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89.24
Just in from the spectator, buckle up ladies and gents the ME is officially back in tatters
JUST IN: Iran’s state television reports that the supreme national security council has decided that a response to the strike on consulate in Damascus is required
Well £5.09 not to shabby especially considering DOW down 400 points.
It looks like it’s oil turn in the sun.
Hopefully the clouds keep away.
The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ is unlikely to propose any changes to oil production policy when it meets on April 3, numerous sources in the alliance have told Reuters.
The JMMC, the panel that takes stock of oil market developments and proposes courses of action to the ministers of the OPEC+ group, is meeting on Wednesday, just as oil prices hit their highest level so far this year – and the highest in five months – amid renewed geopolitical tensions in the Middle East and signs of tightening oil supply.
Brent Crude prices topped $88.50, and the U.S. benchmark, WTI Crude, hit $85 per barrel early on Tuesday following a Monday bomb strike that completely leveled the Iranian consulate in Damascus, Syria, with Tehran accusing Israel of being behind the strike.
Wednesday’s meeting of the OPEC+ monitoring panel is expected to be short and straightforward with no proposals for changes in the production policy, two of Reuters’s sources said.
OPEC+ members collectively decided to voluntarily cut 2.2 million barrels per day (bpd) from the group’s production in the first quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut.
In early March, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll over the supply reductions until the end of the second quarter.
Saudi Arabia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, Oman, and Russia are now cutting their respective crude oil production and exports in the first half of 2024 with extra voluntary reductions, on top of the voluntary cuts OPEC+ previously announced in April 2023 and later extended until the end of 2024.
Russia will be cutting oil production instead of exports in the second quarter of 2024 so that all OPEC+ producers that reduce output contribute equally to the cuts, Russian Deputy Prime Minister Alexander Novak said last week.
Israel attacking Iranian consulate in Syria must of increased tensions and increase POO
Shell as well, they are quite quickly reducing their net zero policies and "retiring " their corporate carbon intensity target for 2035 entirely.
BP would do well to do the same.
I think the "green" hysteria is waning as companies in the West realise we are just patsys for the Russians and the Far East in general.
Https://oilprice.com/Energy/Crude-Oil/Dont-Believe-The-Critics-OPEC-Cuts-Are-Working.html
Mainly oil price, backed by improving sentiment.
Just checked that the BP share price is up hugely! Why is that? General market sentiment or the price of oil?
Nothing but sunshine in London! Spring is here!
Morning Spights and Nightpusher and all
Glad you are getting better weather than me.
You don’t live in Scotland without being used to a wee drop rain.
However with BP over £5 I can put up with most things.
I know 2 days do not make a quarter, but it’s a very good start to the quarter for the oil price and sp.
It’s actually very easy to feel optimistic.
Spring is in the air ( in Scotland that usually means snow in a couple of days).
Onwards and Upwards
Just not the weather it’s raining
Not raining in Snettisham,sun is out
Brent 88.62$
Good morning meoryou
Dry here :))))
Hopefully the £5 holds this time.
Oil is very strong.
Maybe some held off reinvesting div to wait for new tax year,which is only days away.
Some new money in then might also help.
Lots of reasons to be cheerful.
Just not the weather it’s raining
:)))))))))))))))))
POO touching $88 now. Been waiting months for this up tick after jumping back in at 488/484, had to watch it go down to 445 but it now seems the supply tightness is hitting the demand picture head on just in time for q2 higher demand quarter vs q1.
Plan to sell around 520/525, I’m confident we’ll get there with OPEC+ now singing to the same tune
We get emails now, not envelopes ;)
I’m already maxing the sharematch and started in the lows of Covid when I first joined - the first tax free amount comes due end of Feb 2025! Nice little month on month treat when this kicks in!
Https://www.cityam.com/oil-majors-recap-how-is-2024-treating-shell-bp-exxon-and-chevron/
I should of read before posting the article is typical foolish nonsense.
Apologies....back to me eggs