{"id":50921,"date":"2020-02-03T12:09:37","date_gmt":"2020-02-03T17:09:37","guid":{"rendered":"https:\/\/olduvai.ca\/?p=50921"},"modified":"2020-02-03T12:09:40","modified_gmt":"2020-02-03T17:09:40","slug":"saudi-arabia-pushes-for-opec-production-cut-of-up-to-1-million-b-d-as-outbreak-weighs-on-demand","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=50921","title":{"rendered":"Saudi Arabia Pushes For OPEC Production Cut Of Up To 1 Million B\/d As Outbreak Weighs On Demand"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/energy\/saudi-arabia-pushes-opec-production-cut-1-million-bd-outbreak-weighs-demand\">Saudi Arabia Pushes For OPEC Production Cut Of Up To 1 Million B\/d As Outbreak Weighs On Demand<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Half of China&#8217;s economy &#8211; the second largest in the world &#8211; 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&#8217;s become clear to everybody that this problem isn&#8217;t going away any time soon,&nbsp;<a href=\"https:\/\/www.zerohedge.com\/energy\/oil-crashes-bear-market-chinese-oil-demand-said-plummet-20-due-coronavirus-demand-shock\">and after oil prices recorded their largest monthly drop in 30 years<\/a>,&nbsp;<strong>OPEC might step in to &#8216;re-balance&#8217; the global energy market.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-02-03.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Confirming earlier whispers, Saudi Arabia is reportedly pushing for a major, short-term oil production cut,&nbsp;<a href=\"https:\/\/www.wsj.com\/articles\/saudis-mull-drastic-oil-cuts-in-response-to-coronavirus-11580728630?mod=hp_lead_pos1\">WSJ<\/a>&nbsp;reported Monday morning, citing anonymous OPEC officials.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A group of OPEC countries and their allies &#8211; collectively known as OPEC+ &#8211;\u00a0<strong>are planning to meet Tuesday and Wednesday to debate possible action thanks to the outbreak in China, the world\u2019s largest oil importer and consumer.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/Screen%20Shot%202020-02-03%20at%208.12.58%20AM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">One scenario being discussed is that Saudi Arabia, OPEC\u2019s kingpin, would lead a collective reduction of 500,000 barrels a day. The production cut will remain in place until the outbreak has subsided, cartel officials said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another, more drastic, option being considered would involve a temporary cut of 1 million b\/d, a cut that would deliver a decisive &#8216;jolt&#8217; to the market (and potentially trigger another flurry of angry Trump tweets about oil prices &#8211; the &#8216;invisible tax&#8217; &#8211; being too high.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia Pushes For OPEC Production Cut Of Up To 1 Million B\/d As Outbreak Weighs On Demand Half of China&#8217;s economy &#8211; the second largest in the world &#8211; 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&#8217;s become [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1435,600,701],"class_list":["post-50921","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production-cut","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50921"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50921\/revisions"}],"predecessor-version":[{"id":50922,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50921\/revisions\/50922"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}