OPEC, Russia prepared to raise oil output under U.S. pressure | Forex Factory

  • OPEC, Russia prepared to raise oil output under U.S. pressure

    From reuters.com

    Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, sources said, while OPEC’s chief said a complaint from U.S. President Donald Trump over high prices had triggered the idea of upping output. Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any such move would be gradual so as not to shock the market. Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far, with ... (full story)

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Aussi
May 27, 2018 6:10am
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Quoting nbfx
Saudi's particularly are probably going to want crude in the $80-100bbl range to keep their income going and recoup some of the lost revenue from when it was down around $50bbl. At the top end of that range quite a lot of 'expensive' supply becomes very viable indeed and keeps a lid on price, while at the lower end (where we are now) keeps the $$$ rolling in to the Royal (government) coffers. Even the likes of Venezuela will be breathing a sigh of relief as the Black Gold can once again help support a failed economy. Bottom line, it's a finite resource...
mate can you answer my question , if venezuela nationlised the oil companys and thier other assets overseas have been taken to pay the oil companys , can they sell the oil ?
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nbfx
May 27, 2018 6:00am
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Saudi's particularly are probably going to want crude in the $80-100bbl range to keep their income going and recoup some of the lost revenue from when it was down around $50bbl. At the top end of that range quite a lot of 'expensive' supply becomes very viable indeed and keeps a lid on price, while at the lower end (where we are now) keeps the $$$ rolling in to the Royal (government) coffers. Even the likes of Venezuela will be breathing a sigh of relief as the Black Gold can once again help support a failed economy. Bottom line, it's a finite resource and they are gonna want best price for all that they still have left to pump.
I'm thinking any dip in price will be a temporary thing and running back down to the $40-50bbl range unlikely amid firm demand...
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nbfx
May 27, 2018 3:44pm
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Bottom dropped out of the world for them as the price of crude fell to below the cost of production and the revenue which had supported the economy dried up. I don't know the answer to your question, but I would be seeking ways to get the pumps flowing and revenues coming back into gvt coffers one way or another in their position, and a higher price is one of the necessary enabling steps in that process...
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swing77
May 25, 2018 11:00am
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Quoting Prof.Trader
Good News for Sell Oil, now... Wow...
owh really?
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Yuri57
May 25, 2018 10:48am
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This news was out well before London traders waking up, lol...
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Prof.Trader
May 25, 2018 10:27am
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Good News for Sell Oil, now...
Wow...

Crazy Oil Chart...
Few moments ago...
And absolutely, AUDUSD, NZDUSD and USDCAD as Commodity Dollar will getting weaker because of falling on Oil Price...

Be careful...
Later, especially AUDUSD will Bearish to 0,7400 next week...
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Prof.Trader
May 25, 2018 11:07am
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Quoting swing77
{quote} owh really? {image}
Absolutely Yes, My Friend's...
Take Sell on price correction...
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Trader#C8E2
May 25, 2018 11:26am
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FYI, I'm building a massive position long oil, I don't care who is saying what, this is a huge opportunity
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