse in …

Source: Reuters

Oil tanker freight rates fall ahead of OPEC+ meeting

Reuters


SINGAPORE – Supertanker freight rates have fallen after last week’s highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said.

Freight rates could drop further if the …

April 8, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

World’s biggest oil producers still at odds before talks on major cuts

Reuters


DUBAI/LONDON (Reuters) – The world’s top oil producers Saudi Arabia, Russia and the United States still seemed at odds on Wednesday before this week’s meetings on potentially big output cuts to shore up crude prices that have been hammered …

Source: CNBC

A historic production cut from global oil powers this week ‘won’t necessarily help all that much’

CNBC


Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy analysts split over the prospect of non-allied partners, including the U.S., signing up to a deal immediately thereafter.

An …

Source: Reuters

Big OPEC+ oil output cuts depend on U.S., others joining: sources

Reuters


LONDON/MOSCOW – Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices …

ICAEW: COVID-19 pandemic brings Middle East economies to temporary standstill

ICAEW: COVID-19 pandemic brings Middle East economies to temporary standstill

Oil & Gas


Oil & Gas 360 Publishers Note: Carla Sertin provides and excellent summary of the Middle East economy which will have budgetary deficits. Good background on why OPEC + should continue talks, and/or President Trump should act sooner

Kuwait backs Saudi call for talks on cutting oil output

Kuwait backs Saudi call for talks on cutting oil output

Reuters

DUBAI, April 5 (Reuters) - Kuwait supports Saudi Arabia’s call to renew talks on cutting oil supply due later this week and hopes for a successful outcome to stabilize the oil market, Kuwait’s oil minister said on Sunday.

OPEC

April 5, 2020 - 8:54 pm Crude Oil News, Economy, Energy News, International, OPEC
Source: Reuters

Trump renews tariff threat on growing Saudi-Russian divide

World Oil


WASHINGTON (Bloomberg) – President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum.…

Norway says it may follow OPEC+ lead on production cuts

Norway says it may follow OPEC+ lead on production cuts

World Oil


OSLO (Bloomberg) –Norway, the biggest oil producer in western Europe, said it would consider cutting its output if there was a broad international agreement to curb supply.

The Nordic nation, whose oil output is set to grow over …

April 5, 2020 - 12:29 pm Crude Oil News, Energy News, International, OPEC
Source: CNBC

Oil jumps as much as 12% a day after its best day on record as traders expect big production cuts

CNBC


Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly

Source: Reuters

Deep oil output cuts won’t offset unprecedented demand loss: IEA

Reuters


LONDON  – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to …

Source: CNBC

Brent crude could still drop to $10 a barrel and stay there in Q2: IHS Markit

CNBC


Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a …

Source: Reuters

OPEC+ debates biggest-ever oil cut as virus destroys demand

Reuters


DUBAI/LONDON/MOSCOW  – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market …

April 3, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and