Sunday, February 5, 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

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

July 28, 2020
in Oil Price
Saudi Arabia and Russia end their oil-price war with output cut agreement
Share on FacebookShare on Twitter


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



By Javier Blas, Salma El Wardany and Grant Smith on 4/9/2020

LONDON (Bloomberg) – Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse.

The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, who fear thousands of job losses in the U.S. shale patch, not to mention Wall Street chaos. The price crash has also threatened the stability of oil-dependent nations and forced companies from Exxon Mobil Corp. to small independents to rein in spending.

OPEC and its allies, meeting by video conference, agreed to cut production by about 10 million barrels a day in May and June, delegates said, asking not to be identified ahead of an official statement. Saudi Arabia and Russia, the biggest producers in the group, will each take output down to about 8.5 million a day, with all members agreeing to cut supply by 23%, one delegate said.

“Both Saudi and Russia were going to have to cut anyway, and these cuts allow them to win political points too,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd.

While the headline cut equates to a historic reduction of about 10% of global supply, it makes up just a fraction of the demand loss, which some traders estimate at as much as 35 million barrels a day.

Brent crude erased earlier gains, trading down 2.3% at $32.10 a barrel as of 7:23 p.m. in London. Prices have tumbled by half this year as the spread of the coronavirus coincided with a bitter price war that saw producers flood the market.

 “Covid-19 is an unseen beast that seems to be impacting everything in its path,” Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said in a speech at the online gathering. “The supply and demand fundamentals are horrifying” and the expected oversupply, particularly in the second quarter, is “beyond anything we have seen before.”

Barkindo urged action to tackle the growing surplus, which he estimated at 14.7 million barrels a day in the second quarter. And he wants action not only from OPEC+ producers but from nations beyond the alliance.

On top of the planned 10 million-barrel reduction, OPEC+ is seeking cuts of as much as 5 million a day from Group of 20 countries, delegates said.

A contribution from the G-20, whose energy ministers are set to hold talks on Friday, could give extra potency to efforts to revive prices. Russia has insisted that the U.S. in particular do more than just let market forces reduce its record production. Trump, meanwhile, has said America’s cut will happen “automatically” as low prices put shale in dire straits, a sentiment reiterated by his energy secretary on…



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

Tags: AgreementArabiacutOilPriceoutputRussiaSaudiwar

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
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
RPT-Spring oil flood causes summer queues in Chinese ports
Oil Price

UPDATE 1-Belarus buys first oil from Saudi Arabia -refiner Belneftekhim

by Oil Market
July 26, 2020
0

(Adds detail) By Olga Yagova, Andrei Makhovsky and Gleb Gorodyankin MOSCOW/MINSK, April 29 (Reuters) - Belarus, which has long...

Read more
Next Post
CNG outlets to reopen today as govt arranges fuel oil for power utility

Pakistan’s oil demand set to bounce back after COVID pain

Leave a Reply Cancel reply

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

Today Oil Markets

US offshore wind power spending has oil in its sights

US offshore wind power spending has oil in its sights

3 years ago
Oil Slides With Expected U.S. Supply Gain Amplifying Demand Woes

Oil Slides With Expected U.S. Supply Gain Amplifying Demand Woes

3 years ago
Oil and gas interests plan to go to the ballot, even if the other side

Oil and gas interests plan to go to the ballot, even if the other side

3 years ago
Contango Oil & Gas Company (TX) (MCF) Soars 2.75% on July 02

Contango Oil & Gas Company (TX) (MCF) Soars 2.75% on July 02

3 years ago
Total Piles Into North Sea Oil as OPEC+ Cuts and Demand Gains

Total Piles Into North Sea Oil as OPEC+ Cuts and Demand Gains

3 years ago
Oil prices end slightly lower, post first weekly loss in 7 weeks

Oil prices end slightly lower, post first weekly loss in 7 weeks

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