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OPEC+ members seek to broaden coalition in output cut plan

. OPEC+, an alliance led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday... no indication whether the U.S. would take part. For Saudi Arabia, it’s essential that producers including... of the price war, which started a month ago after Russia refused to take part in a round of cuts. Saudi... borrowing to make up for a budget shortfall. Saudi Arabia will also have to make deep budget cuts as oil...

OPEC+ may meet this week to update production limits

+ coalition led by Saudi Arabia and Russia is undertaking record oil-production cuts to prop up prices... million barrels a day, or about 10% of global supply, in May and June. In addition, Saudi Arabia...

World Oil survey results: U.S. industry favors strong government action

. There is no doubt that the actions of Russia and Saudi Arabia have been predatory. And many industry... by the two state actors, Russia and Saudi Arabia. Interesting actions over the weekend. While we were... could cut 10% of its output temporarily, and that this could be complemented by Saudi Arabia cutting...

OPEC cuts Q2 demand estimates again while members make deeper cuts

. The darker outlook comes after three of OPEC’s key Persian Gulf exporters -- Saudi Arabia, the United..., bringing their output to the lowest since 2002. Nonetheless, Saudi Arabia and key non-OPEC partner...

Détente in oil price war as OPEC+ agrees to 9.7MMbpd cut

pledged to bolster Mexico’s oil-production prowess, balked at the terms. Bilateral talks between Saudi...

OPEC+ preps for next challenge – how and when to restore oil output

LONDON (Bloomberg) --Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ensued when the institution...

These countries have the most firepower in the oil price war

is located and what obstacles could block it: Saudi Arabia The world’s biggest crude exporter has... in the case of supply interruptions elsewhere. Now, state producer Saudi Aramco is bringing those... closure at one of its fields, and others are still operating normally. United Arab Emirates The Saudi... Countries and partners like Russia earlier this month. But it’s not losing any time reacting to Saudi...

OPEC+ proves its mettle by swiftly delivering oil production cuts

of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit.... With a dearth of buyers and storage, they’ve had little choice but to slash production. Saudi Arabia has... vulnerability.” For Saudi Arabia’s sovereign wealth fund, which is central to the kingdom’s economic... good.” Saudi Arabia, having made preparatory curbs before the deal took effect, slashed exports...

U.S.-bound Saudi oil could hurt prices and disrupt stabilizing markets

Reading time: 2 minutes 30 seconds NEW YORK (Bloomberg) --An armada of tankers filled with Saudi... barrels of Saudi crude on the water threaten to disrupt a positive supply development: U.S. crude... hub contracted by the most in months. “The expected Saudi deliveries could push U.S. inventories back... that may have to jostle with Saudi deliveries for storage space. “If all the Saudi tankers unload...

Brent oil passes $43/bbl on climbing equity markets, Saudi price hikes

LONDON (Bloomberg) - Oil rose in London to above $43 a barrel as Saudi Arabia hiked its official... March. Saudi Aramco increased its crude prices to Asia in another sign of recovering demand. Libya’s... There was no settlement Friday due to the Independence Day holiday in the U.S. Saudi Arabia lifted pricing for all... industry that’s struggling to turn a profit. A refiner using Saudi Arabia’s flagship Arab Light crude...

Tariff on Saudi crude may be Trump’s answer to oil-price war

unleash a familiar weapon against rival producers such as Saudi Arabia: tariffs. The U.S. president’s... and Trump confidant -- seeking to file a complaint against the Saudi plan to flood the market, the White... Saudi Arabia would succeed or even work, that doesn’t mean that Trump won’t give it a go, said energy... by state actors to manipulate and shock oil markets” as crude crashed by the most since 1991 after Saudi...

China refuses oil from Russian companies hit by U.S. sanctions

Trump wants to add 75 MMbbl to SPR, considers blocking Saudi shipments

WASHINGTON (Bloomberg) --President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia. Oil is at “a level that’s very... Saudi Arabian oil shipments to the U.S. “We certainly have plenty of oil,” the president said. He...

OPEC output hit 30-year high during the Saudi-Russia price war

LONDON (Bloomberg) --OPEC’s crude production surged by the most in almost 30 years last month as its biggest members fought to dominate a global market devastated by the coronavirus crisis. Saudi Arabia, the cartel’s most powerful member, pumped a record of more than 11 million barrels a day... the virus grounded flights and froze economic activity. The price war erupted between Saudi Arabia...

Daily Brief Podcast, Monday, March 9th