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Looks like all the producers are anxious for higher prices no voices of dissent
nice to see
Tomorrow might be a good time to pick up some more think I will situation looks like it will improve by next weekend JMHO
Nighty nite sunshine , is fuddy tucking you in
Judging by the amount of green boxes this is further confirmation , it`s called bury any post that might be positive .
Most of the guys who do that type of work are on the dumb side failures of sorts.
Update
The green boxes persist no more proof required
Good to see calderwood taking the high road
Now that's agist
So we've had racist, agist , what's left gorski
Now that's agist
Judging by the amount of green boxes this is further confirmation , it`s called bury any post that might be positive .
Most of the guys who do that type of work are on the dumb side failures of sorts
Now that's racist
Sure he's not a supaspredda
UAE supports Saudi call for oil talks, joint effort needed by all
1 MIN READ
DUBAI, April 5 (Reuters) - United Arab Emirates supports Saudi Arabia’s proposal to call for an emergency meeting for OPEC+ and other producers, Energy Minister Suhail al-Mazrouei said on Sunday
“A joint and combined effort by all oil-producing countries is required, not only the group of OPEC+ countries,” the minister said in a statement.
“The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels.” (Reporting by Rania El Gamal; Editing by Angus MacSwan)
Our Standards:The Thomson Reuters Trust Principles.
Wound my heart with a monotonous langour
Today`s posting were an exercise in showing just what GOZZIE2 and Trop are really here for , disruption of information posted by anyone that is considered to be optimistic on RKH
Couple that with the stock accumulation that is going on and it tells you that RKH are a very good bet. Place them where they belong on ignore filter as I will now do.
Fuddstone, good find that
Cheers
Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60
By Irina Slav - Mar 29, 2020, 7:00 PM CDT
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Scoop rig
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many would have until recently considered an impossible scenario, a lot of U.S. shale might do just that. Breakeven prices for U.S. shale basins range between $39 and $48 a barrel, according to data compiled by Reuters. Meanwhile, West Texas Intermediate (WIT) is trading below $25 a barrel and has been for over a week now.
The SCOOP/STACK play in Oklahoma has the highest average breakeven price at $48 a barrel. Surprisingly, the Permian is not the lowest-cost play but the second-lowest, at $40. The lowest-cost basin, on average, is the Delaware Basin, part of the Permian.
On the face of it, these averages give no cause for optimism to an industry hit hard and fast by a perfect storm of radically lower demand and a sharp increase in supply. However, it’s worth noting the figures above are averages. They cover a range of breakeven costs that last year, according to the Dallas Fed, featured breakeven prices of as little as $23 a barrel in the Permian. In all fairness, these figures were reported last year. Since then, the lowest may have gone up or, in some locations, down.
Surviving the crisis seems to be a combination of luck with acreage, Wright’s Law, and size. The problem is that luck eventually runs out as does the oil from fracked wells—faster to start producing than conventional ones and faster to deplete—and that Wright’s Law does not hold to $0. Experience in performing an activity can only go as fast as improving productivity and efficiency.
What about size?
The bigger the size of a company, the more room it has to cut operating costs (the day-to-day expenses related to running any business). Companies can trim these costs by asking suppliers to lower their prices, which some shale players have already done, asking for a sizeable discount, too--some as much as 25 percent.
We're still in the game. Let's see what happens if oil price a bit higher again - not tomorrow but in a couple of weeks.
North sea facing swifter closurehttps://www.energyvoice.com/oilandgas/north-sea/232312/north-sea-fields-facing-swifter-end-to-production-due-to-oil-price-drop/
Markets
Norway May Join Oil Output Cuts for First Time Since 2002
By Mikael Holter
4 April 2020, 17:09 BST Updated on 4 April 2020, 19:49 BST
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Norway, the biggest oil producer in western Europe, said it would consider cutting its output if there was a broad international agreement to curb supply.
The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to support prices since 2002. OPEC and other producing nations are due to meet next week to discuss a potential agreement, with Saudi Arabia and Russia indicating other producers needed to join for any deal to be reached.
Read: OPEC+ Meeting Delayed on New Saudi, Russia Rift
“We have a dialog with key stakeholders, including other producing countries,” Petroleum and Energy Minister Tina Bru said in an email. “If a broad group of producers agree to cut production significantly, Norway will consider a unilateral cut if it supports our resource management and our economy.”
Norway’s willingness to cut its production underscores how painful the recent collapse in crude has been for all producers. The disintegration of the OPEC+ agreement last month has led to a surge in supply at the same time as the coronavirus pandemic decimated demand. Benchmark Brent dropped to 18-year lows this week before paring some of its losses when news of a potential new agreement emerged.
“Due to the Covid-19 pandemic, the current situation in the oil market is challenging,” Bru said. “The ministry is following the market development closely.”
Norway produced 1.75 million barrels a day of crude in February, less than 2% of global supplies.
Unilateral Cut
Asked whether Norway had been invited to join next week’s meeting, the Petroleum Ministry declined to comment further. The minister’s comment on unilateral cuts suggested it might not be part of a formal agreement, and that it wouldn’t be held to a quota.
Equinor ASA, the state-controlled producer that dominates Norway’s industry, declined to comment.
Norway was repeatedly invited to join talks with OPEC and its partners after the previous market crash in 2014, but declined. The government indicated as recently as Thursday that cuts weren’t on the agenda.
Norway’s production has so far not been affected by restrictive measures to limit the spread of the virus.
