Thursday , March 4 2021

Saudi Arabia fights crude oil prices



Oil prices are on the bottom of the bottom line Monday, after the start of trading on Tuesday.

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– The production of natural gas in the Gulf of Mexico has fallen for two decades. But 10 new projects are expected to begin operations in 2018, according to the EIA, and another 8 in 2019.

– These 18 projects have a combined resource of 836 million cubic meters.

– Together, they will allow for the recovery of the Gulf of Mexico gas production.

Market Movers

Cheniere Energy (NYSE: LNG) LNG was enough to send its first cargo ship to the Corpus Christi export terminal, according to S & P Global Platts.

Kosmos Energy (NYSE: KOS) Almost on Monday, when a 3-hour 3-hour decline occurred, 15 million ordinary shares were sold in a secondary public offering.

• Total SA (NYSE: TOT) He announced the closure of Gonfreville's 253,000 bpd in Norman, due to strikes.

Tuesday, November 27, 2018

Saudi Arabia encourages "quiet cut". A few weeks ago, rumors were driven by the OPEC + power station at the next meeting, perhaps 1.4 million barrels per day. However, it seems difficult today, while the Trump president, while protecting Saudi Arabia against attacks by Khashoggi's assassination, has also diminished oil prices at the same time. Russia is not even a large production cut. It leaves Saudi Arabia looking for a "quiet cuts", before production exceeds 10 mb / d before the production limit, down 11 mb / d.

Trump wants low oil prices, but United States shortage may be successful. The pressure on the White House to stop OPEC + production operations, raw prices may be small, but the price reaches a level that can damage the shale company in the United States. "At present, we are talking about full victorious meetings for Permian producers and, according to their duration, we can see the impact on capex budgets over the next months," said Muhammed Ghulam. Raymond James, told CNBC. Related information: Can not price oil fall to $ 40?

Saudi Aramco eyes $ 500 million makeover. Saudi Aramco's CEO said Bloomberg will spend $ 500 million over the next decade to become the world's leading petrochemical producer and petrochemist. "Saudi Aramco will make global investments in the global impacts of $ 100 million over the next 10 years, along with future purchases," said Aramco CEO Amin Nasser. In total, Nasser spent $ 500 million in plans. The demand for long-term oil is becoming increasingly fragile, but the petrochemical sector is the highest growth in demand, according to the IEA.

Russia-Saudi oil alliance is underway. Saudi Arabia clearly explained the OPEC + meeting to make a production cut next week, but Russia is much more uncertain. Russia's oil companies are declining, and the Russian economy does not have the highest prices for Saudi Arabia. Still, President Vladimir Putin has strategic reasons to maintain cooperation with Saudi Arabia. But after production in June, Moscow and Riyadh are not exactly on the same page.

Venezuela arrives at an agreement with Crystallex. The Canadian Crystallex mining company has sold Venezuelan PDVSA for the sale of Citlo for its 2011 gold mining project. However, Venezuelas and Crystallex have made an agreement to transfer PDVSA Citgo. Venezuela has paid Crystallighti $ 425 million dollars and will pay the balance for 2021.

Venezuela rejects BP offer. BP (NYSE: BP) he proposed to buy it Total SA (NYSE: TOT) Take part in a Venezuelan natural gas project. The project is located next to the Venezuelan and Trinidad and Tobago border. BP has the rights of the trinidad party and has wanted to buy the total of the party of the Venezuelan party, and it will be able to use the gas to extend the operations of Trinidad. Caracas has blocked the offer, according to Reuters.

Goldman Sachs: 2020 shortage of oil. The oil market may oversupply today, but Goldman Sachs says it's a shortage coming in 2020. "In 2020, we will have a clear physical shortage of oil, since no one will invest in future oil production." Michele Della Vigna, the head of Goldman Sachs Research Resources at EMEA, told CNBC on Friday.

Nigeria lost $ 6 million to Shell and Eni. A new report has spent almost 6,000 million dollars in Nigeria's projected revenue, due to the structural curiosity of 2011 oil treatment Royal Dutch Shell (NYSE: RDS.A) and Eni (NYSE: E). According to forecasts, Milo's Milan trial, Eni executives are in hot seats.

France and Germany are moving to negotiate with Iran. The European Union has previously proposed setting up a special purpose vehicle (SPV), enabling European companies to negotiate with Iran, working around United States penalties. They agreed to jointly organize the financing arrangement in France and Germany, and they are taking aggressive measures trying to survive the Iranian nuclear deal, although the US president does not continue.

U.S pressures Iran to destroy Iran. US presidents are pushing Iraq to destroy Iran's energy, according to Wall Street Journal. Iraq is a source of natural gas that is used to generate electricity. U.S. refused to spend 45 days in Iraq on gas imports, but Iraq needs more time. Iraq warns that the United States could destabilize countries if it is too hard.

Related: Goldman: The price of oil set in the rebound in 2019

China imports sanctions from Russia to Iran. China has operated Iranian imports before Iran, and instead it is more than Russia. Chinese oil insect imports were registered in October.

Chevron announces the first oil in the Gulf of Mexico project. Chevron (NYSE: CVX) In the Gulf of Mexico, he announced the first oil of the Big Foot project last week. The project is 225 miles south of New Orleans and lasts 35 years.

France fuel protests. In France, a second week of protest on the Diesel tax hike proposal. Diesel prices have risen around 20 points this year in France, although the increase in crude oil prices (until recently). The tax is intended to harmonize gasoline and diesel prices – gasoline in France has been a relative gasoline for some time.

Trump maintains a tough line in China. Trump will meet with Xi Jingping this week, but he proposed raising the tariff on Monday in January. China's imports will reach 10 percent of US $ 200 million at the beginning of 2019 by 25 percent. Trump said he was "very unlikely" to keep that increase. He also said that it is ready to move forward with additional fees for another $ 267 million Chinese two-way goods if there is no deal reached this week.

Tom Kool through Oilprice.com

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