President Trump proclaimed victory after helping to broker an OPEC-Russia agreement for the largest cut in oil production the cartel has ever seen. But plenty of trouble is still ahead for the U.S. oil jobs he’s trying to save
President Donald Trump proclaimed victory after helping to broker an OPEC-Russia agreement for the largest cut in oil production the cartel has ever seen. But a glut of crude in storage tanks, ships and pipelines around the world means plenty of trouble is still ahead for the U.S. oil jobs he’s trying to save.
Scott Sheffield, CEO of oil company Pioneer Natural Resources, told Bloomberg TV on Monday that many companies were selling their oil at half the futures market price, and that storage tanks in the key hub of Cushing, Okla., and along the Gulf Coast would be full a month from now. Still, experts said the sharp drop in global oil demand estimated between 20 million to 30 million barrels per day will keep the market weak and prevent a significant jump in retail gasoline prices that would anger voters.
But McNally said the administration may yet resort to trade barriers that Trump has threatened to impose on foreign oil shipments. And the deal may address the massive global oversupply through June, he added, but won’t avert U.S. bankruptcies altogether. If the economy is still struggling deep into the summer, McNally said, “the risk is this powder keg blows this summer and fall, and blows in ways that linger into the election.
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Goldman Sachs still sees crude prices falling after OPEC+ dealGoldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset the sharp drop in demand already occurring.
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Goldman Sachs still sees crude prices falling after OPEC+ dealGoldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset the sharp drop in demand already occurring.
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Goldman Sachs still sees crude prices falling after OPEC+ dealGoldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a 'historic yet insufficient' deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.
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OPEC and allies finalize record oil production cut after days of discussion
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Russia's Novak says hopes OPEC+ to be fully agreed in coming days: RIARussian Energy Minister Alexander Novak said on Sunday he hoped that the group of leading oil producers will fully agree and sign a deal to cut the global crude output in the coming days, Russian state-run RIA news agency reported.
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Russian, Saudi ministers to chair OPEC+ meeting on Sunday: AzerbaijanRussian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
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