Offbeat 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:   sport1.de

Putin and Trump discussed G7 summit, oil markets in call -Kremlin

  Putin and Trump discussed G7 summit, oil markets in call -Kremlin U.S. President Donald Trump told President Vladimir Putin in a phone call about his idea of holding an expanded Group of Seven summit later this year with a possible invitation for Russia, the Kremlin said on Monday. © Alex Wong/Getty Images, File Kremlin - Putin and Trump discussed G7 summit, oil markets in call Trump said on Saturday he would postpone a G7 summit he had hoped to hold next month until September or later and expand the list of invitees to include Australia, Russia, South Korea and India.

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

The members of the Organization of the Petroleum Exporting Countries ( OPEC ) and allied oil producers led by Russia have decided to prolong FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries ( OPEC ) outside its headquarters in Vienna © Reuters / Leonhard

* 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."

FOCUS 5 stock market rally in the USA continues - Nasdaq now at all-time high

 FOCUS 5 stock market rally in the USA continues - Nasdaq now at all-time high * Positive surprise in the US job market * Dow over 27,000 points for the first time since March * Rising oil prices before Opec decision (new: closing prices) New York, 05. Jun (Reuters) - With a surprising tailwind from the job market, the rally on the US stock markets continued at full steam. On Friday, the Dow Jones index climbed again above 27,000 points for the first time since early March, while the Nasdaq even climbed above its all-time high closing price in February.

OPEC and cooperating non- OPEC countries such as Russia (a coalition known as OPEC +) will cut output by 9.7 million barrels/day (b/d) in "It makes sense that Saudi Arabia did not cut the prices for the U.S. and Europe in order to stay on the good side of the Americans and Russians," Giveans added.

Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, an OPEC delegate said on Saturday, after Iraq's plan would include reaching a deal with oil majors to start significant cuts from Iraqi oilfields where they operate and reaching agreement with the

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.

Opec + States extend oil cut by one month

 Opec + States extend oil cut by one month London, Jun 6 (Reuters) - The major oil producing countries have agreed to keep their cut in production for another month until the end of July. That tweeted on Saturday the Energy Minister of the United Arab Emirates. The countries had previously organized a video conference. An extension of one month was expected in advance. The Organization of Oil-producing Countries (Opec) and the other countries, including Russia, agreed in April to cut oil supplies by 9.7 million barrels a day, which is a

The price of US oil has turned negative for the first time in history. That means oil producers are Earlier this month, Opec members and its allies finally agreed a record deal to slash global output by US President Donald Trump has said the government will buy oil for the country 's national reserve.

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)

FOCUS 2-Europe investors again cash in - Fed decision in view .
* Expert - upward trend still intact * Trillions in stimulus support stock markets * Interactive graphic for the spread of the coronavirus https://tmsnrt.rs/3aIRuz7 * Interactive graphic on corona restrictions in Europe https://reut.rs/3bvA7RK (New: Euro, raw materials, BAT) Frankfurt, Jun 9th (Reuters) - After the skyrocketing past weeks, European equity investors are taking profits.

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