Oil Price Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia’s economy will expand 1.3% in the current year,
BOE Report Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday. “A deeper cut would likely be a bullish surprise, but remains a low probability in our view,” the note added. Citi also said its oil price deck continues to see $86 Brent
Reuters NEW YORK – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy. U.S. West Texas Intermediate crude rose 44 cents, or 1.2%, to $36.70 a barrel by 1:22 p.m. EDT (1722 GMT). Brent crude rose
Reuters LONDON/MOSCOW/DUBAI – Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed last month to
Reuters LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy. But an important part of being a successful market manager is about knowing when to increase production and capacity to forestall
Reuters Excess inventories are clearing from the crude side first in response to output cuts, while a reduction in refined fuel stocks will take longer as consumption is slower to return. Total inventories of crude and products, excluding the strategic petroleum reserve, rose by another 5 million barrels last week, taking the cumulative increase to 142 million barrels since March
CNBC Oil prices moves lower on Tuesday, despite signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic. The front-month contract for West Texas Intermediate crude, which is set to expire on Tuesday, fell 48 cents to trade at $31.34 per barrel. The
Reuters Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices. U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel CLc1 as coronavirus-related lockdowns have crushed demand for fuel. The price collapse has companies in major oil-producing states push for
Reuters BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller producers such as Nigeria and Angola, could
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 that have been hammered by the coronavirus crisis. Global oil demand has dropped by as much as 30%, or about
Reuters VIENNA/LONDON – OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020. The Organization of the Petroleum Exporting Countries (OPEC) began a meeting to discuss policy in Vienna at 1630 GMT.
From Reuters Major Canadian oil companies, which publicly disagreed over the Alberta government’s forced curtailments this year, are in lockstep over how to end the production limits and reinvigorate the battered industry. Senior executives from Suncor Energy, Canadian Natural Resources, Imperial Oil Ltd and Cenovus Energy said at a TD Securities investor conference in Calgary on Tuesday that they are
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