OPEC agrees that there should be a production cut–but can’t agree on size or who will cut how much
Even in the current context where countries announce major agreements but no one knows what the details might be, OPEC's decision to announce a cut in production without any agreement on the size of the cut or who will cut production by how much stands out. There is...
OPEC & Friends takes another step toward cutting production
Saudi Arabia, Russia and other members of what is known as OPEC+ recommended a cut in oil production today. The group's meeting ended without an agreement on the size of the proposed cut. But Russia did agree to participate in the production curbs for six months...
Oil gains on Trump-Xi “success, Russia-Saudi “deal,” and actual production cuts from Alberta
As of 2:30 p.m. New York time U.S. benchmark West Texas Intermediate was up 3.04% to $52.48 a barrel. International benchmark Brent crude gained 2.84% to break back above $60 a barrel at $61.15. Part of the reason for the gain is a general sigh of relief that the...
OPEC advisory group recommends cut of 1.3 million barrels a day to December 6 oil cartel summit
It's only an advisory group with no decision-making power, but the recommendation from the Organization of Petroleum Exporting Countries Economic Commission Board is the first step in changing production policy at OPEC & Friends. Today the group told OPEC oil...
Oil markets today, Monday, suffered from massive uncertainty
Monday was quite a day on the oil markets as contrary stories battled for control of prices. U.S. benchmark West Texas Intermediate traded at $56.41 a barrel at 8:30 a.m.. By 10:02 it was in the red at $55.31. Then it moved back into the black at $56.51 at 11:10 a.m....
Saturday Night Quarterback says (on a Sunday), For the week ahead expect…
... volatility in asset classes that range from oil to stocks to the U.S. dollar, as traders and investors try to figure out how to "price in" a metric ton of macro uncertainty scheduled for the next three weeks. Enjoy turkey and family and friends the week because...
Are the Saudis angry enough at President Trump to push OPEC to bigger than expected production cuts on December 6?
This is important--if very, very speculative--if you're trying to figure out if OPEC will cut production by enough to end the oil bear market when it holds its regular meeting on December 6. Today Reuters is reporting that Saudi Arabia is extremely angry at U.S....
500,000 barrel cut from Saudis isn’t enough to declaw oil bear
Yesterday, Sunday, November 11, I wrote in my regular Saturday Night Quarterback post on JubakAM.com that news from Sunday's OPEC meeting that Saudi Arabia would cut 500,000 barrels a day from its oil production and exports in December might be enough to get more than...Oil moves higher today on Hurricane Michael, IEA supply warning
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Watch out! Oil prices look to be running away from OPEC/Russia control
Russia and Saudi Arabia have opened the taps, pumping an extra 1 million barrels a day of oil, and the two countries are making a big show of saying that they could do even more. But the oil market doesn't seem to care and oil prices keep climbing. As of 11:30 a.m....
Oil surges on no action at OPEC meeting
Today oil prices breached levels that have oil traders talking about $100 a barrel oil again on OPEC's decision at its weekend meeting not to boost oil production. U.S. benchmark West Texas Intermediate climbed 2.15% as of noon today, September 24, to move solidly...Download Jim’s eBook for Free
