Wednesday, February 8, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Oil Price

OPEC and Russia Agree to Extend Oil Production Cuts

June 10, 2020
in Oil Price
OPEC and Russia Agree to Extend Oil Production Cuts
Share on FacebookShare on Twitter


Many of the world’s major oil producers agreed on Saturday to extend the record oil production cuts that have helped bolster oil prices since their collapse in April in the depths of the coronavirus pandemic.

Oil ministers from the Organization of the Petroleum Exporting Countries, as well as other producers led by Russia, met by video conference on Saturday and reached an agreement to continue cutting 9.7 million barrels a day — or about 10 percent of global output in normal times — through July, OPEC said in a news release.

Under the original agreement reached on April 12 by the combined producers’ group, known as OPEC Plus, production was set to increase in steps after June.

The recognition that the deep cuts need to continue for a month or perhaps longer shows that despite the recent surge in oil prices, the large producers remain worried that the oil market could fall apart again.

Prince Abdulaziz bin Salman, the Saudi oil minister, noted that concern in a speech to the OPEC Plus meeting, which he headed.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown,” he said. “But we are not out of the woods yet.”

One risk is that reviving the world economy after the worst of the pandemic passes will prove more difficult than investors are now anticipating. While production cuts and voluntary closings of oil wells have helped bring demand and supply closer to balance, there are still huge stocks of oil in tank farms and on ships that could flood the market.

“Warning flags are still flying here,” said Robert McNally, president of Rapidan Energy Group, a market research firm.

Mr. McNally noted that the April price crash dramatically altered the dynamic between Saudi Arabia and Russia, which engaged in an ill-timed price war after a failed OPEC meeting in early March. The Saudis sharply boosted production in April, just as the effects of global shutdowns were hitting oil demand hardest.

That contributed to the crash in oil prices in late April, with West Texas Intermediate crude, the American standard, falling into negative territory, while Brent crude, the international benchmark, briefly dropped below $20 a barrel.

With traders anticipating a new deal, both Brent crude and West Texas Intermediate crude soared by nearly 6 percent on Friday, to $42.30 a barrel for Brent crude and $39.55 a barrel for the West Texas crude. The markets were closed on Saturday.

  • Updated June 5, 2020

    • Does asymptomatic transmission of Covid-19 happen?

      So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very…



Read More: OPEC and Russia Agree to Extend Oil Production Cuts

Latest Oil MArket NewsPosts

DAILY OIL PRICE: July 30

U.S. shale investors shamed by oil price crash, posts worst quarter since

DAILY OIL PRICE: July 28

Tags: AgreecutsExtendoilOPECProductionRussia

Related Posts

DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 30

by Oil Market
July 31, 2020
0

Oil Barrels Posted: Thursday, July 30, 2020 2:00 pm DAILY OIL PRICE: July 30 Odessa American oanews@oaoa.com Odessa American...

Read more
U.S. shale investors shamed by oil price crash, posts worst quarter since
Oil Price

U.S. shale investors shamed by oil price crash, posts worst quarter since

by Oil Market
July 30, 2020
0

HOUSTON  – U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
Saudi Arabia and Russia end their oil-price war with output cut agreement
Oil Price

Saudi Arabia and Russia end their oil-price war with output cut agreement

by Oil Market
July 28, 2020
0

By Javier Blas, Salma El Wardany and Grant Smith on 4/9/2020 LONDON (Bloomberg) - Saudi...

Read more
How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash
Oil Price

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash

by Oil Market
July 27, 2020
0

2020 hasn’t been kind to the energy sector, and a growing wave of energy bankruptcies has started to build....

Read more
Next Post
The Saudi/Russia Oil Price War: Historic Blunder #1

The Saudi/Russia Oil Price War: Historic Blunder #1

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

PetroTal Announces Restart of Production at Bretana Oil Field

PetroTal Announces Restart of Production at Bretana Oil Field

3 years ago
Saudi Aramco to use cash and debt to uphold dividends pledge amid reports

Saudi Aramco to use cash and debt to uphold dividends pledge amid reports

3 years ago
Nigeria’s potential crude oil reserves expected to fall by 6 billion

Nigeria’s potential crude oil reserves expected to fall by 6 billion

3 years ago
Envoy Acquires Avantis Marine

Envoy Acquires Avantis Marine

3 years ago
Will There Be Another Oil Price War? | OilPrice.com

Will There Be Another Oil Price War? | OilPrice.com

3 years ago
Are The Oil Giants Rising To Shareholder Demands And Cutting CO2 Levels?

Are The Oil Giants Rising To Shareholder Demands And Cutting CO2 Levels?

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com