• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours In a Nutshell...
  • 1 day No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 1 day The Coal Industry May Never Recover From The Pandemic
  • 11 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days A Real Reality Check on "Green Hydrogen"
  • 2 days Why Oil could hit $100
  • 16 hours Where is Alberta, Canada headed?
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 day Putin Paid Militants to Kill US Troops
  • 2 days Why Wind is pitiful for most regions on earth
10 Energy Stocks Defying The COVID-19 Slump

10 Energy Stocks Defying The COVID-19 Slump

The COVID-19 crisis has hit…

OPEC To Cut More Than Expected

OPEC’s January production is likely to come in lower than anticipated, a former Saudi Aramco executive said in a statement to CNBC on Thursday.

The oil cartel agreed last month to shave 800,000 barrels per day off its October production levels, with its non-OPEC allies agreeing to cut 400,000 barrels per day, for a combined 1.2 million barrels per day. But Sadad al Husseini, former executive vice president of Saudi Aramco, told CNBC that OPEC is likely to cut in January about 1 million barrels per day off its October production levels, adding that it is possible that the cartel could cut as much as 1.2 million bpd—that’s in addition to its allies who promised to cut 400,000 bpd.

All signs from OPEC this past week, following a brutal oil price slide, have all indicated that OPEC was aware that the 1.2 million bpd in promised cuts would not quell the market unrest. The United Arab Emirates Energy Minister said on Tuesday that a market rebalance should take place in the first quarter of 2019; he also added that OPEC would cut deeper if it turned out to be an insufficient volume of oil taken off the market.

Then news came in that Saudi Arabia’s exports had fallen more sharply than expected, and indications are today that fewer OPEC barrels—the fewest in five years, in fact—made their way to the United States in December.

Most analysts agree that oil prices will stay low if OPEC and its allies fail to make good on its promise. Oil prices were up late on Thursday afternoon after the bullish media reports, with WTI trading up 1.22% per barrel at $47.11, with Brent trading up 1.78% at $55.89 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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