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Keyword: opec

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  • Reshuffling: Oil price crash alters priorities, greases skids to new world order

    05/28/2020 8:19:26 PM PDT · by E. Pluribus Unum · 11 replies
    The Washington Times ^ | Thursday, May 28, 2020 | Ben Wolfgang and Guy Taylor
    The sustained plunge in global oil prices has brought deep, unexpected shifts on the geopolitical landscape, with impacts felt in the Arctic and the Middle East, and in the fortunes of the American heartland and the future of the Russian-Chinese strategic alliance. A U.S.-engineered market truce has helped energy prices rebound slightly this month after flatlining in April, but analysts say reverberations will likely be felt for years to come as they chip away at the foundational international partnerships in the post-World War II era and create new alliances and rivalries. Analysts say there is no way the U.S. and...
  • Pentagon pulling Patriot missile systems from Saudi Arabia

    05/08/2020 4:36:48 PM PDT · by dynachrome · 41 replies
    The Hill ^ | 5-7-2020 | ELLEN MITCHELL
    The U.S. military is removing Patriot antimissile systems from Saudi Arabia as part of a shift of forces and equipment in the region following a buildup last year in response to Iranian threats, a U.S. official confirmed on Thursday. The Wall Street Journal first reported that Washington is moving four Patriot missile batteries from the region. The U.S. official confirmed to The Hill that two Patriot systems will come from Saudi Arabia — along with the roughly 300 military personnel deployed to man them. The two systems had been sent to the country last year after a Sept. 14 strike...
  • Special Report: Trump told Saudis: Cut oil supply or lose U.S. military support - sources

    04/30/2020 4:33:17 AM PDT · by Oldeconomybuyer · 41 replies
    Reuters ^ | April 30, 2020 | by Timothy Gardner, Steve Holland, Dmitry Zhdannikov, Rania El
    WASHINGTON/LONDON/DUBAI - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters. The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that...

    04/26/2020 6:53:55 PM PDT · by Hojczyk · 29 replies
    Powerline ^ | April 26,2020 | John Hinderaker
    Moore comes at the issue from a far-left perspective: Michael Moore presents Planet of the Humans, a documentary that dares to say what no one else will this Earth Day — that we are losing the battle to stop climate change on planet earth because we are following leaders who have taken us down the wrong road — selling out the green movement to wealthy interests and corporate America. This film is the wake-up call to the reality we are afraid to face: that in the midst of a human-caused extinction event, the environmental movement’s answer is to push for...
  • New Mexico watching as Texas considers limits on oil production

    04/26/2020 6:20:13 PM PDT · by brownwill6767 · 23 replies
    SANTA FE NEW MEXICAN ^ | 4/25/20 | JENS Gould
    As oil prices have plummeted to levels never before seen, a rift has opened among the companies that extract crude. Some of them say state regulators should force producers to pump less in the hopes such regulation will raise prices. Others say no, just let the market do its job. While Texas, an oil-producing behemoth, is weighing the controversial idea of imposing limits, New Mexico, now an oil powerhouse in its own right, has largely stayed out of that debate. Depending where oil prices go and what other states decide to do, there may come a point when the state...
  • On average, Wisconsin is pumping nation's cheapest gas

    04/26/2020 9:13:30 AM PDT · by Bruiser 10 · 60 replies
    Fox11 News ^ | 25 April 20 | John Doran
    Fewer drivers on the road, means fewer and fewer people are filling up their tank. “With consumers are staying at home and the economy in troubled waters, I think that’s kind of the best summary. People are just not driving,” said GasBuddy Head Petroleum Analyst Patrick De Haan. At one point Friday morning, the Francis Creek Shell station was selling the cheapest gas in the country at just 75 cents a gallon. Experts say while you're saving now, you may have to pay for it later. “It’s exciting to see the gallon count go up as fast as the dollar...
  • Continental Resources halts shale output, seeks to cancel sales

