• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 5 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 9 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 3 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 6 hours KSA taking Missiles from ?
  • 2 mins Trump eyes massive expulsion of suspected Chinese spies
  • 8 hours Where's the storage?
  • 9 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 11 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 9 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 13 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 14 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 16 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off

Does Extending The OPEC+ Deal Make Sense?

Rig

The price jump evidenced during the last weeks was blasted through the ceiling with the White House announcing it does not intend to renew waivers to buyers of Iranian crude. The news, labelled a big mistake by Iran’s foreign ministry, was met with shock and dismay in China and Turkey, with India claiming it might bring down Iranian imports to zero. The Trump Administration stated it counts on Saudi Arabia and UAE to offset any potential supply shortages, yet Saudi Aramco already indicated it does not intend to raise output in May 2019. By the middle of the working week, the situation has calmed somewhat due to the IEA’s assurances that the market is adequately supplied and that there will not be any massive supply deficit, yet refiners with a slate tilted towards heavy grades might beg to disagree.

(Click to enlarge)

In view of the above global benchmark Brent traded at 73.8-74 USD per barrel, whilst WTI was hovering around 66-66.2 USD per barrel as of Wednesday afternoon.

1. Full US Iran Sanctions Would Make Prolongation of OPEC+ Deal Senseless

(Click to enlarge)

- If carried through, the US’ announced intention not to extend any of the 8 waivers it handed out to buyers of Iranian oil last November would cut short the relevancy of the OPEC+ agreement.
- In the past 12 months, exports of heavy sweet and heavy sour grades have fallen almost 1mbpd from 6.6mbpd to 5.66mbpd – and spectacularly so from…




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