X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 1 day Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 1 day NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 10 mins Retired RAF pilot wins legal challenge over a wind farm
  • 11 hours Speaker Pelosi, "Tear Down This Wall"
  • 11 hours Disaster looming in UK offshore wind power
  • 11 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 8 hours Minerals, Mining and Industrial Ecology
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 10 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 10 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 13 hours Pipeline vs Train vs Ship to Transport Crude Oil.
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Deal Or No Deal: OPEC Heads Back To The Drawing Board

The Joint Technical Committee of the OPEC+ group, meeting before the regular OPEC meeting that is happening this week in Vienna, considered bigger oil production cuts—between 600,000 bpd and 1 million bpd, two Reuters sources said on Tuesday afternoon. The group ended up recommending additional cuts of at least 600,000 bpd.

But according to Energy Intel, OPEC+ ministers will not shake hands on a deal that involves increasing the production cuts. 

“There will be no handshakes when ‘Opec-plus’ oil ministers meet, but delegates are hopeful a deal will be struck to counter the impact of the coronavirus.” FX Street reported on Tuesday afternoon, citing Energy Intel sources.

But that doesn’t mean a deal isn’t forthcoming.

Rather, the handshake is likely meant in the literal sense, due to the coronavirus safety precautions that will be present at the meeting. Media has been banned from the OPEC meetings on virus concerns, and ministers will undergo medical screenings as they enter the building.

In addition to the no-handshake safety precautions, a no-hugs policy has also been advised, according to an image of OPEC meeting signage posted by Bloomberg News Managing Editor for the Middle East and North Africa Nayla Razzouk.

As the coronavirus continues to claim new lives and new cases on a daily basis, OPEC and its allies are in search of a solution to the oil demand problem that has caused oil prices to fall to lows not seen in years.

The 600,000 bpd recommendation was to take place in the second quarter of the year.

OPEC President and Algerian Oil Minister Mohamed Arkab confirmed on Tuesday that OPEC discussions this week would be “new, substantial cuts” to oil production.

WTI crude was trading up on Tuesday afternoon at $46.91 (+0.34%), showing a hint of optimism on a new deal. Brent crude was trading down at $51.61 (-0.56%)

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News