    04/23/2020 5:26:18 PM PDT · by Zhang Fei · 12 replies
    Reuters ^ | April 23, 2020 / 7:10 PM / Updated 10 minutes ago | Devika Krishna Kumar in New York, Liz Hampton in Denver; writing by Gary McWilliams
    April 23 (Reuters) - The largest oil producer in North Dakota has halted most of its production in the state, notifying some customers it would not supply crude at current pricing, according to people familiar with the matter. Continental Resources Inc, the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state’s Bakken shale field, said three people familiar with production in the state. North Dakota is the second-largest oil-producing state in the United States after Texas. Global oil prices have plunged this spring because of excess supplies and a lack...
  • Hackers posed as Egyptian oil contractor in apparent spy campaign ahead of OPEC meeting

    04/23/2020 1:29:32 PM PDT · by nickcarraway · 1 replies
    Cyberscoop ^ | APR 21, 2020 | Jeff Stone
    Hackers are trying to infect organizations throughout the world with a popular strain of malware by sending emails that appear to be from an Egyptian oil company. In research published Tuesday, Romanian antivirus company BitDefender noted a surge in attempted phishing attacks that try to trick users into downloading malware by masquerading as Enppi, an oil company owned by the Egyptian government. The malware, known as Agent Tesla, is a spyware tool which enables hackers to monitor keystrokes, steal data about file downloads and collect username and password credentials from internet browsers, among other capabilities. The number of attacks spiked...
  • The Collapse of the Oil Industry

    04/23/2020 5:21:58 AM PDT · by Kaslin · 41 replies ^ | April 23, 2020 | Derek Hunter
    The collapse of the price of a barrel of oil this week was something to see. It was cheaper for producers to pay people to take it away than it was to store it themselves, as capacity had been reached. They were offering almost $40 per barrel to take the oil. Made me wish I had an Olympic sized swimming pool I could fill up for a rainy day. While people watched dumbfounded at how this could happen, people working in the energy industry were terrified - what would this mean for the jobs, millions of them? The answer isn’t...
  • Negative Crude Oil Prices: Not A Matter For Celebration

    04/21/2020 6:08:46 AM PDT · by EyesOfTX · 21 replies
    DB Daily Update ^ | David Blackmon
    The NYMEX price for West Texas Intermediate (WTI) fell into negative territory on Monday, the lowest level ever recorded, and the only real question is why was anyone surprised by this turn of events? Think about it: As much as we like to talk about renewables and the Green New Deal and all the other pop-culture things, the global economy still runs by and large on oil and natural gas. Demand for oil is entirely dependent on economic growth. As the U.S., China and well over 150 other countries have gone about closing down vast swaths of their economies to...
  • Trump says U.S. 'looking to' add as many as 75 million barrels to Strategic Petroleum Reserve

    04/20/2020 3:38:57 PM PDT · by abb · 71 replies ^ | April 20, 2020 | Robert Schroeder
    President Donald Trump said Monday the U.S. is "looking to" add as many as 75 million barrels of oil to the Strategic Petroleum Reserve. Trump spoke after an historic day in the oil [cl.1] markets, in which the May WTI crude contract closed at -$37.63 a barrel, a one-day drop of 306%. Trump said he was considering the move "based on the record low price of oil," and that the action would "top it out." Speaking at a White House press briefing, Trump said, "we'd get it for the right price."
  • Biden Calls CV-19 An ‘Opportunity’ To ‘Fundamentally Change The Science Relating To Global Warming’

    04/20/2020 8:25:45 AM PDT · by Rusty0604 · 43 replies
    Explain Life ^ | 04/20/2020 | Martin Walsh
    Following other prominent left-wing lawmakers, Biden had quite the slip of the tongue recently when he told virtual CNN town hall audiences there’s an “opportunity” to exploit the coronavirus pandemic to “fundamentally change the science relating to global warming.” Biden seemed to suggest that the global pandemic presented the perfect opportunity for Democrats and progressives to expand the scope of federal economic and environmental policy. “It’s like the New Deal. Think of every great act, every great change that’s taken place. It’s come out of a crisis. … What we did, we expanded opportunity. And I think we have an...
  • Flood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10

    04/20/2020 9:09:15 AM PDT · by DannyTN · 107 replies ^ | Apr 20, 2020 | Tsvetana Paraskova
    ... Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019. The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March. ...
  • Oil drops to 11 dollars per barrel!!

