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The OPEC Meeting Could Send Oil Prices Crashing Below $10
The OPEC Meeting Could Send Oil Prices Crashing Below $10 The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle between leading producers for market share, the logistical impossibility of enforcing U.S. production cuts, and […]
The Inevitable Outcome Of The Oil Price War
The Inevitable Outcome Of The Oil Price War One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was […]
Oil Plunges To 17 Year Low As One Bank Predicts Negative Prices
Oil Plunges To 17 Year Low As One Bank Predicts Negative Prices Late on Tuesday, WTI plunged as low as $26.20 taking out the lows from the 2015/2016 oil recession, and sending it to a level last seen when US president was George W. Bush, people were listening to Get Busy by Sean Paul and […]
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms […]
Oil Crashes After Reports OPEC+ Talsk End Without A Deal
Oil Crashes After Reports OPEC+ Talsk End Without A Deal Update (1015ET): Reports, citing a delegate, for the first time in six years, OPEC ends talks in Vienna without a deal. being agreed. Oil prices are extending their collapse… * * * Update (0950ET): Bloomberg reports that OPEC+ talks “are on the verge of collapse” as it becomes clear […]
“No Deal In Sight” – Oil Plunges After Russia Rejects Additional OPEC+ Cut
“No Deal In Sight” – Oil Plunges After Russia Rejects Additional OPEC+ Cut Brent crude futures tumbled by more than 4% on Friday after Reuters reported that Russia had rejected steep production cuts by OPEC to prop up oil prices amid the Covid-19 outbreak triggering demand shocks in China and across the world. A high-level Russian source told Reuters […]
OPEC Agrees To 1.5MM Barrel Output Cut, But Fails To Obtain Critical Russian Backing
OPEC Agrees To 1.5MM Barrel Output Cut, But Fails To Obtain Critical Russian Backing Today’s OPEC meeting has been more of a stunt by members to persuade Russia to agree to deep cuts amid a demand shock triggered by the Covid-19. Ministers from OPEC agreed on a large cut of 1.5 million barrels per day in […]
Saudis Urge More Than 1 Million Bpd Oil Cut To Prop Up Prices, Russia Opposes
Saudis Urge More Than 1 Million Bpd Oil Cut To Prop Up Prices, Russia Opposes Update (0800ET): The Wall Street Journal reports that Russia opposes the Saudi plan to deepen OPEC+ cuts by 1.2mm b/d. Developing… * * * As we detailed earlier, Brent crude futures were up 75 cents, or 1.45%, at 52.61 a […]
OPEC Slashes Oil Demand Forecast On Coronavirus Crunch
OPEC Slashes Oil Demand Forecast On Coronavirus Crunch Perhaps buoyed by speculation that oil demand in China is set to plunge as much as 20% if not more on the coronavirus “demand shock”, on Tuesday OPEC slashed it forecast for global oil demand by almost a quarter million barrels per day as the coronavirus pandemic cripples fuel use in […]
OPEC+ Committee Fails To Agree On Proposed Production Cuts
OPEC+ Committee Fails To Agree On Proposed Production Cuts Oil futures remain in a bear market following the collapse in oil demand from China amid two-thirds of its economy shutdown following the coronavirus outbreak. This forced the OPEC+ technical committee to meet in Vienna, Austria, for a third day this week, to discuss the importance of slashing […]
Saudi Arabia Pushes For OPEC Production Cut Of Up To 1 Million B/d As Outbreak Weighs On Demand
Saudi Arabia Pushes For OPEC Production Cut Of Up To 1 Million B/d As Outbreak Weighs On Demand Half of China’s economy – the second largest in the world – is expected to be offline through at least mid-February. Traders started pricing in the impact on oil demand weeks ago. And now that it’s become […]
Russia Bets Big On The World’s Least Explored Oil Frontier
Russia Bets Big On The World’s Least Explored Oil Frontier When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage – in no small part because of their varied economic prospects. As well as wheat exports, nuclear technologies, […]
2020 Will Be A Crucial Year For Oil
2020 Will Be A Crucial Year For Oil It’s the start of a new year and a new decade, and the oil market is as unpredictable as ever. Will OPEC+ extend its cuts? Will U.S. shale finally grind to a halt? Is this the “year of the electric vehicle”? Here are 10 stories to watch […]
Uncertainties following the Abqaiq attack have shrunk the world’s safe oil reserves by around half (part 1)
Uncertainties following the Abqaiq attack have shrunk the world’s safe oil reserves by around half (part 1) The world has returned to business as usual after the Saudis assured oil markets that production will be back soon and as oil prices have returned to pre-attack levels and even lower, indicating that oil traders focus on […]
Oil Discoveries Hit 70-Year Low
Oil Discoveries Hit 70-Year Low The last three years has been the worst stretch of time in seventy years for new conventional oil discoveries. A new report from IHS Markit finds that conventional oil discoveries plunged to a seven-decade low and “a significant rebound is not expected.” Conventional exploration – as opposed to unconventional development, including shale […]
