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 …
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 …
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 …
Oil & Gas 360 PRwire
Oil & Gas 360 Publishers Note: As we covered on the 360 Digital Closing Bell, President Trump gave a hint about this on his Thursday’s Corona -19 press conference, and then followed through with his …
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 …
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 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 …
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+
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 …
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.…
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 …
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 …
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
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 …
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.…
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 …
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. …
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
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 …
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 …
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 …
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 …
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, …
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.
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 …
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 …
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 …
