CNBC There are three big things to focus on from OPEC and the G-20 meetings over the next 48 hours: 1) total global output cut, 2) benchmark production levels for those cuts, and 3) the length of time of any formal deal. The Cut Math The world is expected to cut an unprecedented 12 million to 15 million barrels of
CNBC Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy analysts split over the prospect of non-allied partners, including the U.S., signing up to a deal immediately thereafter. An emergency meeting of OPEC and non-OPEC partners, sometimes referred to as OPEC+, will be held on Thursday, as the coronavirus
Reuters WASHINGTON – U.S. Energy Secretary Dan Brouillette said on Monday that after speaking with the energy ministers of Saudi Arabia and Russia he believes the countries will cut oil output and end their war over market share this week. “They are going to get together later this week and hopefully end this disagreement that started perhaps two or three
Reuters WASHINGTON – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. The administration may offer ways to help the industry weather the crisis, including waiving royalty payments drillers must pay for
CNBC Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a barrel. The benchmark Brent crude was trading up 9.92% trading at $32.91 on Friday afternoon in Asia, while West Texas Intermediate gained up 4.82% at $26.54. “We are
Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday,
CNBC April is going to be a hellish month for the oil industry. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that
Houston Chronicle Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows. Occidental plans to cut $2.5 billion from its capital budget and $600 million from its operating budget. After the cuts, the company plans to spend between $2.7 billion and
Houston Chronicle The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades. While its status as the world’s biggest producer means the U.S. is sheltered in part from the collapse, the administration wants Saudi Arabia
Houston Chronicle The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty. Secretary of State Michael Pompeo spoke to Crown Prince Mohammed bin Salman on the eve of a conference call between the leaders of
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