. What happened? Essentially, Saudi Arabia got what it wanted out of the OPEC+ videoconference this weekend, and then the Saudi oil minister made the oil prices fall by giving imprudent answers at a Monday morning press conference. But, in truth, Saudi Arabia’s doesn’t really care that the prices dropped a little on Monday. Here’s Why:... [+]
center, and Russian Energy Minister Alexander Novak, attend a news conference after an OPEC meeting in Abu Dhabi, United Arab Emirates, Thursday, Sept. 12, 2019. OPEC's Joint Ministerial Monitoring Committee met Thursday in Abu Dhabi as estimates of lowered crude oil demand in 2020 have the cartel considering additional production cuts. Before the meeting started, Prince Abdulaziz again called for"cohesiveness" in OPEC.
On Monday morning, OPEC+ held a press conference at which the Saudi and Russian oil ministers answered reporters questions via videoconference. When asked about how the organization would compel Iraq to comply with production cuts this time around, the Saudi oil minister, Abdulaziz bin Salman, did not provide confidence to the market.
This is a great lesson in the difference between the prices of oil on the exchanges and the actual prices at which oil companies sell their product. Aramco does not sell its oil based on the price you see on the ticker. It sets its own prices, informed by the exchanges and agreed upon with a purchaser. The Saudi oil ministry may want higher oil prices, but he does not care about the trading price on a given day as much as an oil trader behind a terminal does.
petrol doubled ...and is clearly affected by the virus. When planes will start to fly, petrol will go up. Despite Forbes want so much it to fail. all is good to make Trump fail.
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Saudi Arabia says there is 'no room whatsoever' for non-compliance over OPEC+ production cutsIt comes shortly after OPEC and non-OPEC allies agreed to extend their deepest round of production cuts in history. hahahahahahahahahahahahahahaha MBS = MisterBoneSaw It’s time for the GreenNewDeal JoeBiden a new world, a fair world, needs to eliminate poisonous oil from ecology and the economy NOW! Put the under employed into action: Build a green energy economy before it’s too late GretaThunberg is right!
Source: CNBC - 🏆 12. / 72 Read more »
Saudi Arabia considers limiting haj pilgrims amid COVID-19 fearsSaudi Arabia could drastically limit numbers at the annual haj pilgrimage to prevent a further outbreak of coronavirus after cases in the country topped 100,000, sources familiar with the matter said on Monday. Smart! considers? Covid for all
Source: Reuters - 🏆 2. / 97 Read more »
Saudi Arabia to end voluntary cuts on top of OPEC+ pactSaudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday.
Source: Reuters - 🏆 2. / 97 Read more »
Oil rally and Saudi price spikes could hurt refiners, stifling market recoveryGoldman Sachs cited 'very poor refining margins and the recent sharp decline in U.S. crude bases' as supporting its 'bearish outlook.' It's because price fixing doesn't work, falsely raising oil prices on weak demand by cutting production then refining it to fuel on weak demand only cuts profit margins. I guess we could pass on the prices fixing to gas prices at the pump, which will also add to inflation. saudis take price low , they want $100 . what is the news? The whole thing is a corrupt racket.
Source: CNBC - 🏆 12. / 72 Read more »
The Saudi-Russia oil price war was a 'very big mistake,' Qatar energy minister saysThe call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March. But it a great warning to oil rich African countries that is highly over dependent on rents from daily export of oil. Saudi amd Russia fighting an oil price war, and U.S. oil companies falls. China is printing $22 billion counterfeit US dollars and putting into global market...
Source: CNBC - 🏆 12. / 72 Read more »
Spain's supreme court investigates former king Juan Carlos on Saudi caseSpain's supreme court prosecutor has opened an investigation into former King Juan Carlos as part of a probe into a high-speed train contract in Saudi Arabia, the general prosecutor said in a statement on Monday. I am dreaming of our courts investigating our politicians. It took so many years. The right wing refused to investigate. Justice!! Is he like Prince Andrew?
Source: Reuters - 🏆 2. / 97 Read more »