    04/20/2020 6:43:17 AM PDT · by hapnHal · 139 replies
    Fox TV news | 20 April 20 | hapnHal
    Fox morning news is reporting that Oil Prices have dropped to 11 dollars per barrel. What does this mean? Eliminate and/or reduce gas taxes and we may have .33 cents per gallon gas again.
  • Price For A Large Pizza: $14.99. Price For A Barrel Of Oil In The United States: $11.50

    04/20/2020 6:40:04 AM PDT · by Enlightened1 · 28 replies
    Oil Price ^ | 04/20/20
    Think I am going to be topping off my gas tank every time I go out. I saw a report the other day where there was a gas station in the Midwest that had 12 cents a gallon. Right now ever gas station is filled. The gas trucks are on hold ,and we even have ships that cannot deliver sitting off the coasts because there are no trucks and port is full. It's a good time to buy the dip. Nevertheless, this economy needs to be turned back on.
  • US crude price collapses, settles at minus $37.63 a barrel {Yes Negative Price] [ed]

    04/20/2020 12:08:37 PM PDT · by C19fan · 99 replies
    Reuters ^ | April 20, 2020 | Stephanie Kelly
    U.S. crude oil futures turned negative Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover. Physical demand for crude has dried up, creating a global supply glut as billions of people stay home to slow the spread of the novel coronavirus. West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel. Meanwhile, international benchmark, Brent crude, which has already rolled to the June contract, traded 8.9% lower at $25.58 per...
  • Stocks Decline as Oil Prices Collapse to Record Lows

    04/20/2020 10:33:08 AM PDT · by tatown · 103 replies
    The Street ^ | 4/20/2020 | Joseph Woelfel
    U.S. crude futures for May delivery, the near-term contract, sank to their lowest level on record ever Monday, falling below $10 a barrel as traders fretted over the capacity of storage facilities both in the U.S. and abroad. At last check, West Texas Intermediate crude fell 74% to $4.72 a barrel. Contacts for June delivery declined 23%. "In my view, the plunge in oil prices speaks to the decline of global growth as demand dries up," said Dan Russo, chief market strategist at Chaikin Analytics, a quantitative investment research firm based in Philadelphia. "This could be a concern for investors...
  • Trump says OPEC and allies are looking to cut ‘20 million barrels a day, not the 10 million’ that’s being reported

    04/13/2020 8:03:49 AM PDT · by know.your.why · 38 replies
    Marketwatch ^ | April 13, 2020 | Mark DeCambre
    Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19 disaster, the Energy Industry will be strong again, far faster than currently anticipated. Thank you to all of those who worked with me on getting this very big business back on track, in particular Russia and Saudi Arabia.
  • News Summary-Intelligence Report Sunday 4/12/2020

    04/12/2020 9:58:26 PM PDT · by Nextrush · 1 replies
    Nextrush Free ^ | 4/12/2020 | Nextrush/Self
    Breaking News: Tornadoes left a path of death and destruction in Mississippi today..At least seven are reported dead.... An agreement among the OPEC+ nations to reduce oil production was reached this afternoon US time. Some 9.7 million barrels a day from OPEC+ countries will be combined with 2.7 million barrels a day in cuts coming from Brazil, Canada and the United States..... President Trump holding a conversation with Russian President Vladimir Putin..... A Turkish court this weekend accepting the indictment of 20 Saudi nationals in the killing of write Jamal Khashoggi.... The Israeli President Reuven Rivlin is denying Blue and...
  • OPEC, allies agree to cut oil output by record amount

    04/12/2020 5:29:39 PM PDT · by bitt · 21 replies ^ | 4/12/2020 | zack budryk
    OPEC, Russia and other oil-producing countries, collectively known as OPEC+, have reached a tentative deal to cut oil output by 9.7 million barrels a day due to the coronavirus pandemic. Talks between the countries had hit a last-minute hurdle last week when Mexican President Andrés Manuel López Obrador appeared reluctant to cut his country's production levels. But Mexico's energy secretary confirmed Sunday that a deal had been reached. President Trump confirmed Sunday that a deal had been reached. The countries’ delegations are set to hold an emergency meeting Sunday evening to finalize talks, Azerbaijan’s energy minister said, telling CNBC the...