• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Which producers will shut in first?
  • 8 hours The Most Annoying Person You Have Encountered During Lockdown
  • 45 mins Its going to be an oil bloodbath
  • 24 hours We are witnesses to the end of the petroleum age
  • 4 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 7 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 43 mins How to Create a Pandemic
  • 1 day Breaking News - Strategic Strikes on Chinese Troll Farms
  • 6 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 13 hours Wastewater Infrastructure Needs
  • 2 hours KSA taking Missiles from ?
  • 1 day A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
Alt Text

Oil Stocks Haven’t Hit The Bottom Just Yet

The coronavirus pandemic, in addition…

Alt Text

Coronavirus Could Lead To Mass Layoffs In Oil And Gas

Covid-19 is not only impacting…

Editorial Dept

Editorial Dept

More Info

Premium Content

OPEC Is Ready To Rescue The Oil Market Again

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures posted a two-sided trading range this week with a slight bias to the downside as traders continued to assess the impact of the coronavirus on future crude oil demand in China.

The markets were underpinned by the prospect of additional production cuts from OPEC and its allies. However, gains were capped by rising U.S. inventories and uncertainty over the timing of the output cuts due to Russia’s hesitancy to participate in the new plan.

Crude oil markets started the week under pressure but then began to stabilize as sellers let up on speculation OPEC and its allies would provide some relief for producers.

US Energy Information Administration Weekly Inventories Report

Gains were capped on Wednesday after data from the U.S. Energy Information Administration (EIA) showed crude inventories rose by 3.4 million barrels during the week-ending January 31, higher than forecast. Traders were looking for a 3.0 million barrel build.

Gasoline inventories fell 100,000 barrels during the last week of January. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2 million bpd a week earlier.

Distillate fuels fell 1.5 million barrels last week. Distillate fuel production last week averaged 5 million bpd, down from a week earlier.

OPEC+ Production Cuts

Prices were boosted on Thursday after a technical committee advising OPEC…






Leave a comment

Leave a comment




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