Oil Price This week’s decision from OPEC+ to cut the alliance’s collective oil production target by 2 million barrels per day (bpd) isn’t helping the already uncertain outlook of oil supply and oil trade flows, refiners and traders tell Bloomberg. Earlier this week, OPEC+ announced the biggest cut to its collective target since 2020, slashing the production target by 2 million bpd.
CNBC The International Monetary Fund revised its growth forecasts for the Middle East and North Africa downward again amid an “unusually high level of uncertainty,” according to its latest regional economic report. It now expects MENA economies to contract 5.7% in 2020. In April, it predicted that the region would shrink 3.3% for the year. “The unusually high level of uncertainty regarding the length of
CNBC Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, which sent oil prices into free fall. “I think it was a very big mistake,” Saad al-Kaabi told CNBC’s Hadley
CNBC The widow-making collapse in oil prices came to a pause in Asia trade on Thursday, but analysts aren’t convinced that the worst sell-off in oil market history is over yet. “We think that this is the inflection phase,” Goldman Sachs oil analyst Damien Courvalin told CNBC’s “Squawk Box Asia.” “Even though demand may not recover quickly, the production shut-ins
Reuters LONDON (Reuters) – Oil prices fell more on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya’s crude production to a trickle. Brent crude LCOc1 was down 37 cents at $64.83 a barrel by 1450 GMT, having hit a session low of $64.06. U.S. West Texas Intermediate crude CLc1 was down
Reuters Saudi Arabia and Russia led a deal on Friday in which OPEC and its allies committed to deeper oil output cuts in the first quarter of 2020 aiming to avert oversupply and support prices. The group of more than 20 producers agreed to cut an extra 500,000 barrels per day (bpd) to take their target to 1.7 million bpd,
From Reuters The rise in new suppliers of oil and gas has reduced the ability of Iran to influence global oil markets, U.S. Energy Secretary Rick Perry said on Monday. The price of crude LCOc1 jumped on Monday following Iran’s seizure on Friday of a British-flagged oil tanker in the Strait of Hormuz, but had pared initial, steep gains by
U.S. crude oil stocks at this point in 2017 have dropped below the record highs of 2016. But inventories are still high. So in the face of predicted increasing oil production from shale in 2017, rebalancing inventories will be difficult, if it is even possible. However, a rebalance is still plausible according to an RBC Capital Markets report that identified
