2020-03-09 14:50:00
OPEC RECOMMEND 1.5 MBD
OPEC - 05 Mar 2020 - In view of market developments and following OPEC's 178th Extraordinary meeting today, the Heads of Delegation of the OPEC Conference held further consultations and decided to recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.
The consultations, monitoring and constant review undertaken of current market conditions demonstrate the strong commitment of OPEC Member Countries to work together to restore oil market stability. Declaration of Cooperation members are determined to jointly rise to meet the current pressing challenge.
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Earlier:
2020, March, 6, 12:40:00
OPEC NEEDS REDUCTION 1.5 MBD
With oil prices tumbling, OPEC now wants to deepen its production cuts with non-OPEC allies by 1.5 million b/d for the full year 2020, instead of just the second quarter, sources said Thursday.
2020, March, 4, 10:05:00
OIL PRICE: NOT ABOVE $53
Brent rose by 78 cents, or 1.50%, to $52.64 a barrel, WTI rose by 72 cents, or 1.53%, to $47.90 a barrel,
2020, March, 4, 10:00:00
OPEC'S PROPOSAL: $60
“Conoravirus ... is a short-lived factor which is affecting oil prices ... There will be an OPEC (and non-OPEC) meeting, compensatory measures will be taken which will take the excess oil off the market and the oil price will rebound,” Fedun said.
2020, March, 2, 13:05:00
OIL PRICE: NEAR $51 ANEW
Brent was at $51.91 a barrel, up $2.24 or 4.5%, WTI hit a 14-month low of $43.32, before recovering to $46.65, up $1.89, or 4.2%.
2020, March, 2, 13:00:00
BRENT PRICE LEVEL: $ 42.4
"I want to emphasize, for the Russian budget, for our economy, current oil prices are acceptable. Let me remind you that this year, as part of our macroeconomic policy, we took a Brent crude price of $42.40/b as the base level," Putin said during a meeting on the impact of the coronavirus on the global economy and the oil market with government ministers and representative of oil and gas companies.
2020, March, 2, 12:55:00
OPEC+ OIL CUTS
Despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further.
