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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.
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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.
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2020, February, 26, 09:55:00
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The global impact of coronavirus will only be “short term”, according to the CEO of Saudi Aramco.
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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
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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
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