• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 9 hours The Truth about Chinese and Indian Engineering
  • 1 hour Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 10 hours The World is Facing a Solar Panel Waste Problem
  • 1 day The Core Issue Of US Chaos..Finally disclosed
  • 7 hours Pompeo upsets China; oil & gas prices to fall
  • 23 hours Rational analysis of CV19 from Harvard Medical School
  • 14 hours China's impending economic meltdown
  • 9 hours Why Oil could hit $100
  • 2 days Open letter from Politico about US-russian relations
  • 12 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 19 hours Brent above $45. Holding breath for $50??
  • 13 hours Sell Natural Gas Benefits to Grow the Market!
  • 12 hours Trump Suggests Delaying Election Amid Fraud Claims
  • 2 days Russia Trying To Steal COVID-19 Vaccine Data, Say UK, U.S. and Canada
Editorial Dept

Editorial Dept

More Info

Premium Content

What Will OPEC Do Next?

COVID Market Update

- If you want to know where OPEC’s production is heading, one needs only to look at their next month’s OSP, particularly to its largest market, Asia. This week, Saudi Arabia raised its June OSP to Asia, as well as to the US and Europe, in a clear sign that it is indeed cutting production and planning fewer exports. This isn’t difficult for Saudi Arabia to achieve, as their April production was at an all-time high as it tried to regain market share in an aggressive grab designed to get the upper hand in the Russian production cut saga and quash US shale.

- The Texas Railroad Commission gave up on the idea of planned production cuts after two of the three chairmen voted the measure down. The measure was supported mainly by smaller oil companies, while the larger more integrated--and therefore better positioned--companies were opposed to the measure. Chairman Ryan Sitton, in favor of production cuts for the industry, argued that the measure was never really seriously considered.

- Devon Energy Corp (DVN) said it would shut in 10,000 bpd for Q2, with the potential for additional cuts as needed, to be decided on a month-to-month basis. Devon is a major producer in the Permian basin, where it produces 84,000 bpd of its total 155,000 bpd expected after the curtailment.

- And, in some way, on the oil and gas scene at least, COVID-19 is positioning Turkey’s Erdogan for a bit of a win in the Mediterranean. Italian Eni…





Leave a comment

Leave a comment




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