• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 3 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 8 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 1 day Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 14 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Fukushima
  • 3 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 16 hours Biden about to face first real test. Russia building up military on Ukraine border.
U.S. Rig Count Increases As Oil Prices Hold Above $60

U.S. Rig Count Increases As Oil Prices Hold Above $60

Baker Hughes reported on Friday…

Why Gasoline Prices Often Rise In Spring

Why Gasoline Prices Often Rise In Spring

Gasoline prices set to rise…

Yergin: Oil Prices Could Go As High As $75 In 2022

Yergin: Oil Prices Could Go As High As $75 In 2022

IHS oil expert Daniel Yergin…

Editorial Dept

Editorial Dept

More Info

Premium Content

There Is Still Hope For Oil Prices

U.S. West Texas Intermediate and international benchmark Brent crude oil futures are likely to firm next week after OPEC and its allies agreed to a historic production cut agreement on Friday. The reason we’re not too enthusiastic about a major breakout to the upside or change in trend is because dealmakers hit a snag and we continue to look for demand destruction.

According to reports, and agreement to cut production between OPEC and its major friends, including Russia, hit a snag after Mexico refused to agree to its share of the cuts after a grueling nine-hour marathon meeting between the parties.

The other major players know as OPEC+ earlier in the day agreed to cuts that would take 10 million barrels per day offline as the coronavirus pandemic saps demand for crude.

“A statement released by OPEC following the meeting outlined details of the cuts but notes the measures “agreed by all the OPEC and non-OPEC oil-producing countries participating in the Declaration of Cooperation, with the exception of Mexico, and as a result, the agreement is conditional on the consent of Mexico.”

Apparently OPEC+ wants Mexico to cut production by 400,000 barrels per day, but Mexico will only agree to a 100,000 barrel per day reduction for the next two months.

I expect the parties to reach a compromise over the weekend so I’m sticking with my forecast for a firm opening on Monday. The news may be enough to underpin prices over the…





Leave a comment
  • Borhan on April 11 2020 said:
    good job

Leave a comment




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