Aramco to Announce May Oil Prices After OPEC+ Meeting

07 Avril, 2020, 03:52 | Auteur: Auguste Feret
  • Oil Retreats as Meeting Delay Raises Doubts for Price War Truce

Andrew Stanley, an oil market analyst at The King Abdullah Petroleum Studies and Research Center, said without some globally organized policy push prices will continue with no clear path to a price recovery.

The WTI crude plunged over 3 per cent to $27.37 per barrel. Members of OPEC, led by Saudi Arabia, have stepped up efforts to resolve the dispute in recent days, but they have called on other big producers - including the United States - to be involved.

Oil prices hit an 18-year low on March 30 but have since rebounded somewhat.

The worldwide oil benchmark, Brent crude, extended its gains last Friday, climbing to as high as $34.91 a barrel on rising hopes of a new global deal to cut crude supply.

But without some government intervention, be it though new restrictions on flows or state mandated production curtailments, like those some want imposed in Texas, a corresponding supply response to the ongoing, historic decline in demand might lag significantly, further exacerbating future boom-bust cycles in the market, analysts said.

Prices may decline more gradually after Saudi Arabia sent a signal that a production cut deal may be ahead, and the USA has said it will put pressure on Saudi Arabia and its allies for such a deal.

Crude soared last week following Trump's announcement of an imminent OPEC+ deal to cut global oil production by 10 or even 15 million barrels.

Still, Trump said on Saturday that he would impose tariffs on crude imports if he has to "protect" U.S. energy workers from the oil price crash that has been exacerbated by the price war between Russian Federation and Saudi Arabia over market share.

Covid-19: Disney delays release of slew of Marvel blockbusters
The video game-focused Free Guy , which stars Ryan Reynolds playing a suddenly aware NPC, is shifting from July 3 to December 11. Meanwhile, the Scarlett Johansson-starring Black Widow has been bumped from its original May 2020 release slot to November 2020.

Covid-19. New York envisage des enterrements temporaires dans des parcs municipaux
Avant la crise, 20 à 25 personnes décédaient quotidiennement à leur domicile à New York. Des tranchées seront creusées pour des rangées de 10 cercueils", a-t-il ajouté.

Apple Music becomes the world’s second streaming music platform
Similarly, Amazon Music has been trying lossless music and is creating its own niche where it competes with Tidal", Kumar added. Apple Music grabbed 24% of the total revenue in the industry and 19% of the total paid subscriptions.

And while Trump's public allegiance to the free market may be unsurprising for a United States president, and appeared to be contradicted by his support for tariffs a day later, analysts and some of his top energy advisers see this as a naïve view of the global oil market and a strategy which will further sink the floundering U.S. shale sector.

"I think it's happening automatically but nobody's asked me that question yet so we'll see what happens", the president told a press briefing Monday afternoon. The White House has not suggested it would try to persuade producers to reduce output.

National oil company Saudi Aramco typically issues its Official Selling Prices (OSPs) by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.

"Even the most free-market countries can not tolerate boom and bust price cycles for a commodity that is tantamount to economic lifeblood", Bob McNally, president of the Rapidan Energy Group, wrote in a paper released Friday.

The OPEC+ meeting was initially due to take place on Monday, but was postponed to April 9 "to allow for more time to reach out to all producers, including OPEC+ and others", the Saudi source said.

"It is an unprecedented measure that has not been taken by Aramco before". The drop comes after the Organization of the Petroleum Exporting Countries (OPEC) and non-member partners abruptly delayed their emergency meeting until Thursday, apparently due to standing disagreements between Saudi Arabia and Russian Federation. "We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs", the Saudi source told Reuters.

US President Donald Trump spent the weekend downplaying a potential OPEC+ production agreement, embracing both the free market's ability to resolve the price collapse, celebrating the benefits of sub-$1/gal gasoline to US consumers and threatening tariffs on oil imports.

Unlike Russia and Saudi Arabia, whose oil industries are largely state-owned, the US industry is comprised of private companies and Washington has little power over output.

Conseillé:



Populaire

Navy Leader Attacks "Stupid" Captain Fired Over COVID-19
But aboard the Roosevelt, the acting navy secretary painted a more damning portrait of the sacked commander's alleged intentions. As testing continues, the ship will keep enough Sailors on board to sustain essential services and sanitize the ship in port.

Le Bayern Munich décide de reprendre l'entrainement — International
La Ligue allemande de football avait recommandé une interruption de l'entraînement jusqu'au dimanche 5 avril. Mais petit à petit, les clubs reprennent l'entraînement en petit comité comme l'indique Footmercato.

Lady Gaga announces star-studded coronavirus benefit telecast
It's a tribute to the World Health Organisations and front line healthcare workers across the world. They also provide funding to local charities that provide food, shelter, and health care.

M'Vila se livre sur la méthode Puel — ASSE
C'est le genre de déclaration dont l'ASSE se serait bien passée. L'an passé, le groupe vit bien et on va en Ligue Europa.

Boris Johnson admitted to intensive care unit after coronavirus symptoms worsen
British Prime Minister Boris Johnson's is now in an intensive care unit. a strong sign his coronavirus symptoms are worsening. Throughout the day officers and police vehicles could be seen entering and exiting the central London hospital.

Citing virus, Wisconsin governor orders delay of Tuesday's vote
GOP leaders said they would challenge Evers' action in the state Supreme Court, calling it "unconstitutional overreach". District Judge William Conley has already said he believes it is a awful idea to send people to the polls on Tuesday.

944 cas de COVID-19 au Québec
Du lot, plus de 91 500 ont été déclaré négatifs, 2942 autres sont en attente de leurs résultats et 611 cas ont été guéris. Si on était capable d'avoir ça pendant quelques jours, ça voudrait dire qu'on s'approcherait du sommet.

Americans could face hardest week yet - Full show on CBS All Access
And so we just want to be able to facilitate physicians and patients having that conversation", Adams explained. Rather than chase every update, we'll try to keep things in context and focus on helping you make decisions.

PSG - Del Bosque : "Neymar n'est pas un bon exemple"
Et il y a aussi la façon dont il a quitté Barcelone". "C'est aux clubs de décider qui ils signent et qui ils ne signent pas. Et je précise que pour moi, il est excellent en tant que joueur.

La mère de Guardiola décède du coronavirus
Le coronavirus a encore fait une victime dans le rang des acteurs ou du moins des proches des acteurs du ballon rond. La mère de l'entraîneur espagnol, Dolors Sala Carrio, est décédée à Manresa, près de Barcelone.