• 3 minutes The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 22 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 4 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 10 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 22 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia, the world’s top…

Is It Time To Buy Oil And Gas Pipeline Stocks?

Is It Time To Buy Oil And Gas Pipeline Stocks?

This week our Intelligent Investor…

Canada’s Biggest Oil Driller Backs Global Production Cut

Canada’s largest oil producer, Canadian Natural Resources, is ready to back a potential pledge by Canada’s federal government for a production cut if it is a fair broad-based approach, the company’s president Tim McKay said on Wednesday.   

“We supported curtailments here in Alberta to help balance the market when you have these issues,” McKay said on an online investor conference, as carried by Reuters.

“To me, as long as it’s a broad-based approach, we could support it,” the executive added.

Canada’s oil industry has been one of the worst-hit in the price crash and the Saudi-Russian oil price war, with the price of Canadian oil plunging to below US$5 a barrel last week. Faced with plummeting oil prices, many Canadian companies hastened to reduce capital spending, curtail operations, defer investments and start-ups, cut executive salaries, and lay off workers.

Major oil producers such as Saudi Arabia, Russia, and the United States are set to discuss ways to potentially cut global oil production by 10 million bpd later this week at an OPEC+ video meeting on Thursday and a G20 energy ministers’ video conference on Friday.

The leaders of the OPEC+ group, Saudi Arabia for OPEC and Russia for non-OPEC, are reportedly ready to negotiate a massive global production cut amid sinking demand, despite a bitter weekend spat between the former allies about who ditched whom in the OPEC+ talks.   

Both Saudi Arabia and Russia are signaling that they are ready to talk but are pointing out that any massive cut should involve the United States, too, and are hinting at the participation of every major oil producer.

Analysts say that even if a larger so-called OPEC++ group – involving OPEC+ plus the U.S., Canada, Brazil, Norway, and other producers not part of OPEC+, were to agree to a massive cut of 10 million bpd, this will still be much lower than the demand loss expected in Q2 and will not go far to prevent global storage filling to the brim by mid-May.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

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