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Currently over $30
Let's hope big sam has woke up
From Reuter 1530 GMT looks like softening of attitudes
MOSCOW, April 2 (Reuters) - Russian Energy Minister Alexander Novak said on Thursday that Moscow may return to oil negotiations with Saudi Arabia after talks collapsed last month, which, coupled with the spread of the new coronavirus, dragged oil prices to their 18-year lows.
Speaking to Echo Moskvy radio station, Novak also said that Russia would continue discussions with the United States on oil markets.
“This is one of the options and we do not rule this out,” he said when asked about the possibility of a resumption of talks with Saudi Arabia.
Oil prices fell nearly 70% from January highs as lockdowns due to the coronavirus hammered demand and as Saudi Arabia and Russia have flooded the market in a race for market share after a deal they engineered on supply curbs broke down.
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More from reuters today update 20 minutes ago of original message of 1st April
NEW YORK (Reuters) - Oil prices soared over 30% - on track for the most in a day on record - following reports U.S. President Donald Trump expects Russian President Putin and the Saudi Crown Prince to announce an oil production cut of 10 million to 15 million barrels.
Brent futures rose $8.04, or 33%, to $32.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $6.62, or 33%, to $26.93.
That puts Brent on track for its biggest one-day gain on record.
Additional reporting by Julia Payne in London, Shu Zhang in Singapore and Sonali Paul in Melbourne; Editing by Chizu Nomiyama
Our Standards:The Thomson Reuters Trust Principles.
LONDON (Reuters) - The world's top oil and gas companies are rushing to raise tens of billion of dollars in debt to help them weather one of the worst downturns in the sector's history while faced with high fixed costs and looming dividend payments. Royal Dutch Shell, BP, Total, Equinor and OMV have all tapped bond markets this week, raising more than $10 billion according to Reuters calculations.
Oil prices sank 65% in the first three months of the year to lows of $22 a barrel as strict movement restrictions imposed around the world to limit the spread of the corona virus led to a collapse in demand for transportation fuels, while a fight for market share between top producers Saudi Arabia and Russia accelerated price falls.
The top five so-called oil majors saw their combined debt rise to $230 billion last year as they borrowed to maintain capital spending while giving back billions to shareholders. This week's forays into the bond markets come after Exxon Mobil raised $8.5 billion last month, while Shell also announced a $12 billion revolving credit facility this week.
"All the majors are shoring up liquidity to cover mid-term requirements. No one wants to be at the back of the queue," said a banker involved in debt raising. "The companies want to demonstrate they are able to ride out the storm," he added.
The European bond issues were all reported to be over-subscribed despite credit agencies downgrading the ratings or ratings outlooks of the oil majors in recent days. A Shell spokeswoman said the debt raising was "part of actively managing our liquidity, in addition to our additional credit facility". OMV confirmed the tranches. BP and Total did not respond to requests for comment. Equinor said on Wednesday the bond would "strengthen our financial resilience and flexibility".
The oil majors are expected to report sharp drops in revenue in the first quarter with analysts saying some would need to borrow money to cover spending and dividend payouts. Although the recent collapse in prices is now forcing them to sharply scale back discretionary spending, none have so far indicated an intention to reduce dividends, although investors and analysts said they might be forced to in case of a protracted downturn.
recent activity:
- Shell tapped the market to raise $3.75 billion and 3 billion euros
- BP set to raise 3.25 billion euros
- Total raised 3 billion euros
- Equinor raised $5 billion.
- OMV booked 1.75 billion euros
- Exxon raised $8.5 billion
luvvly jubbly protecting my dividends
FID and FIRST OIL is err when ????
hmm I wonder what Sam will do :)
Barnyards ,
" Hmm , I wonder what Sam will do "
Most likely give himself and his cronies a wage increase !!!!!