• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 7 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 10 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 17 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 14 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 6 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.

Breaking News:

California Gasoline Prices Are Spiking

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Traders Fear Second Round Of Demand Destruction

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday and could end the week with a loss after OPEC and other major producers including Russia agreed to ease record supply curbs from August.

The move is risky because the rise in coronavirus infections in the United States and around the world could lead to a second round of demand destruction if the outbreak cannot be contained. However, some traders are downplaying the threat, citing tightening global inventories and a pick-up in the economy as reasons to remain optimistic.

OPEC+ Says Production Cuts Will Be Tapered

OPEC and its allies agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic.

OPEC+ has been reducing output since May by 9.7 million barrels per day, or 10% of global supply, but from August, cuts will officially taper to 7.7 million bpd until December.

Despite the official OPEC+ accord, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.1 million-8.3million bpd, more than the headline number. That’s because countries in the grouping which over-produced earlier this year would compensate by making extra August-September cuts, the minister said.

Other News

International Energy Agency Executive Director Fatih Birol said on Wednesday that global oil markets…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News