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Iran Furious After Trump Calls Saudi King, Demands 2MM Barrel Production Boost
Iran Furious After Trump Calls Saudi King, Demands 2MM Barrel Production Boost Update: as expected, it did not take long for Iran – which has the most to lose from any Saudi output hike which would not only send the price of oil lower but also allow Riyadh to capture Iran’s sanctioned market share – […]
The Saudis Won’t Prevent The Next Oil Shock
The Saudis Won’t Prevent The Next Oil Shock Saudi Arabia is starting to panic, and is growing concerned that the growing number of supply disruptions around the world could cause oil prices to spike. Saudi Arabia is moving quickly to head off a supply crunch, aiming to dramatically ramp up production to a record high […]
Why OPEC+ Needed To Add More Oil
Why OPEC+ Needed To Add More Oil The OPEC+ group has decided to increase output by aiming to return compliance back to 100 percent, rather than the “over compliance” the group has posted to date. Although it remains to be seen how that translates into tangible production increases, because the number most kicked around was […]
OPEC production increase shows it’s still fighting U.S. shale oil
OPEC production increase shows it’s still fighting U.S. shale oil It felt like opposite day as traders bid up the price of oil last week even as OPEC announced an increase in oil production that should have sent prices downward. The cartel decided it had room to move because of outages in Venezuela, Libya and […]
OPEC “Deal” Ends With Output Confusion, Sets Stage For “Deal Unraveling”
OPEC “Deal” Ends With Output Confusion, Sets Stage For “Deal Unraveling” Just 24 hours after OPEC appeared on the edge of splintering, Iran seemed to cave and in a deal that was described as a victory for everyone, OPEC member states and Russia provided a vague assurance they would boost output by striving to return […]
We Have A Deal: OPEC Agrees In Principle To A “Real” Production Increase Of 600,000 Barrels/Day
We Have A Deal: OPEC Agrees In Principle To A “Real” Production Increase Of 600,000 Barrels/Day What was expected to be a drawn-out affair, with Iran potentially resisting and even leading to the collapse of the cartel, moments ago OPEC reached a deal in principle to raise oil production by 1 million b/d on paper, […]
Oil Demand Growth Could Start To Soften Soon
Oil Demand Growth Could Start To Soften Soon OPEC may tout the production cuts pact as the key driver of oil market rebalancing, but if it weren’t for the strong global oil demand growth of the past three years, we wouldn’t have seen international agencies calling the end of the oil glut. Demand was strong […]
Trump Slams OPEC Again, Demands Lower Prices: “Oil Prices Are Too High, OPEC Is At It Again”
Trump Slams OPEC Again, Demands Lower Prices: “Oil Prices Are Too High, OPEC Is At It Again” Nearly two months after Trump drew a line in the sand on oil prices, when on April 20 he lashed out at OPEC, tweeting that “Oil prices are artificially Very High! No good and will not be accepted!”which […]
Is Russia Bailing On The OPEC Deal?
Is Russia Bailing On The OPEC Deal? For the first week of June, Russia, the world’s largest oil producer, exceeded the amount it agreed to produce as part of the January 2017, OPEC/non-OPEC supply cut deal. For the first week of June, Russia produced some 11.1 million barrels per day (bpd), far exceeding production limits […]
Saudi Oil Production Jumps In June Despite Drop In Oil Demand: OPEC
Saudi Oil Production Jumps In June Despite Drop In Oil Demand: OPEC It will probably not come as a surprise that at a time when both Trump, and Saudi Arabia, are pressing OPEC to reverse the 1.5 year long OPEC agreement and pump more oil so US gasoline prices dont soar in the summer months, […]
It’s The Demand, Stupid! Is China About To Burst The Black Gold Bubble?
It’s The Demand, Stupid! Is China About To Burst The Black Gold Bubble? For months we have heard about how the oil market’s over-supply ‘glut’ has been removed thanks to OPEC/NOPEC’s production cut deal and the narrative of ‘global synchronous recovery’ has buoyed the demand side of the equation – sending crude prices to four […]
Higher Oil Prices Might Not Destroy Demand Growth
Higher Oil Prices Might Not Destroy Demand Growth The recent jump in oil prices to $80 per barrel raised a lot of questions about whether or not the heady demand growth projections for this year would hold up. In fact, signs of strain quickly popped up in disparate parts of the world. But as governments […]
