• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 3 hours L.A. Mayor Ditches Gas Plant Plans
  • 2 hours Prospective Cause of Little Ice Age
  • 8 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 5 hours students walk out of school in protest of climate change
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 22 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 23 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 10 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day And the War on LNG is Now On
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 10 hours Why Is Japan Not a Leader in Renewables?
  • 6 hours Is the Green race a race from energy dependence.
Alt Text

Maduro Says Oil Output Will Rise By 1 Million Bpd

Venezuela’s President Nicolas Maduro has…

Alt Text

Washington Eyes Crackdown On OPEC

Washington is making a move…

Alt Text

How Long Will This Oil Rally Last?

Oil prices have been trading…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Seesaws On Trade Deal Worries

Crude oil prices fell slightly today in Asia as traders continued with caution amid persistent worries about global economic growth and the chances of the United States and China agreeing on a trade deal.

At the time of writing, Brent crude was trading at US$62.01 a barrel, up by 0.62 percent, with West Texas Intermediate up 0.08 percent to US$52.68 per barrel.

Bad news about the state of the global economy, this morning, is coming from Europe and China. In Europe, analysts are warning of stock market weakness and growing recession fears as the European Commission cut its economic outlook for the eurozone citing Brexit chaos fears and a slowdown in China.

This expected economic slowdown in China is adding its own weight to crude oil prices given that the Asian economy is the second-largest oil consumer in the world. The trade dispute with Washington is certainly not helping reverse the bearish mood, deepened by President Trump’s recent announcement that he would not have any meeting with his Chinese counterpart Xi Jinping until the beginning of March. March 1 is the deadline Washington and Beijing set for themselves for reaching a trade agreement.

If no agreement is reached, president Trump will further increase tariffs on Chinese goods, which will lead to retaliation from Beijing and the exchange will as usual hurt oil flows: let’s recall that Chinese refiners stopped importing U.S. crude last year when the tension between Washington and Beijing heightened in late summer.

There are, however, tailwinds as well, or rather one major tailwind, which is OPEC’s production cuts. The latest production data for Saudi Arabia, from a survey by S&P Global Platts, shows that the Kingdom cut more than it had agreed to, at 10.21 million bpd, down 400,000 bpd from December. What the OPEC cuts are doing, however, is putting a floor under oil benchmarks, rather than achieving their goal of pushing prices higher.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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