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2020-03-04 10:00:00

OPEC'S PROPOSAL: $60

OPEC'S PROPOSAL: $60

REUTERS - MARCH 3, 2020 - OPEC's proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, told Reuters.

The comments from Fedun, who was talking on the sidelines of the company's presentation of its low-carbon energy strategy, suggest Russia may be willing to agree to OPEC's proposals for more output cuts in light of the coronavirus outbreak.

The Organization of the Petroleum Exporting Countries and its partners,…

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Earlier:

OPEC'S PROPOSAL: $60
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%.
OPEC'S PROPOSAL: $60
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.
OPEC'S PROPOSAL: $60
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.
OPEC'S PROPOSAL: $60
2020, February, 26, 09:55:00
CORONAVIRUS BRIEFLY: ARAMCO
The global impact of coronavirus will only be “short term”, according to the CEO of Saudi Aramco.
OPEC'S PROPOSAL: $60
2020, February, 21, 12:30:00
OIL MARKET: NOTHING URGENT
Despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.
OPEC'S PROPOSAL: $60
2020, February, 19, 11:50:00
GLOBAL PETROLEUM DEMAND WILL UP BY 1.0 MBD
EIA now expects global petroleum and liquid fuels demand will rise by 1.0 million b/d in 2020, which is lower than the forecast increase in the January STEO of 1.3 million b/d in 2020, and by 1.5 million b/d in 2021.
OPEC'S PROPOSAL: $60
2020, February, 14, 12:10:00
CHINA'S CORONAVIRUS: NO AFFECT
The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically affect oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan Brouillette told
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Tags: OPEC, RUSSIA, OIL, PRICE, LUKOIL
Chronicle:
OPEC'S PROPOSAL: $60
2020, September, 28, 11:44:00
TANK FARMS AND OIL TERMINALS IN RUSSIA, CONFERENCE AND EXIBITION
We are glad to announce that the 15th Technical Conference Tank Farms and Oil Terminals: from Advanced Design to Operational Excellence 2020 is now open. The event will take place on 12-13 November 2020, in Saint-Petersburg.
OPEC'S PROPOSAL: $60
2020, September, 28, 11:40:00
CHINA'S CARBON NEUTRALITY 2060
Official greenhouse gas measurements place China as the world’s largest emitter, at almost 12,500 million tonnes a year,
OPEC'S PROPOSAL: $60
2020, September, 28, 11:35:00
VIRTUAL POWER PLANTS FOR CONSUMERS
Now, electric grids are increasingly decentralizing, giving rise to cloud-based systems that pool resources to meet fluctuating consumer demand.
OPEC'S PROPOSAL: $60
2020, September, 28, 11:30:00
U.S. RIGS UP 6 TO 261
U.S. Rig Count is up 6 from last week to 261, Canada Rig Count is up 7 from last week to 71
OPEC'S PROPOSAL: $60
2020, September, 25, 13:20:00
OIL PRICE: NEAR $42
Brent was up 30 cents at $42.24 a barrel, WTI rose 23 cents to $40.54 a barrel.
OPEC'S PROPOSAL: $60
2020, September, 25, 13:15:00
U.S. GAS CONSUMPTION DOWN
Natural gas consumption in the U.S. industrial sector declined from 25.4 billion cubic feet per day (Bcf/d) in January 2020 to 20.1 Bcf/d in June 2020,
OPEC'S PROPOSAL: $60
2020, September, 25, 13:10:00
CHINA LNG IMPORTS UP
China LNG imports are set to hit a record 65-67 million tonnes this year
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