(Updates with ministry declining to say whether Norway is invited to meeting, Equinor no comment from fifth paragraph)
Kuwait backs Saudi call for talks on cutting oil output
Rania El Gamal
4 MIN READ
DUBAI, April 5 (Reuters) - Kuwait supports Saudi Arabia’s call to renew talks on cutting oil supply due later this week and hopes for a successful outcome to stabilise the oil market, Kuwait’s oil minister said on Sunday.
OPEC and allies led by Russia, a group known as OPEC+, are due to hold a meeting on Thursday to discuss a new pact on curbing output and ending a price war between Saudi Arabia and Russia which has prompted U.S. President Donald Trump to intervene.
Saudi Arabia has called for an emergency meeting between OPEC and its allies as well as other oil producers.
“We totally support Saudi Arabia... and its current efforts in bringing back OPEC and non-OPEC countries to the table,” Khaled al-Fadhel told Reuters by telephone.
“We always welcome efforts to stabilise the market for the benefit of producers and consumers. We are being proactive and many countries are working hard on it to make it a success.
“We all care about energy investments and we all hope for a successful outcome out of the meeting,” he said.
Brent oil futures on March 30 fell to an almost 18-year low close and remain down more than 50% from January levels.
OPEC+ members are debating a global pact to cut 10 million barrels per day (bpd) or about 10% of total supply, an OPEC source told Reuters on Friday.
A cut that size would be unprecedented and would require a widening of OPEC+ to bring in other major players such as the United States, according to OPEC sources and analysts.
After the collapse of the OPEC+ talks in Vienna on March 6, oil producers announced plans to increase production.
While Kuwait over-complied with its previous pledges under the OPEC pact, it increased its output to 2.9 million bpd by the end of March after the collapse of the talks, the minister said.
He said Gulf OPEC producer Kuwait plans to pump 3.15 million bpd in April, after resuming production from the Khafji and Wafra oilfields in the Neutral Zone, which it shares with Saudi Arabia, for the first time in five years.
It also aims to boost exports of new crude grades. Al-Fadhel said that Kuwait will ship its first cargo of 1 million barrels out of its share of Khafji production to Asian markets on Sunday.
“In the coming days we will have another cargo, also of 1 million barrels, from Khafji joint operations,” he said, adding that output from Khafji is expected to reach around 70,000 bpd in coming days.
Kuwait will also ramp up production from the Wafra oilfield this month, which can be used domestically or exported, he said.
Saudi Arabia and Kuwait started trial oil production from the jointly operated oilfields, known as the Neutral Zone, in February, after agreeing last year to end a five-year dispute over the shared zone.
“The divided zone is not maxed up yet 100%. When that reaches 100% we will be able to increase production further and Kuwait’s productio
Excerpt from reuters release of 2 hours ago
OPEC and its allies postponed an emergency meeting, led by Saudi Arabia, where the oil cuts could be agreed upon. A senior Saudi source told Reuters on Sunday, that the kingdom would host the meeting via video conference on April 9 and the delay was to allow more time to bring other producers on board.
Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, the Saudi source said.
“As Aramco seems to have postponed the release of their official selling prices for May, it seems the kingdom still believes an oil production cut deal is possible,” said UBS commodities analyst Giovanni Staunovo.
“The biggest challenge remains how to split up those cuts among producers, particularly if U.S. oil producers will not join with voluntary cuts.”
Writing by Rania El Gamal; Editing by Pravin Char
Our Standards:The Thomson Reuters Trust Principles.
Looking for a safe dinghy, no Covid-19, Abdullah Calais
Nah, didn't have to sneak in
BUSINESS NEWSAPRIL 5, 2020 / 12:47 PM / UPDATED 3 HOURS AGO
Kremlin says Russia committed to constructive talks on oil - Interfax
1 MIN READ
MOSCOW (Reuters) - Russia wants constructive talks on the situation in the oil market and sees no alternative to dialogue, Interfax news agency cited Kremlin spokesman Dmitry Peskov as saying on Sunday.
“Russia was not in favour of terminating the OPEC+ deal. President (Vladimir) Putin and Russia are committed to a constructive negotiation process, which does not have an alternative for stabilising the international energy market,” Peskov said.
Reporting by Maxim Rodionov; Editing by Mark Potter
Our Standards:The Thomson Reuters Trust Principles.
Saudi Arabia delays May crude prices until after OPEC+ meeting - Saudi source
Rania El Gamal
3 MIN READ
DUBAI (Reuters) - Saudi Aramco 2222.SE will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
FILE PHOTO: An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region, Russia on March 11, 2019. REUTERS/Vasily Fedosenko
“It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs,” the Saudi source said.
RELATED COVERAGE
Kremlin says Russia committed to constructive talks on oil - Interfax
Saudi Aramco typically issues its 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. [CRU/OSP]
OPEC and allies led by Russia, a group known as OPEC+, are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted U.S. President Donald Trump to intervene.
The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed due to Russia’s refusal to cut output.
Coordinated cuts between OPEC+ members expired on March 31, having helped support crude prices since they began in January 2017.
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.
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Oil prices hit an 18-year low on March 30 due to a slump in demand caused by lockdowns to contain the coronavirus outbreak, and the failure of OPEC and other producers to extend coordinated output cuts.
The OPEC+ group is debating a global oil production pact to cut 10 million bpd or about 10% of global oil supply, an OPEC source told Reuters on Friday. Any agreement should include producers from outside of the OPEC+ alliance, OPEC sources said.
Asian refiners have called on Saudi Arabia, the world’s top oil exporter, to slash OSPs for a third straight month after Middle East benchmarks and refining margins fell amid ample supplies and lower demand due to the coronavirus, a Reuters survey showed.
Reporting by Rania El Gamal; editing by Jason Neely and Jan Harvey
Our Standards:The Thomson Reuters Trust Principles.