Sunday, April 27, 2025
OPEC oil output posts small drop in June ahead of Saudi cut - Reuters survey- oil and gas 360

OPEC oil output posts small drop in June ahead of Saudi cut – Reuters survey

Nasdaq LONDON – OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels per day

Saudi Arabia could slash oil supply to the U.S.- oil and gas 360

Saudi Arabia could slash oil supply to the U.S.

Oil Price Saudi Arabia could be looking to slash crude oil shipments to the United States from next month to effect a tightening of the world’s most transparent oil market.   As the Kingdom prepares to cut unilaterally 1 million barrels per day (bpd) from its crude oil production in July, its crude shipments to the west could be much

Saudi Arabia’s crude oil exports dropped to a five-month low in April- oil and gas 360

Saudi Arabia’s crude oil exports dropped to a five-month low in April

Oil Price Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to

U.S. crude trading at big discount to Dubai oil- oil and gas 360

U.S. crude trading at big discount to Dubai oil

Oil Price Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia.  More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices and shipping rates also climbed.   Bloomberg has reported that Dubai swaps were trading

OPEC data shows Saudi oil production cuts will “sharply” tighten global markets- oil and gas 360

OPEC data shows Saudi oil production cuts will “sharply” tighten global markets

World Oil (Bloomberg) – Saudi Arabia’s latest oil production cuts are set to tighten global markets sharply next month, data from OPEC show. Even before the kingdom announced its surprise new measures just over a week ago, the Organization of Petroleum Exporting Countries expected that world inventories would deplete rapidly in the second half amid a post-pandemic recovery in fuel

Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec- oil and gas 360

Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec

Nasdaq NEW YORK – Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supplies and has capped prices this year, a Chevron CVX.N executive told Reuters on Thursday. Benchmark Brent LCOc1 crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut

Putin, Saudi Crown Prince “praise” OPEC cooperation- oil and gas 360

Putin, Saudi Crown Prince “praise” OPEC cooperation

Oil Price (Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said. The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows to make timely and effective steps to maintain the balance of oil supply and demand,” according to a statement late

Oil prices edge higher as Saudi cut outweighs bearish backdrop- oil and gas 360

Oil prices edge higher as Saudi cut outweighs bearish backdrop

Yahoo Finance LONDON – Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5%, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5%, to $72.11.

Analysis-Saudi Arabia's 'icing on the cake' oil cut could feed US producers- oil and gas 360

Analysis-Saudi Arabia’s ‘icing on the cake’ oil cut could feed US producers

Yahoo LONDON – Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said. On Sunday, Saudi Arabia pledged to cut its oil output by 1 million barrels per day (bpd), or

Dad’s mad: Saudis frustrated with lack of OPEC compliance- oil and gas 360

Dad’s mad: Saudis frustrated with lack of OPEC compliance

Oil Price Saudi Arabia agreed to take one for the team this weekend and volunteered to cut another 1 million barrels per day off its crude oil production to keep the market in check—and to punish short sellers. But Saudi Arabia’s Energy Minister has had it up to here with other OPEC members failing to meet their production quotas month

Analysts reiterate calls for $100 oil as Saudi Arabia cuts production- oil and gas 360

Analysts reiterate calls for $100 oil as Saudi Arabia cuts production

Oil Price Brent prices could hit $100 by the end of this year as the new 1 million bpd production cut Saudi Arabia announced on Sunday would further tighten the oil market, analysts said after the OPEC+ meeting this weekend. The OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer and the world’s largest

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024- oil and gas 360

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

Reuters STORY: Saudi Arabia on Sunday said it would dramatically cut its crude oil output as part of a deal by OPEC+ nations to tighten supply into 2024 as producers seek to boost falling oil prices. The Saudi energy minister, Prince Abdulaziz Bin Salman Al-Saud, referred to the million-barrel cut as the “Saudi lollipop,” in that it sweetened a deal