Post Tagged with: "OPEC"

Source: Reuters

Oil barrels come off the water as storage boom at sea fades

Reuters


LONDON – Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say.

Fuel …

Source: Reuters

OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows

Reuters


LONDON  – OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite …

Source: Reuters

BofA sees oil demand recovering, hikes crude forecasts

Reuters


Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure.

The bank now sees …

Source: Reuters

Oil tops $42 as OPEC+ laggards pledge better compliance

Reuters


LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, …

Source: Reuters

UBS raises Brent forecasts, sees undersupplied oil market

Reuters


UBS raised its forecasts on Thursday for the price of Brent crude this year, citing expectations of an undersupplied oil market as demand starts to pick up on the back of a recovering global economy.

“Supply is being curbed …

Saudi Aramco to use cash and debt to uphold dividends pledge amid reports of job cuts

Saudi Aramco to use cash and debt to uphold dividends pledge amid reports of job cuts

CNBC


Saudi Aramco maintained its pledge to make good on its dividend payments, saying Thursday that it would mobilize cash and debt to fulfill the $18.75 billion payouts for the first quarter of this year despite taking a hit from …

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

EIA


Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel

Source: Reuters

OPEC sees gradual oil demand recovery, makes 84% of cuts in May

Reuters


LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.

In a monthly …

Source:Reuters

Oil falls on fears of more COVID-19 cases

Reuters


LONDON – Oil prices fell on Wednesday on fears about fresh outbreaks of COVID-19 but prices drew some support from stimulus measures and positive tests of a drug that could save some critically ill patients.

Brent crude LCOc1 was …

Source: CNBC

IEA sees largest drop of oil demand in history this year, before biggest-ever one-year jump in 2021

CNBC


The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming …

Source: Reuters

Oil prices up 4% on supply cuts, improving demand

Reuters


LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.

Brent crude LCOc1 prices were up $1.62, or 4.08%, to …

Source: Reuters

Oil set to end week lower on coronavirus resurgence fears

Reuters


LONDON  – Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand.

Brent LCOc1 was up 27 …

Source: CNBC

OPEC+ mostly met its cutting targets in May, but future compliance — and its enforcement — looks uncertain

CNBC


The 23 member states of OPEC+, comprised of OPEC and ten of its oil-producing allies, for the most part delivered on record production cuts agreed to by the alliance through the month of May, a new report shows.

“OPEC’s …

Source: Reuters

Oil prices set for worst daily drop since April on inventories, bearish Fed

Reuters


LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year.

Brent crude LCOc1 futures erased Wednesday’s …

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

RarePetro


Oil & Gas Publishers Note: Another great industry insight article from Kevin Olson at RarePetro. 

Abstract

Financial markets attempted to buoy benchmark prices as oil and gas markets became volatile in Q1 2020. This created a disconnect in the …

Source: CNBC

The Saudi-Russia oil price war was a ‘very big mistake,’ Qatar energy minister says

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, …

Source: Reuters

Oil dips on oversupply concerns and stronger dollar

Reuters


LONDON  – Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Brent crude was down 52 cents, or 1.3%, …

Source: Reuters

Morgan Stanley flags risk oil price rally will lead to a fall

Reuters


Oil prices have quickly climbed to levels that raise the risk of price falls as demand is fragile, Morgan Stanley said on Monday, as benchmark crude hit its highest in three months.

Oil climbed on Monday after major producers …

Source: CNBC

Saudi Arabia says ‘no room whatsoever’ for noncompliance over OPEC+ production cuts

CNBC


OPEC kingpin Saudi Arabia and non-OPEC leader Russia said Monday that the success of the energy alliance’s latest production cuts relies on all members complying with the terms of the deal.

The statement comes shortly after OPEC and non-OPEC

Source: Reuters

OPEC decides to keep production cuts

During a Saturday video-conference meeting Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said there are grounds to be cautiously optimistic about the future, but there are still economic challenges ahead for oil producers and encouraged a swift decision to …

Source: Reuters

Mexico can’t make additional oil output cuts, says president

Reuters


MEXICO CITY – Mexico is not in a position to make additional oil output cuts beyond those agreed at the April meeting of the OPEC+ group of oil-producing countries, President Andres Manuel Lopez Obrador said on Friday.

OPEC+ agreed …

Source: CNBC

Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts

CNBC

Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal.

Source: CNBC

Brent crude 

Source: CNBC

Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

CNBC


Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned.

OPEC and non-OPEC allies,

Source: Reuters

OPEC+ may meet over oil cuts this week if laggards agree to comply: sources

Reuters


DUBAI/MOSCOW/LONDON – OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday.…

June 4, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Trump administration putting trust in global oil producers ahead of OPEC+ meet

Reuters


WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy …

Source: Reuters

OPEC+ keen to keep U.S. shale in check as oil prices rally

Reuters


LONDON – When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.

Now that …

Source: Reuters

Exclusive: China snaps up Russia’s expensive Urals oil in thirst for sour barrels

Reuters


MOSCOW  – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output …

Source: Reuters

OPEC, Russia discuss extending oil cuts for 1-2 months: sources

Reuters


DUBAI/MOSCOW – OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday.…

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro


Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro

Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

May 29, 2020 - 11:25 am Capital Markets, Crude Oil Storage, OPEC