Saudis Set to Sell 600,000 Barrels a Day of Oil to U.S. in April - Bloomberg:
Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners.
The shipments, agreed with refiners as Saudi Arabia ramped up production to a record 12.3 million barrels a day this month, come at a moment when U.S. demand is sharply down due to lockdowns to slow the Covid-19 pandemic.
For May, state-run Saudi Arabian Oil Co. has said it will cut output to 8.5 million barrels a day as part of the OPEC+ agreement with Russia and other major producers. Its May allocations for U.S. refiners haven’t yet been completed, but it has already reduced the size of the the discounts it’s offering, which is likely to trigger some refiners to reduce their orders, the same official said.
Arab Light crude for May deliveries to the U.S. was priced at a discount of 75 cents per barrel to the Argus Sour Crude Index, compared with $3.75 in April.
Saturday 18 April 2020
#UAE News, Middle East Job Cuts: Banks Can't Cut Staff Jobs - Bloomberg
U.A.E. News, Middle East Job Cuts: Banks Can't Cut Staff Jobs - Bloomberg:
Banks in the United Arab Emirates are not permitted to terminate the contracts of citizens due to the implications of the coronavirus pandemic, the central bank said in a statement on Thursday.
The order does not include Emirati employees who have resigned or breached job duties that require letting them go, the regulator said. Workers’ salaries cannot be reduced in response to the virus outbreak, either.
The Gulf nation earlier allowed private companies to alter employee contracts, allowing them to reduce salaries, and extend leaves. The vast majority of private sector workers are expatriates. The central bank also encouraged lenders to take advantage of the support provided by the government to stabilize the private sector.
Banks in the United Arab Emirates are not permitted to terminate the contracts of citizens due to the implications of the coronavirus pandemic, the central bank said in a statement on Thursday.
The order does not include Emirati employees who have resigned or breached job duties that require letting them go, the regulator said. Workers’ salaries cannot be reduced in response to the virus outbreak, either.
The Gulf nation earlier allowed private companies to alter employee contracts, allowing them to reduce salaries, and extend leaves. The vast majority of private sector workers are expatriates. The central bank also encouraged lenders to take advantage of the support provided by the government to stabilize the private sector.
#SaudiArabia, Russia Hint at Further Action to Stem Oil Rout - Bloomberg
Saudi Arabia, Russia Hint at Further Action to Stem Oil Rout - Bloomberg:
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral.
The two nations will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement published after a phone call.
Oil has plunged about 17% in New York since the group on Sunday agreed to trim worldwide production by an unprecedented 9.7 million barrels a day, as lockdowns aimed at containing the coronavirus cause the biggest demand slump in history. Prices hit a fresh 18-year low below $19 a barrel on Friday.
The Organization of Petroleum Exporting Countries projected on Thursday that even full implementation of the cuts won’t prevent a surplus in the second quarter, when demand for its crude will fall to the lowest in three decades.
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral.
The two nations will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement published after a phone call.
Oil has plunged about 17% in New York since the group on Sunday agreed to trim worldwide production by an unprecedented 9.7 million barrels a day, as lockdowns aimed at containing the coronavirus cause the biggest demand slump in history. Prices hit a fresh 18-year low below $19 a barrel on Friday.
The Organization of Petroleum Exporting Countries projected on Thursday that even full implementation of the cuts won’t prevent a surplus in the second quarter, when demand for its crude will fall to the lowest in three decades.
Oil News: Just How Big Is the Biggest-Ever Slump in World Demand? - Bloomberg
Oil News: Just How Big Is the Biggest-Ever Slump in World Demand? - Bloomberg:
How low can you go? That seems to be the question bothering the world’s big-three oil forecasting agencies as they grapple to come to terms with the size of the slump in oil consumption triggered by the international response to the Covid-19 virus.
The International Energy Agency, the Organization of Petroleum Exporting Countries and the U.S. Energy Information Administration have all updated their oil market forecasts in the past week and they make grim reading. As recently as February, all three saw the world’s thirst for oil increasing by close to 1 million barrels a day this year. Now they are projecting a drop in annual average demand of anywhere between 5 million barrels a day and more than 9 million.
The IEA is the most bearish of the three agencies by some margin. Having been the least optimistic of the three about the strength of growth earlier in the year, it’s now way out in front of the others in its estimation of the demand destruction caused by the grounding of planes, parking of cars and suspension of large parts of the economies in much of the world.
How low can you go? That seems to be the question bothering the world’s big-three oil forecasting agencies as they grapple to come to terms with the size of the slump in oil consumption triggered by the international response to the Covid-19 virus.
The International Energy Agency, the Organization of Petroleum Exporting Countries and the U.S. Energy Information Administration have all updated their oil market forecasts in the past week and they make grim reading. As recently as February, all three saw the world’s thirst for oil increasing by close to 1 million barrels a day this year. Now they are projecting a drop in annual average demand of anywhere between 5 million barrels a day and more than 9 million.
The IEA is the most bearish of the three agencies by some margin. Having been the least optimistic of the three about the strength of growth earlier in the year, it’s now way out in front of the others in its estimation of the demand destruction caused by the grounding of planes, parking of cars and suspension of large parts of the economies in much of the world.