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G7 Calls On OPEC To Boost Oil Supply To Ease Tight Market

Will they?

https://oilprice.com/Energy/Crude-Oil/Why-The-West-Shouldnt-Expect-More-Oil-From-Saudi-Arabia.html

119.2$
Good week ahead

Averaging theses figures break even 39$

2022 Brent crude around $110. In order to break even, BP needs a price of around $35-$40. I think that the soaring price of Brent crude might be about to send BP shares higher.

BP now believes it can breakeven on a cash basis at $42 a barrel for Brent crude.

32,967.48 +330.29 (1.01%)toda
Positive start to next week

£4.50- £5.00

Friday, May 27th, 2022

Oil prices have been edging higher this week as improving demand signals highlight the lack of supply options in oil markets if there is a drastic contraction in Russian production, a likely outcome if the European Union bans Russian oil. With both US crude and gasoline inventories continuing their decline, whilst recent altercations between the United States and Iran have rendered any JCPOA breakthrough largely impossible, analysts are anticipating another surge towards the $130-140 per barrel range this summer.

I will phone Saga Monday if there is no announcement of the agm

Good morning

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https://www.ft.com/content/9a4b6272-86da-436f-a8c0-fb697d18c303


George Parker, Nathalie Thomas, Chris Giles and Jim Pickard in London 2 HOURS AGO
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North Sea oil and gas operators including BP have hit back at Rishi Sunak’s £5bn windfall tax on the sector, warning it was a “multiyear” assault on their profits that would “drive away investors” and cut production.

Sunak turned his sights on “extraordinary” profits in the energy sector to help pay for a £15bn package to help UK households cope with rising domestic fuel bills, to the dismay of oil bosses and rightwing Tory MPs.

After having repeatedly rejected Labour’s call for a windfall tax, Sunak announced a 25 per cent “energy profit levy” that will increase the rate paid by North Sea producers from 40 per cent to 65 per cent, raising £5bn this year.

The chancellor caused dismay in the sector by announcing in the small print that the windfall tax would remain until December 2025 — unless oil and gas prices “return to historically more normal levels” in the meantime.

“Today’s announcement is not a one-off tax — it is a multiyear proposal,” BP said. “Naturally we will now need to look at the impact of both the new levy and the tax relief on our North Sea investment plans.”

One senior government figure said Bernard Looney, BP chief executive, was partly to blame for the move, after he said this month that a windfall levy would not affect his company’s investment plans.

The government official argued that Johnson felt he could no longer hold the line against a windfall tax after the BP boss’s comments. “It was a game-changer.”

Comments that Looney said
Chancellor had no option. for windfall tax
Please can someone post the article in full

32.67 USD +0.30 (0.93%)toda
Trimmed their gains

https://www.livecharts.co.uk/MarketCharts/brent.php

32,637.19 +516.91 (1.61%)
Another positive day

Shell has said the proposed tax relief part of today's announcement is a "critical principle of the new levy".
As part of temporary windfall tax, Rishi Sunak announced it will be offset by a big increase in the amount of tax relief that energy companies can claim against investments.
In response to the chancellor's statement, a Shell spokesperson said: "We have consistently emphasized the importance of a stable environment for long term investment.
"This is fundamental to our aim to invest between £20 and £25 billion in the UK in the next decade, mostly in low and zero-carbon products and services, with a significant amount also focused on ensuring security of energy supply for the UK.
"The chancellor's proposed tax relief on investments in Britain’s energy future is a critical principle in the new levy.
"We recognise the burden that increased energy prices have across society, in particular on the vulnerable, and have hardship plans in place to help our customers."
Mr Sunak's levy on the oil and gas firms - taking effect from today - is not just a one-off as it will only be phased out "if oil and gas prices return to historically more levels" and could be in place to the end of December 2025 - when a "sunset clause" will end the tax.
It has faced criticism that it could deter investment at a time when the UK has ambitious net zero targets to meet and is trying to be less reliant on Russian exports.

overweight rating on a stock usually means that it deserves a higher weighting than the benchmark's current weighting for that stock.
:) £4.50 -£5

Bp overweight