Did Iraq Just Doom The OPEC Deal?

OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartel’s production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort to get it onboard? Whether ...

Source: Oilprice.com

Risk Analysts Take Note—High Oil Market Volatility is Here to Stay

2020 has been quite a roller coaster ride—and it’s not even halfway over yet.

To be sure, in recent weeks WTI crude reached a little bit of oil price stability compared to what we have been experiencing. But by no means is market volatility in the rearview mirror. In fact, the kind of volatility WTI experienced is likely here to ...

OPEC+ Deal Threatened

This article came to our attention first via Roseland Oil & Gas

by Andreas Exarheasclick here to read the entire article at Rigzone.com The deal to extend the cuts that saved the markets from self-destruction has been threatened by the errant behavior of some OPEC+ members. That’s according to Rystad Energy’s Senior Oil Markets Analyst Paola Rodriguez Masiu, who...

Read More - Source: Roseland Oil & Gas

Oil Down on OPEC+ Discord and US Demand Data

This article came to our attention first via Roseland Oil & Gas

by Bloomberg | Elizabeth Low and James Thornhillclick here to read the original article at Rigzone.com (Bloomberg) — Oil retreated from a three-month high as OPEC+ unity was threatened by a long-running feud over complying with production cutbacks, while U.S. data cast doubt on the streng...

Read More - Source: Roseland Oil & Gas

Natural Gas Oversupply Results in Exceptionally Low Prices

Natural gas, the nation’s largest source of electricity, has been in a growth mode during the last 40 years. “Demand for natural gas has been growing more than any other fuel in absolute terms,” Dr. Scott Tinker, director of the Bureau of Economic Geology at the University of Texas at...

Saudi Arabia Raises Import Duty To Offset Plunging Oil Revenues

Saudi Arabia is looking to boost its non-oil revenues while its oil revenue is taking a hit in the low oil prices and is raising customs duties on hundreds of imported products as of June 10. The Saudis will be lifting import duties on products ranging from meat, dairy, and vegetables to chemicals, vehicles, and building materials. The import fees ...

Source: Oilprice.com

Heavy discount widens as top producers debate output cuts

Canadian heavy crude’s discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $9.50 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday’s settle of $8.60 under. Light synthetic crude from the oil sands was [Read more]

Source: BOE Report

Oil & Gas Still King Despite Renewable Hype

The death of coal has run hand-in-hand with the rise of renewable energy, though the real credit for killing king coal might just go to U.S. shale. Even if the renewable revolution is growing too big to ignore. There are plenty of environmental and ideological reasons that many academics and pundits are pushing for placing renewable energy at the ...

Source: Oilprice.com

Hard-hit Canadian oil companies still waiting for Trudeau loans

Canadian oil producers sideswiped by economic damage from the coronavirus pandemic have received no federal loans, seven weeks after the first lending program was announced, government and industry officials said on Thursday. Prime Minister Justin Trudeau’s government announced loans and loan guarantees for small and midsize energy companies in April, and credit for large employers [Read more]

Source: BOE Report

US Senators Call For Tougher Sanctions On Nord Stream 2

U.S. Senators are set to announce this week a bill to expand sanctions on the Russia-led natural gas pipeline project Nord Stream 2, Senate aides told Reuters, which has seen a draft of the new bill. U.S. lawmakers have sought to pass a bill to levy sanctions on the Nord Stream 2 project, which the United States sees as further ...

Source: Oilprice.com