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 news

Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

June 25, 2020
in oil news
Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Commodity outlook: Crude oil gains; here’s how others may fare

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

An Austrian army member stands next to the logo of the Organization of the Petroleoum Exporting Countries (OPEC) in front of OPEC’s headquarters in Vienna, Austria April 9, 2020.

Leonhard Foeger | Reuters

Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned.

OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, had been expected to hold their next meeting on Thursday.

However, while OPEC kingpin Saudi Arabia and non-OPEC leader Russia were thought to have tentatively agreed on a one-month extension to production cuts, S&P Global Platts reported on Wednesday, citing unnamed sources, the date of a meeting to finalize the deal remains uncertain. 

OPEC member Algeria, which currently holds the rotating presidency of the group, proposed late last month that the meeting should be brought forward from the original date of June 9-10.

Brent crude futures traded at $38.91 a barrel during Wednesday afternoon deals, down over 1.5%. Earlier in the session, the international benchmark had climbed above the $40-a-barrel mark for the first time since March 6. 

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures stood at $36.26, almost 1.6% lower. The contract had also climbed to its highest level since early March earlier in the trading day, but it has since erased those gains.

Oil prices have soared in recent weeks, rebounding from the lows of April amid optimism about an economic recovery in China and as other economies seek to gradually relax lockdown measures.

In April, OPEC+ agreed to cut oil production by a record 9.7 million barrels per day (b/d), approximately 10% of global output. The move was designed to prop up prices as the coronavirus pandemic led to an unprecedented collapse in oil demand.

The production cuts began on May 1 and are set to run through to the end of June. Under the current deal, the cuts will then be tapered back to 7.7 million b/d from July through to the end of 2020, and 5.8 million b/d from January 2021 through to April 2022.

What options are on the table?

Analysts at research firm Eurasia Group believe the OPEC+ meeting will “probably” see the energy alliance agree to extend the commitment to reduce oil production by 9.7 million b/d from July to September.

“As usual, Russia is playing hard to get in the run up to the talks but will prove willing to compromise in the end. Crucially, the Russians will be keen to reach a common position with the Saudis to demonstrate that the OPEC+ partnership remains firm,” analysts at Eurasia Group said in a research note.

“As for the Saudis, a short-term extension is an acceptable option given that there will probably be room to revisit cuts based on developments in markets,” they added.

Russian Energy Minister Alexander Novak and Saudi Energy Minister Abdulaziz Bin Salman sign documents during a ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia’s King Salman in Riyadh, Saudi Arabia, on…



Read More: Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

Tags: aheadAlgeriabusiness newsdoubtsearlyEnergyfallsICE Brent Crude (Jul'20)meetingoilOil and GasOPECOPEC MeetingsRussiaSaudi ArabiaweekWTI Crude (Jun'20)

Related Posts

Commodity outlook: Crude oil gains; here’s how others may fare
oil news

Commodity outlook: Crude oil gains; here’s how others may fare

by Oil Market
July 31, 2020
0

NEW DELHI: There was a sea of green in the commodities market bullion, base metals and bullion futures rose...

Read more
Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,
oil news

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

by Oil Market
July 30, 2020
0

Carl Court | AFP | Getty ImagesOil giant Royal Dutch Shell on Thursday reported a sharp drop in net...

Read more
Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,
oil news

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

by Oil Market
July 30, 2020
0

Stock Market Live: Indian shares were trading higher on Thursday mainly led by gains in pharma and IT...

Read more
US stocks decline as stimulus negotiations heat up and earnings miss hopes
oil news

US stocks decline as stimulus negotiations heat up and earnings miss hopes

by Oil Market
July 29, 2020
0

Reuters US stocks closed down on Tuesday as investors mulled Senate Republicans' coronavirus stimulus package and a slew of...

Read more
Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton
oil news

Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton

by Oil Market
July 29, 2020
0

29 July 2020 Company: Tokyo Gas Co., Ltd. Representative: President, Takashi Uchida Tokyo Stock Exchange, Tokyo 1st Section Security...

Read more
Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,
oil news

Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

by Oil Market
July 28, 2020
0

Nifty futures on the Singapore Exchange traded 76.5 point, or 0.69 per cent higher at 11,195, in signs that...

Read more
Next Post
Global Aviation Fuel Market to Reach $238.5 Billion by 2026: AMR – Oil &

BlackRock Smaller Companies Trust Plc - Final Results - Oil & Gas 360

Leave a Reply Cancel reply

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

Today Oil Markets

Norway: Tax Breaks to Spur Investments in New Offshore Projects

Norway: Tax Breaks to Spur Investments in New Offshore Projects

3 years ago
Can Northern Oil and Gas Inc. (AMEX:NOG) Offer Investors Safety?

Can Northern Oil and Gas Inc. (AMEX:NOG) Offer Investors Safety?

3 years ago
Oil extraction plant in Srinagar helps floriculturists boost their income –

Oil extraction plant in Srinagar helps floriculturists boost their income –

3 years ago

UK concerned over mercenaries at Libyan oil facilities

3 years ago
Oil prices outlook still uncertain as demand slow down, says Malaysia’s

Oil prices outlook still uncertain as demand slow down, says Malaysia’s

3 years ago
Western Canadian oil companies to restore all output cuts by year-end, says

Western Canadian oil companies to restore all output cuts by year-end, says

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