By Ryan Hesketh (Bloomberg) --At almost any other moment in history, the promise of oil producers pouring millions of barrels of crude to the global market would have been cause for celebration in the world’s shipping hubs like Athens, Oslo and Tokyo. But Covid-19 means that this is a time like no other. The Organization of Petroleum Exporting Countries and allied nations … [Read more...]
Saudi Arabia Makes Good on OPEC+ Oil Cuts
(Bloomberg) -- Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million a day in May. It’s a reduction equivalent to more than seven … [Read more...]
Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain Rally
By Olivia Raimonde and Hailey Waller (Bloomberg) -- OPEC+ and its allies will decide as soon as this week whether or not to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month. The Organization of Petroleum Exporting Countries and its … [Read more...]
Oil Price War Ends With Historic OPEC+ Deal to Slash Output
File Photo: shutterstock/risteski goce By Javier Blas, Salma El Wardany and Grant Smith (Bloomberg) -- The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to a devastating price war but not going far enough offset the impact of the coronavirus pandemic. A week-long marathon of bilateral calls and … [Read more...]
Oil Tanker Owners Find Solace in Shale as OPEC Prepares New Cuts
By Firat Kayakiran (Bloomberg) -- America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging. The producer group and allies decided on Dec. 7 to restrict output from the start of next year by about 1.2 million barrels a day, adding to deeper cuts two years earlier. Under normal circumstances, that would be a dire turn of … [Read more...]