A Saudi ruler replaces his oil minister for failing to deliver high enough prices as demand growth weakens and non-OPEC supply soars. I thought I’d woken up in 1986.
The current OPEC+ output cuts, of which Al-Falih was a key architect, were meant to last six months. They have now been extended to run into a fourth year and will almost certainly need to be prolonged again, if not deepened. Saudi Arabia is bearing the brunt of those cuts and has said it will reduce exports even further this month.
Oil demand growth is weakening, while U.S. production from the country’s vast shale deposits shows little sign of running out of steam. U.S. output hit a record 12.5 million barrels a day in weekly data last month, and new export pipelines and terminals expected in the coming months have the U.S. Department of Energy forecasting an output level of more than 13.5 million barrels a day by the end of next year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi King Salman replaces energy minister with one of his sonsPrince Abdulaziz bin Salman, the new energy minister, is an older half brother to 34-year-old Crown Prince Mohammed bin Salman and replaces Khalid al-Falih, who had been in the role since 2016.
Source: globeandmail - 🏆 5. / 92 Read more »
Saudi Aramco likely to give IPO roles to Citi, Goldman, HSBC and Samba, source saysSaudi Aramco likely to give IPO roles to Citi, Goldman, HSBC and Samba, source says GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »
Canadian dollar adds to last week’s rally as oil climbsCanadian dollar adds to last week’s rally as oil climbs GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »
Canada falls to Germany in last WC game, will still play for Olympic spot - Sportsnet.caCanada's men's basketball team ended the FIBA World Cup with an 82-76 loss to Germany on Monday, but will still finish high enough to get a second chance at qualifying for the 2020 Tokyo Olympics. FIBAWC Tokyo2020 Happy we still have a shot. It will be a difficult road. The question remains: who will show up?! FIBAWC Tokyo2020 All these nba guys not playing for their country Canada needs to get BOO! when they come back to play the Raptors
Source: Sportsnet - 🏆 57. / 59 Read more »
Saudi Arabia’s new energy minister says OPEC and cuts that keep oil prices up are here to stayPrince Abdulaziz, son of Saudi King Salman and half-brother of Crown Prince, first ‘royal technocrat’ to take helm
Source: nationalpost - 🏆 10. / 80 Read more »
Saudi Arabia’s new energy minister says OPEC and cuts that keep oil prices up are here to stayPrince Abdulaziz, son of Saudi King Salman and half-brother of Crown Prince, first ‘royal technocrat’ to take helm
Source: nationalpost - 🏆 10. / 80 Read more »