Post Tagged with: "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

5 charts that explain the Saudi Arabia-Russia oil price war so far

CNBC


Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March.

OPEC+

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Journal of Petroleum Technology


Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is

Source: Reuters

Oil falls back as Russia rejects Trump’s intervention in price war

Reuters


LONDON – Oil prices fell on Friday after rising 10% in the session as the coronavirus epidemic knocked the outlook for demand and Moscow rejected an intervention by U.S. President Donald Trump in Russia’s price war with Saudi Arabia.…

Source: CNBC

An oil price war is here to stay, analysts warn — even as prices tumble to nearly two-decade lows

CNBC


An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest.

International benchmark Brent crude traded

Source: Houston Chronicle

Oil falls to nearly $24, its lowest price since 2002

Houston Chronicle


The price of oil collapsed Wednesday to about $24 a barrel, past the trough of the most recent oil bust and to its lowest level in nearly two decades.

West Texas Intermediate crude was trading at $24.43 a …

OPEC shift to maintain market share will cause global inventory increases and lower prices

OPEC shift to maintain market share will cause global inventory increases and lower prices

EIA


Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19). More …

Source: Reuters

OPEC+ deal collapse, virus double whammy to keep oil in $30s range – Reuters poll

Reuters


Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey …

Source: CNBC

Oil drops as much as 8%, on pace for worst week in more than a decade

CNBC


Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on

Source: Houston Chronicle

Russian producers are ready to survive flood of Saudi crude

Houston Chronicle


A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it.

With some of the world’s lowest production costs, a flexible tax system …

Source: CNBC

Saudi Arabia, Russia oil dispute is about the ‘restructuring of supply,’ says a strategist

CNBC


The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday.

The oil markets tanked Monday, plunging over 20% following a …

Source: Reuters

Oil falls as Saudi, UAE plan for higher output capacity

Reuters


LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.…

Source: Houston Chronicle

Energy Dept. says OPEC trying to ‘shock oil markets’

Houston Chronicle


A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday.

“These attempts by state actors …

Source: Houston Chronicle

Saudi Arabia should follow Russia, even if it kills OPEC

Houston Chronicle


Is it really over? So soon?

Russia’s unwillingness to go along with Saudi Arabia’s emergency supply cut fuels speculation the whole OPEC+ thing is done. I don’t agree. OPEC+ has always been largely a marketing and political tool. …

Source: CNBC

Here’s why financial markets are tanking around the world

CNBC


A group of oil-producing nations known as OPEC failed to reach a deal with its allies over oil output cuts following a meeting in Vienna on Friday. This led OPEC kingpin Saudi Arabia to slash its official selling prices

Source: CNBC

Oil prices plunge 8% after OPEC+ fails to agree on a massive production cut

CNBC


Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.

U.S. West Texas Intermediate crude slid more than 8.8% to a session low of $41.77, its …

March 6, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil plunges to lowest since 2017 after Russia rejects steep OPEC cut

Reuters


NEW YORK  – Oil prices tanked more than 8% on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC’s proposed steep production cuts to stabilize prices.

OPEC’s plans for deep and prolonged output …

Source: Reuters

OPEC pushing Russia to support big oil cut amid coronavirus

Reuters


VIENNA (R- Saudi Arabia and other OPEC members were seeking to win support from Russia on Wednesday to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this …

Source: Reuters

Oil rises $1 as OPEC, allies work on big output cut

Reuters


LONDON – Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude LCOc1 …

March 4, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC’s oil cut proposal would boost price to $60 a barrel: Russia’s Lukoil

Reuters


BRUSSELS – OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, …

March 3, 2020 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

OPEC will ‘go beyond’ what the market has currently priced in, strategist says

CNBC


OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank.

Oil prices have been under pressure since the outbreak of the coronavirus in January dampened the demand outlook for the year.

Following
Source: Reuters

Oil prices on track for biggest weekly fall in four years

Reuters


LONDON – Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in four years as the global spread of the coronavirus stokes demand fears.

Investors are increasingly …

February 28, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Oil prices slide for fifth day to lowest in a year as virus fears grow

Reuters


NEW YORK – Oil prices plunged more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global …

Source: Houston Chronicle

Oil slips for 3rd day as virus fears outweigh supply cuts

Reuters


LONDON – Oil slipped towards $56 a barrel on Tuesday, falling for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

Crude fell …

Source: Reuters

Russia: oil producers agree no need to hold early OPEC+ meeting

Reuters


MOSCOW – Russian Energy Minister Alexander Novak said on Thursday there was a common understanding among global oil producers that it would now no longer make sense for OPEC and non-OPEC producers to meet before their planned gathering in …

Source: Reuters

Oil up on slowing pace of coronavirus, Venezuela sanctions

Reuters


LONDON – Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a U.S. move to cut more Venezuelan crude from …

Source: Houston Chronicle

Oil rally continues as virus fears show signs of easing

Houston Chronicle


Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.

Chinese refiners have used oil’s earlier drop to snap up cheap cargoes, taking …

Source: Reuters

Oil prices climb on prospects for deeper OPEC+ output cuts

Reuters


NEW YORK – Oil prices edged higher on Thursday, as investors hoped the world’s biggest producers would cut output more, while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China.…

February 13, 2020 - 12:00 pm China, Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Russia says it needs more time to decide on any OPEC oil output cut

Reuters


MINERALNYE VODY, Russia – Russia said on Friday it needed more time to decide whether to join any additional oil output cut by OPEC, saying U.S. crude production growth would slow and global demand remained solid.

Energy Minister Alexander …

February 7, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC, Popular 2
Source: Houston Chronicle

OPEC+ in second day of talks as Saudis push for emergency cut

Houston Chronicle


OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.

The price …

February 5, 2020 - 10:00 am Commodity Pricing, Crude Oil News, Energy News, OPEC