• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Texas Oil Rep To Discuss 10 Million Barrel Per Day Cut With Russia

Following US President Trump’s earlier tweet that he had discussed oil prices with Saudi Arabia’s Crown Prince, Texas Railroad Commissioner Ryan Sitton reports that he discussed with Russian Energy Minister Alexander Novak the prospect of taking 10 million barrels per day off the global oil markets.

“…we agreed that #COVID19 requires unprecedented level of int’l cooperation,” Sitton’s tweet read in part.

Sitton mentioned that he looked forward to talking with Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman soon as well.

Russia and Saudi Arabia’s failing cooperation in the OPEC+ agreement have resulted in increased production from OPEC, with both Saudi Arabia, the UAE, Kuwait, and Russia promising to increase production. Saudi Arabia has previously reported that it has increased its oil production to more than 12 million bpd.

The extra barrels on the market coincided with the Covid-19 pandemic, which destroyed global oil demand, pushing down oil prices to levels not seen in years.

Oil prices were trading up more than 20% on Thursday afternoon following the positive oil market developments, with WTI crude trading at $24.80 (+$4.49), and Brent crude trading at $30.02 ($5.28). Oil prices had been up even more immediately following President Trump’s tweet, but prices have since fallen back somewhat.

Several analysts have suggested that any OPEC action would be too little, too late, with demand unlikely to snap back anytime soon due to the pandemic. A 10 million bpd cut, however, would go a long way to stabilizing the oil market.

The Saudi Press Agency earlier on Thursday confirmed that it had called an urgent meeting for OPEC+ and other states to discuss the oil markets and the coronavirus response. Details on the timing of the meeting, however, have not been disclosed.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • peter mueller on April 03 2020 said:
    Volume cut will be very significant for the US. I expect a 50% cut from those 10 Mio. Barrel. Main reason is that US don't cut back in the last 5 years. Saudis and Russian have hard standing here.
    The Opec+ Meeting is scheduled for the 6th April according from two sources.
    President Trump will make a big change here.
    - First he should postphone the US Election by 4 Months to End of March 2021. It would be great if that could be managed with the Dems.
    -Second order for Mr. Trump - to get the IRS on track and forbid Check payments starting June 2020 that's so old fashioned and time consuming. The Production cut will not solve outdated Shale Oil companies in the US. 98% of them don't show their outstanding Bonds at the Investor Page.
    - And third both Parties and Communities should now have a clue that a Mandatory Health Insurance like Germany and other European Nation is a must.

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