Global markets responded on Monday to fears of a second-wave of coronavirus infections and one of the industries feeling the pressure is the gas and oil market.  This comes as Reuters cites multiple sources saying that Saudi Aramco is cutting July crude supplies to at least five buyers in Asia. ...

  Bottom Line Up Front The April agreement among major oil producers to reduce global oil production has failed to stabilize world oil prices. Market stability will depend heavily on the abatement of the COVID-19 pandemic. U.S. oil production is falling primarily due to high costs and high debt loads ...

  Bottom Line Up Front A Saudi effort to regain dominance over world oil production is weakening regional economic powers at a time of crisis over the COVID-19 pandemic. The dramatic drop in oil prices might render the Persian Gulf countries less able to provide funds to poorer regional governments ...

  Bottom Line Up Front Qatar’s withdrawal from the Organization of Petroleum Exporting Countries (OPEC) is strongly correlated to Doha’s ongoing rift with the cartel’s dominant member, Saudi Arabia. The withdrawal is intended, in part, to bolster Qatar’s standing with the Trump administration, while allowing it to ‘focus efforts’ on ...

The OPEC conference in Vienna ended on June 22 with a Saudi-engineered defeat of Iran’s efforts to oppose any production hike.  Masked in vague language, the new OPEC agreement will put at least an additional 600,000 barrels per day (bpd), and possibly as much as one million bpd, on the ...

Saudi Arabia’s decision at the informal gathering of OPEC countries in Algeria on September 28th to reverse course and agree to participate in a production cut took markets by surprise. It immediately had its intended effect. The announcement made it risky for investors to short the market by selling oil ...

Since oil prices plummeted in the last quarter of 2014, oil-producing countries have struggled to adapt to the new low-price environment. From reforms to slashed budgets, producers have found ways to cope and yet, for years, they failed to reach an agreement to reduce production, which could boost flagging oil ...

The Organization of Petroleum Exporting Countries (OPEC) came to a surprise agreement at informal talks this September to reduce global oil production by between 200,000 and 750,000 barrels. However, final negotiations will not be held until the official OPEC meeting in November and many wonder if regional rivals, Saudi Arabia ...

OPEC members have finally reached an agreement to curb the global oil supply by cutting their overall production from 33.75 million barrels per day (mb/d) to the range of 32.5-33 mb/d. The main challenge will be the agreement’s implementation and how the supply will actually be reduced. The details of ...