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Money FOCUS 1-Opec + countries still do not want to turn oil tap on fully

01:45  07 june  2020
01:45  07 june  2020 Source:   spiegel.de

Insider - Opec + examines extension of the cut in production by up to two months

 Insider - Opec + examines extension of the cut in production by up to two months Dubai / Moscow, Jun 01 (Reuters) - According to insiders, the oil producers united in Opec + are approaching a compromise on expanding their unprecedented cut in production. A proposal will be discussed, after which the cut will be extended by one to two months, three Opec + insiders said on Monday of the Reuters news agency. This step is intended to stabilize the oil price, which has collapsed due to the economic crisis resulting from the coronavirus pandemic.

In short, OPEC wants oil today to be more sought after than oil for delivery months or years in the future, encouraging refiners and traders to take crude “We believe that OPEC remains focused on sustainably increasing revenues through a combination of higher prices but also higher market share

In short, OPEC wants oil today to be more sought after than oil for delivery months or years in the future, encouraging refiners and traders to take crude “We believe that OPEC remains focused on sustainably increasing revenues through a combination of higher prices but also higher market share

* Production cut of just under 10 million barrels per day by the end of July

* Expert: Oil markets should benevolently agree

* High oil price because of USA not necessarily in the interest of the Opec (New copy)

Moscow / Dubai / London, Jun 06 (Reuters) - The major oil-producing countries want to keep their production cut for another month until the end of July and thus prevent an oversupply from depressing prices. Although demand worldwide is picking up again because many large industrialized countries have loosened their restrictions from the virus pandemic, Saudi Arabian Minister of Energy Prince Abdulaziz bin Salman said in a video link on Saturday. "But we are not off the hook yet and the challenges remain."

Oil: Crude oil prices continue to climb

 Oil: Crude oil prices continue to climb © Nabil Al-Jurani / dpa Iraq is also planning to reduce oil production. Oil prices are still on a recovery course. Contributed to this is alleged progress in the agreement on a funding restriction. Oil prices rose slightly on Friday, continuing their recent recovery. Traders point to alleged progress in negotiations with leading crude oil producing countries. A barrel (159 liters) of the North Sea type Brent cost $ 40.18 in the morning. That was 19 cents more than the day before.

Oil has just posted a sixth weekly gain in London, more than doubling to .30 a barrel since April as U.S. President Donald Trump on Friday hailed the cuts from OPEC and its allies for saving the Read: OPEC + Tries Novel Strategy to Turn Oil Price Curve Upside Down. The cartel will meet again

OPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said. The oil producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria.

The around a dozen oil producers represented in Opec had agreed in April with other large producers, including Russia, in the so-called Opec + group to cut production by 9.7 million barrels (159 liters each) per day. That is about a tenth of the daily global consumption. The oil price has risen significantly since then.

observers expect Monday's deal on the oil markets to be well received and that the price of oil will continue to hover above the $ 40 a barrel mark.

However, the Opec + countries are not necessarily interested in a strongly rising price - even if many of them rely on the highest possible income for their national budgets. Because they want to prevent companies from getting back on their feet in the world's largest oil producing country, the USA. In the United States, shale oil is predominantly extracted, which is technically complex. The industry there therefore only makes profits from prices of between $ 50 and $ 70 per barrel. Since oil recently cost significantly less, many of the US companies have stumbled. For this reason, US President Donald Trump even threatened to withdraw US soldiers from Saudi Arabia if Riyadh did not respond. US Energy Secretary Dan Brouillette said on Saturday that he welcomed the extension of the Opec + agreement.

EXCHANGE TICKER oil and gas sector in demand - Opec cuts expected

 EXCHANGE TICKER oil and gas sector in demand - Opec cuts expected Frankfurt, Jun 05 (Reuters) - The stock market ticker on important price movements on the international financial markets and their causes follows: 2.10 p.m. - Speculation on extended production brakes by Oil producers are helping to raise oil prices and make stocks in the oil and gas sector popular. In New York, Exxon and Chevron paper rose up to 1.6 percent off-exchange.

OPEC , Russia and allies were set on Saturday to extend record oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and

Oil prices were higher following a report that OPEC and its allies would consider deeper production cuts when they meet in December. "Expectations that the API and EIA will report that U.S. crude oil inventories increased by around 3 million barrels over the last week certainly do not help sentiment

Overstocked and collapsed demand due to restrictions in the fight against the virus pandemic had pushed the price below $ 20 in April. Meanwhile, the Brent variety from the North Sea variety again costs around $ 40. An insider on the Russian side had recently said that the price was between $ 40 and $ 50.

During the virus crisis, Opec's inventory grew to around one billion barrels. Demand is expected to exceed supply for the first time in July. From then on, said Bjornar Tonhaugen from industry service Rystad Energy, Opec will probably be able to reduce the inventory by three to four million barrels a day.

The Opec + countries also found a solution on Saturday to the question of how to deal with sponsors who had recently cut their production less than promised - such as Nigeria and Iraq. These are now to compensate for this through extra cuts in July and September. Initially, however, it remained unclear whether the voluntary cut in production from Saudi Arabia, the United Arab Emirates and Kuwait, which goes beyond the actual cut, will be extended to a total of almost 1.2 million barrels a day beyond June. (Reporters: Ahmad Ghaddar, Rania El Gamal and Alex Lawler; written by Ralf Bode. If you have any questions, please call 030 2888 5150)

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