Oil Prices ///

Daily Brief podcast, Friday, April 3rd

Kurt Abraham and Cameron Wallace review all the developments in Washington, Moscow and Riyadh this week, and what they mean for the emergency OPEC+ meeting on Monday.

Oil continues climb on hopes for global agreement on output cut

Oil extended its biggest-ever surge in New York, though the advance was tempered by skepticism over whether a producer meeting Monday would deliver output cuts large enough to avert a glut.

Putin to meet Russian producers ready to agree on oil cuts

Russia’s oil industry is ready to agree cuts to production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices, according to five people familiar with the efforts.

Putin’s government rewriting budgets for $20 oil in 2020

President Vladimir Putin’s government is rewriting its budget to prepare for oil prices at $20 a barrel this year despite U.S.-led efforts to get major producers to rein in production.

Trump faces bitterly divided companies in his bid to save shale

In the U.S., there are more than 6,000 oil drillers -- everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like ExxonMobil. That would seem to make formulating a coherent U.S. negotiating stance next to impossible.

OPEC+ members seek to broaden coalition in output cut plan

The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices.

Oil’s surge continues as 10% global production cut gains traction

Oil advanced above $32 a barrel in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10% of global production being discussed.

Texas RRC Chairman applauds President Trump on energy negotiations

Texas Railroad Commission Chairman Wayne Christian

Trump expects Saudi, Russian oil production cuts after phone call

President Donald Trump said he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels after he spoke by phone with Crown Prince Mohammed Bin Salman on Thursday.

Oil crash kills Vaca Muerta’s potential as the next shale hotspot

The Argentine region is often compared with the Permian basin in the U.S., with the promise to push out a million barrels of oil a day and turn around an economy on course for a third straight contraction this year.

Oil’s crash starts claiming victims across the industry

The unprecedented collapse in global oil markets is wreaking havoc in all corners of the North American crude industry, pushing shale drillers, deepwater-equipment haulers and oil-sand miners to desperate measures.

Rail cars latest target for traders hunting cheap oil storage

Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels.

Trump to talk tariffs, Jones Act with oil executives Friday

Oil company executives reeling from a massive drop in prices were set to meet with President Donald Trump Friday as the administration seeks ways to help the beleaguered industry.

China’s strategic crude reserve buy extends oil’s rebound

Oil surged more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to tentative signs of growing risk appetite across financial markets that’s propelling prices higher.

Daily Brief podcast, Wednesday, April 1st

Kurt and Cameron cover action on many fronts in Washington, Saudi Arabia fires their opening salvo in the oil price war, and Texas regulators share their demand projections.

Bakken shale leader Whiting Petroleum files for bankruptcy

The unprecedented collapse in global oil markets brought another driller to its knees, forcing a champion of what was once the premier U.S. shale field to seek protection from creditors.

Goldman Sachs sees shale ultimately victorious in the oil war

The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc.

Trump may rent Strategic Petroleum Reserve storage to U.S. drillers

The U.S. Energy Department is considering renting space in the nation’s emergency oil reserve to domestic producers awash in crude, according to three people familiar with the matter who asked not to be identified before a formal announcement.

Oil holds near $20 as Saudis surge, Russia stands pat on output

Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes.

Russians open door to talks, as Saudis charge ahead with 12 MMbpd output

Saudi Arabia showed no sign of bowing to pressure from President Donald Trump to dial back the oil-price war with Russia as the kingdom pushed crude supply to record levels.