Russia Sees OPEC+ Taking a Wait-and-See Approach on Deeper Cuts - Bloomberg:
Russia and the Organization of Petroleum Exporting Countries need to analyze the global oil market before deciding on any potential changes in their output-cuts agreement, the Kremlin said two weeks ahead of the alliance’s next meeting.
“It’s obvious that the countries will look at how the situation is developing,” Dmitry Peskov, spokesman for President Vladimir Putin, told reporters when asked if Russia sees any need for deeper OPEC+ cuts in response to the global oil glut. The agreement has a strictly defined timeline and Russia will be a responsible participant, he said.
OPEC+, which agreed to cut production until April 2022 in an effort to balance the market following the onslaught of the coronavirus pandemic, is set to hold a video conference on June 9-10 to discuss the impact on the deal that kicked off this month. The production cuts are scheduled to taper off from July and the group could use next month’s meeting to decide on future output policy.
The agreement to slash supply has paid off so far. Saudi Arabia has agreed to cut deeper than its share, and there have been forced shut-ins by producers from outside the group, such as the U.S. This has raised some questions about whether Russia, the de-facto leader of the OPEC+ alliance with the Saudis, will follow Riyadh’s lead.
Tuesday, 26 May 2020
Oil prices climb, bolstered by ongoing supply curbs - Reuters
Oil prices climb, bolstered by ongoing supply curbs - Reuters:
Oil prices rose on Tuesday, supported by signs that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.
Brent crude LCOc1 futures gained 64 cents, or 1.8%, to settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.10, or 3.3%, to settle at $34.35 a barrel.
The Organization of the Petroleum Exporting Countries and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million barrels per day in May-June to support prices at a time when coronavirus pandemic quarantines have slashed fuel demand.
Russian Energy Minister Alexander Novak was due to meet oil producers on Tuesday to discuss the possible extension of current cuts beyond June, sources familiar with the plans told Reuters. Some other nations including major Gulf producers Saudi Arabia, United Arab Emirates and Kuwait have already pledged to go beyond their commitments.
Oil prices rose on Tuesday, supported by signs that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.
Brent crude LCOc1 futures gained 64 cents, or 1.8%, to settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.10, or 3.3%, to settle at $34.35 a barrel.
The Organization of the Petroleum Exporting Countries and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million barrels per day in May-June to support prices at a time when coronavirus pandemic quarantines have slashed fuel demand.
Russian Energy Minister Alexander Novak was due to meet oil producers on Tuesday to discuss the possible extension of current cuts beyond June, sources familiar with the plans told Reuters. Some other nations including major Gulf producers Saudi Arabia, United Arab Emirates and Kuwait have already pledged to go beyond their commitments.
Oil prices climb as faith in supply cuts grows - Reuters
Oil prices climb as faith in supply cuts grows - Reuters:
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.
Brent crude LCOc1 futures were up 0.8%, or 30 cents, at $35.83 a barrel by 1411 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 2.2%, or 73 cents, to $33.98. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday.
“The current recovery in oil prices has primarily been driven by supply considerations. The world’s swing producers, the OPEC+ group, is more than living up to expectations to adhere to the 9.7 million barrels per day (bpd), or perhaps even bigger, self-imposed and co-ordinated output restraint,” said oil broker PVM’s Tamas Varga.
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.
Brent crude LCOc1 futures were up 0.8%, or 30 cents, at $35.83 a barrel by 1411 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 2.2%, or 73 cents, to $33.98. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday.
“The current recovery in oil prices has primarily been driven by supply considerations. The world’s swing producers, the OPEC+ group, is more than living up to expectations to adhere to the 9.7 million barrels per day (bpd), or perhaps even bigger, self-imposed and co-ordinated output restraint,” said oil broker PVM’s Tamas Varga.
Revealed: businesses that can operate as #Dubai eases Covid-19 restrictions - Arabianbusiness
Revealed: businesses that can operate as Dubai eases Covid-19 restrictions - Arabianbusiness:
Businesses that begin operating again as Dubai begins easing restrictions will have to follow strict guidelines to prevent the spread of Covid-19, authorities that have announced.
On Wednesday, a number of businesses will begin to reopen, including gyms, cinemas, and outsourced government centres.
Additionally, the airport will be open for UAE residents and transit passengers after authorities’ approval. Other facilities that can now resume operations include clinics and educational and training institutes, as well child learning and therapy centres.
As part of the reopening of the economy, there will be no restrictions on movement between 6am and 11pm.
Businesses that begin operating again as Dubai begins easing restrictions will have to follow strict guidelines to prevent the spread of Covid-19, authorities that have announced.
On Wednesday, a number of businesses will begin to reopen, including gyms, cinemas, and outsourced government centres.
Additionally, the airport will be open for UAE residents and transit passengers after authorities’ approval. Other facilities that can now resume operations include clinics and educational and training institutes, as well child learning and therapy centres.
As part of the reopening of the economy, there will be no restrictions on movement between 6am and 11pm.
#SaudiArabia to end curfew on June 21, except in Mecca - Reuters
Saudi Arabia to end curfew on June 21, except in Mecca - Reuters:
Saudi Arabia will begin easing restrictions on movement and travel this week, more than two months after stringent measures were introduced to help curb the spread of the novel coronavirus.
Restrictions will be lifted in three phases, culminating in the curfew completely ending - with the exception of the holy city of Mecca — from June 21, the state news agency reported in a statement early on Tuesday.
The Hajj and Umrah pilgrimages — which attract millions of travelers from around the world — will remain suspended until further notice.
The kingdom has so far recorded 74,795 cases of COVID-19 with 399 deaths. More than 2,000 cases are still being reported daily.
Saudi Arabia will begin easing restrictions on movement and travel this week, more than two months after stringent measures were introduced to help curb the spread of the novel coronavirus.
Restrictions will be lifted in three phases, culminating in the curfew completely ending - with the exception of the holy city of Mecca — from June 21, the state news agency reported in a statement early on Tuesday.
The Hajj and Umrah pilgrimages — which attract millions of travelers from around the world — will remain suspended until further notice.
The kingdom has so far recorded 74,795 cases of COVID-19 with 399 deaths. More than 2,000 cases are still being reported daily.
Oil prices climb as faith in supply cuts grows - Reuters
Oil prices climb as faith in supply cuts grows - Reuters:
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut crude supplies while fuel demand picks up with more cars back on the road as coronavirus lockdowns ease.
Brent crude futures were up nearly 1.4%, or 50 cents to $36.03 a barrel as of 0840 GMT.
U.S. West Texas Intermediate (WTI) crude futures was up 2.6%, or 86 cents, at $34.11 a barrel. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday.
The market was buoyed by comments from Russia that its oil output had dropped almost to its target of 8.5 million barrels per day (bpd) for May and June under the supply cut deal agreed by major producers (OPEC+).
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut crude supplies while fuel demand picks up with more cars back on the road as coronavirus lockdowns ease.
Brent crude futures were up nearly 1.4%, or 50 cents to $36.03 a barrel as of 0840 GMT.
U.S. West Texas Intermediate (WTI) crude futures was up 2.6%, or 86 cents, at $34.11 a barrel. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday.
The market was buoyed by comments from Russia that its oil output had dropped almost to its target of 8.5 million barrels per day (bpd) for May and June under the supply cut deal agreed by major producers (OPEC+).
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