Government via Twitter: What did the Saudi’s actually say about increasing oil production?
On Saturday President Donald Trump wrote on Twitter that in a phone call with King Salman Saudi Arabia had agreed to increase oil production “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. The Saudi government has acknowledged that the...
Aggressive November 4 U.S. deadline on ending Iran oil exports threatens more oil market turmoil
Want to know how high oil can go? So do the oil markets, frankly. West Texas Intermediate closed today at $72.32 a barrel, up another 2.54%. The U.S. crude benchmark stood at $64.19 on June 15. That's a gain of 12.7%. Lurking in the wings is a demand by the Trump...
Shutdown at Canada’s Syncrude upends U.S. oil prices
The accident last week at the giant Syncrude plant in Alberta wasn't the biggest event for global oil markets last week. That honor still goes to the OPEC decision to expand production by a net 700,000 barrels a day. But for U.S. and Canadian oil markets the accident,...
To me it looks like the market has moved to over-estimating OPEC production increase at June 22 meeting
Oil prices moved lower, I mean LOWER, last week. Brent, the international crude benchmark, closed Friday at a six-week low, down 3.3% to $73.44 a barrel for August delivery. Brent finished down 4% for the week. West Texas Intermediate, the U.S. benchmark, closed at...
Markets today “seem” to say North Korea summit more important than G7 explosion
At 2 p.m. New York time the Standard & Poor's 500 stock index was up 0.3%. The Dow Jones Industrial Average was ahead 0.22%. And the NASDAQ Composite index had inched higher by 0.27%. Which is surprising given that the Group of 7 meeting ended Saturday with the...
U.S. asks OPEC to increase oil production, Brent slides lower
Global crude fell today after reports that the the U.S. government has asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day. That has sent the international benchmark Brent crude down 0.41% as of 1 p.m.New York...
Oil price decline resumes after informal OPEC meeting Saturday
Oil prices continued their decline ahead of a June 22 meeting of OPEC and other producers that will discuss raising production to avoid political action in consuming countries to lower oil prices. As of 1:15 p.m. in New York, U.S. benchmark West Texas Intermediate was down 1.55% to $64.79 a barrel
Trick or trend: Saudi Arabia and Russia raise production ahead of June 22 OPEC meeting
At its June 22 meeting OPEC members and other producers, most importantly Russia, are supposed to decide whether or not to raise production above current quotas. However, it increasingly looks like Russia and Saudi Arabia, both of whom favor increasing production in order bring oil prices down and assure consumers that oil prices aren’t about to spike higher, have jumped the gun and started to raise production before any agreement.
Saturday Night Quarterback (on Memorial Day) says, For the week ahead expect…
I expect the slide in oil prices to continue as speculation runs amok ahead of the June 22 OPEC meeting on production limits. This past week has seen oil give back just about all of its earlier recent gains. From May 21 through May 28 the futures contract for U.S. benchmark West Texas Intermediate for July delivery dropped 8.1% to $66.36 a barrel. From May 23 to May 28 the futures contract for international benchmark Brent crude for July delivery fell 5.7% to $75.22 a barrel.
Now it’s the Saudis talking about increasing oil production
Yesterday, Russia sent oil prices tumbling by saying that it might be time for OPEC and its allies (including Russia) to revisit current production cuts. Today, it’s Saudi Arabia. “I think in the near future there will be time to release supply,” said Saudi Energy Minister Khalid Al-Falih. U.S. benchmark West Texas Intermediate fell to close down 4.41% today at $67.59. The international Brent benchmark dropped 3.2% to $76.27
Russia and Saudi Arabia signal intent to revisit production curbs; oil retreats from three-year high
The energy ministers from Russia and Saudi Arabia will discuss a potential relaxation of the global output cap agreed between OPEC and Moscow when they meet on June 22. That was enough today to end the rally in oil. West Texas Intermediate fell to $70.71, down 1.59%and Brent crude dropped to $78.79, a decline of 1.3%.
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