Post Tagged with: "Production cuts"

Source: Reuters

How negative oil prices revealed the dangers of the futures market

CNBC


A historic drop occurred on April 20,  when the price of West Texas Intermediate crude dropped by almost 300%, trading at around negative $37 per barrel.

The price of oil has steadily recovered, jumping by nearly 90% in May

Source: Reuters

OPEC+ panel meeting next week will advise on policy, not decide: sources

Reuters


LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend …

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

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

Morgan Stanley sees tighter oil market, raises Brent forecast

Reuters


Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply.

 

“We expect demand to …

Source: Reuters

Negative pricing seen spreading from oil to gas as European demand slumps

Reuters


LONDON – A month after U.S. crude oil prices collapsed into negative territory, European gas markets are facing the prospect of also slipping into the red after a slump in demand and surging inventories pushed prices into low single …

Source: Reuters

Oil prices up after Saudi pledge on cuts eases some glut fears

Reuters


LONDON  – Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.

Brent crude LCOc1 advanced 78 cents, …

Source: Reuters

North American oil producers slash output faster than OPEC skeptics expected

Reuters


NEW YORK – North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis …

Source: Reuters

Oil majors, governments haggle over sharing pain of deepest cuts yet

Reuters


LONDON/MOSCOW – From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because …

Source: Reuters

Whether OPEC+ formally agrees, deeper oil cuts now look inevitable

Reuters


LONDON – Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more.

With crude consumption collapsing, the Organization …

April 22, 2020 - 10:07 am Closing Bell Story‎, Commodity Pricing, Crude Oil News, OPEC
Source: Reuters

Expiring U.S. crude oil futures contract posts ‘epic’ 40% slide

Reuters


An extreme situation has developed in the U.S. crude oil futures markets, as the current front-month May contract expiring on Tuesday has dropped by a whopping 40%, opening up the widest gap ever between it and the next contract, …

Source: CNBC

OPEC and allies’ oil production cut is Trump’s ‘biggest and most complex’ deal ever: Dan Yergin

CNBC


As the Organization of the Petroleum Exporting Countries and its allies came to an agreement on a record cut in oil production, U.S. President Donald Trump may have struck his “biggest and most complex deal,” according to oil expert …

Source: CNBC

A historic production cut from global oil powers this week ‘won’t necessarily help all that much’

CNBC


Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy analysts split over the prospect of non-allied partners, including the U.S., signing up to a deal immediately thereafter.

An …

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

From Reuters


Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.

Brent crude LCOc1 settled …

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters


China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

From Reuters


Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…

Oil Spills Into U.S.-China Trade War, Prices Slump

Oil Spills Into U.S.-China Trade War, Prices Slump

From Reuters


China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

From Reuters


President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession.

Trump, who has …

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

From CNBC


An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil.

Trade tensions …

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

From Reuters


Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled …

OPEC keeps curbs - Saudi Arabia Minister of Energy Khalid Al-Falih - Oil & Gas 360

Saudis to Limit Oil Exports in September to Stabilize Market

From The Houston Chronicle


Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s …

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

From Reuters


Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.…

OPEC: Too Close to Call - Oil & Gas 360

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says 

OPEC may need to cut output to 17-year low to balance market 

From Bloomberg  

Global oil stockpiles swelled surprisingly in the first half of this year as production cuts by OPEC and its partners failed to prevent the return of

July 15, 2019 - 5:27 am Closing Bell Story‎, Energy News, OPEC
We Will Retain Production Cuts Nine More Months: OPEC+

We Will Retain Production Cuts Nine More Months: OPEC+

I have no doubt U.S. shale will peak, plateau and decline

By Bevo Beaven, Editor, Oil & Gas 360

At today’s press conference following OPEC’s annual meeting in Vienna, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, …

Source: EIA

U.S. Gulf Coast Crude Oil Imports at Lowest Level Since 1986

Domestic production has reduced imports approximately 83% since peak
As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since

Volatility Jumps in Canadian Oil Market After OPEC-Style Cut

Volatility Jumps in Canadian Oil Market After OPEC-Style Cut

From Bloomberg

Alberta’s OPEC-style oil production cut is working as planned, according to the Canadian province, but a dearth of timely crude-market data means traders don’t really know what’s going on.

Calls for a better system to inform the market …

January 23, 2019 - 12:26 pm Canada, Closing Bell Story‎, Crude Oil News, Energy News
Source: Energybc.ca

Alberta Keeps Production Cuts Steady Despite Vanishing Differential

February cuts will be at same level as January
Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today.

The province’s production cut plan

OPEC: Too Close to Call - Oil & Gas 360

Saudis to Press OPEC for a Million-Barrel Cut in Oil Production

‘One of the strangest OPEC meetings I can remember’: Crane

From the The New York Times

VIENNA — Saudi Arabia is poised to advocate that OPEC cut oil production by about a million barrels a day — roughly 1 percent …

December 6, 2018 - 11:55 am Closing Bell Story‎, OPEC
Source: Keystone-XL

Keystone XL Ruling Comes at Worst Time for Canadian Oil Industry

From Bloomberg

  • Producers already grappling with shortage of pipeline space
  • TransCanada line seen as key to relieving that congestion

A Montana federal judge’s ruling that threatens to further delay TransCanada Corp.’s Keystone XL pipeline comes at one of the …

November 9, 2018 - 11:50 am Canada, Closing Bell Story‎, Law
OPEC Output Pierces Ceiling at 32.5 MMBOPD

OPEC Output Pierces Ceiling at 32.5 MMBOPD

According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD.

OPEC’s June output was 220,000 …