Commissar SFLUFAN Posted March 31, 2020 Author Share Posted March 31, 2020 Oil crashes to fresh 18-year low as demand suffers unprecedented drop Quote US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand. At session lows, oil touched $19.27 a barrel -- the weakest intraday price since February 2002. Brent crude, the world's benchmark, tumbled as much as 13% and fell to as low as $21.65 a barrel, its lowest point in 18 years. Brent settled at $22.76 a barrel, the lowest close since November 2002. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 5, 2020 Author Share Posted April 5, 2020 Oil set to ‘crater’ Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and Russia Quote Tensions between Saudi Arabia and Russia have escalated since. In comments Friday, Putin blamed the collapse in oil prices on Saudi Arabia pulling out of the more than 3-year-old OPEC plus deal, along with its increase in production and agreements for discounts, all of which exacerbated the blow from the coronavirus. Saudi Arabia lashed back. In a statement Saturday, Saudi Foreign Minister Prince Faisal bin Farhan reportedly said Putin’s comments were “devoid of truth.” Saudi Arabia energy minister Prince Abdulaziz bin Salman also issued a statement Saturday saying comments from Russia’s energy minister Alexander Novak “were categorically false and contrary to fact.” The statement said the Saudi minister “expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry.” The minister noted that Saudi Arabia was a major investor in the U.S. oil sector. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 5, 2020 Share Posted April 5, 2020 I wish I had 20 billion to buy Kinder Morgan. Their stock has been hammered like everybody else in the industry, but their fundamentals are solid and they will be well positioned to ride out this oil crash. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted April 5, 2020 Share Posted April 5, 2020 1 hour ago, sblfilms said: I wish I had 20 billion to buy Kinder Morgan. Just another 10 billion and you'd be there! Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted April 5, 2020 Share Posted April 5, 2020 4 hours ago, Keyser_Soze said: Just another 10 billion and you'd be there! Open the drive in! 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 9, 2020 Author Share Posted April 9, 2020 OPEC and allies agree to historic 10 million barrel per day production cut Quote OPEC and its allies, known as OPEC+, on Thursday agreed to historic production cuts that will take 10 million barrels per day offline as the coronavirus pandemic saps demand for crude. The agreement came as the oil-producing nations held an extraordinary meeting to discuss production policy amid falling oil prices. The group will cut 10 million barrels per day in May and June, 8 million barrels per day from July through the end of the year, and 6 million barrels per day beginning in January 2021 and extending through April 2022, according to Reuters. Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted April 9, 2020 Share Posted April 9, 2020 America is under no obligation to cut right? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted April 9, 2020 Author Share Posted April 9, 2020 4 minutes ago, mclumber1 said: America is under no obligation to cut right? None at all. Quote Link to comment Share on other sites More sharing options...
PaladinSolo Posted April 10, 2020 Share Posted April 10, 2020 US oil production is expected to drop anyways, prices will go up some, but demand is about as low as you can imagine with all the global shut downs. Mexico also doesn't seem totally on board with the cuts and is proposing to only cut like 1/4 of what was asked. Quote Link to comment Share on other sites More sharing options...
PaladinSolo Posted April 11, 2020 Share Posted April 11, 2020 Uhhh, dear leader told mexico we'd pick up the extra oil production cut that they don't want to do, like he can't even make that promise. He also wants them to pay us back for it? lol https://www.washingtonpost.com/business/2020/04/10/trump-mexico-oil/ “We are trying to get Mexico, as the expression goes, over the barrel,” he said. “The United States will help Mexico along, and they’ll reimburse us at a later date when they’re prepared to do so.” Quote Link to comment Share on other sites More sharing options...
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