An oil tanker docks at the port of Hodeidah, Yemen October 17, 2019. — Reuters pic
“The collapse in oil prices is a result of the reality that while Opec is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it,” said Scott Shelton, energy specialist at United ICAP. “A lot of hope got priced into this market over the past several days,” said John Kilduff, partner at hedge fund Again Capital LLC.
“A 10 million bpd deal is far lower than what the market needs at the moment,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy noting “now hopes can only rely on what other countries outside the alliance will do.”
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:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US pushes back on call by Opec+ to join big oil output cuts | Malay MailLONDON, April 8 ― Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the US Department of...
Source: malaymail - 🏆 1. / 86 Read more »
Iran doesn't agree with Opec+ meet without clear outcome, says minister | Malay MailDUBAI, April 8 ― Iran does not agree with holding any Opec+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, its oil minister said in a letter to Opec and seen by Reuters. “The vague circumstances around which the upcoming Opec and non-Opec...
Source: malaymail - 🏆 1. / 86 Read more »
WSJ: Saudi Arabia buys stakes worth US$1b in European oil companies | Malay MailRIYADH, April 9 ― Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about US$1 billion (RM4.33 billion) in four major European oil companies, the Wall Street Journal reported yesterday, citing people familiar with the matter. The four companies...
Source: malaymail - 🏆 1. / 86 Read more »
Saudi, Russia agree record oil cut under US pressure as demand crashes | Malay MailDUBAI, April 10 — Opec and its allies led by Russia agreed yesterday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. The cuts by Opec and its allies, a group...
Source: malaymail - 🏆 1. / 86 Read more »
Russia, Saudi to debate oil output cuts as US resists joining | Malay MailDUBAI, April 9 ― Opec and Russia meet today to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action. Global fuel demand...
Source: malaymail - 🏆 1. / 86 Read more »
US oil state senators to talk crude markets with Saudi officials Saturday, says source | Malay MailWASHINGTON, April 8 ― Republican US senators who have introduced a Bill that would remove US defence systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom's officials on Saturday, a source familiar with the planning said yesterday. Senators Kevin Cramer...
Source: malaymail - 🏆 1. / 86 Read more »