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https://www.thenational.ae/business/with-the-new-opec-deal-it-s-the-long-term-that-matters-1.1004850
With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels.
Terminal operators at Fujairah in the United Arab Emirates say they’re turning down requests from traders and refiners to store crude and refined products, whereas a year ago they had ample space...
https://www.bloomberg.com/news/articles/2020-04-12/oil-traders-squeezed-as-crude-glut-fills-storage-at-mideast-hub?sref=Em01M8Hr
Useful article, shows the distribution of the proposed cuts across OPEC and non-OPEC counties and over time:
https://www.bloomberg.com/news/articles/2020-04-12/oil-price-trump-s-saudi-russia-cease-fire-won-t-last-long?srnd=premium-europe&sref=Em01M8Hr
Not sure about that: doesn't October 2018 take them back to a time of quite high production?
Talks continue:
https://www.bloomberg.com/news/articles/2020-04-11/aramco-delays-oil-pricing-statement-as-opec-talks-continue?sref=Em01M8Hr
“Typo”....Yes Oct 2018 not 2019....apologies
That is why I am thinking the today 10mb cuts means much more than this figure..when referencing to Oct 2018 supplies base line...
Any other thoughts?
Ocelot...
Just trying to recalculate the 10 mb cuts that is in circulating news now and its meaning in today supplies glut...but the calculations were based on October 2019 supplies quotas then the real today’s opec++ supplies cut will be far more than 10mb?
Have I got this right? In assuming the gluts today is far more than October 2019..then oil price should react positively in the coming days but I am sure the market will play its part in volatility then ending in the right direction....
... a compromise backed by Trump will be discussed between the Latin American country and Saudi Arabia on Saturday. Russia has already said it considers the plan a done deal. (from Bloomberg)
Iraq's contribution to the cuts is 1m bopd.
U.S. Energy Secretary Dan Brouillette:
“We call on all nations to use every means at their disposal to help reduce the surplus,” adding that it was “extremely disappointing” that Moscow and Riyadh had not finalised a deal.
Moscow and Riyadh being the lead countries in a wicked cartel upon which the US and its profligate Shalers hypocritically depend to stabilise prices.
So is it not even more disappointing that US regulators are not using every means at their disposal to reduce the surplus?
"Global oil deal elusive as Saudi-Russia pact meets resistance":
https://www.bloomberg.com/news/articles/2020-04-10/mexico-reaches-oil-output-cuts-agreement-with-opec-and-trump?sref=Em01M8Hr
DUBAI/MOSCOW (Reuters) - Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies and will push the United States and other producers to remove a further 5%...
https://uk.reuters.com/article/uk-global-oil-g20-energy/saudi-russia-seek-to-finalise-oil-cuts-in-g20-talks-want-u-s-involved-idUKKCN21S0TW
G20 should have started 10 mins ago.
Agreed, hasiba, it seemed to me they were basically saying:
"Over to you, Mr President".
The opec++ meeting had some smart people there and when thinking deeply about what it seemed a disappointing move but in reality...the 10 mb cut was done by 40% of world oil producers and they agreed to cut half of what’s the oil market was looking for. It’s clever step in a way they left the other 50% cut to other oil producers including the usa to decide their next move of further cuts to push the oil price up. Basically they did what they were ordered to do by the usa president...
Clever way of preserving their quotes of oil shares...
Yes G20 and their move is next..
Oil price will rise in the coming days and Tuesday hopefully will be a good day for us and oil price..
Interesting days ahead and good the market here is closed these days..until all Sorted..
https://twitter.com/dralktbi/status/1248365411709698053?s=21