Many still haven't woken up... MCO no need to work...

Another tip is... why WTI is traded so much difference than brent... take consideration of possibility that the market is yet to adjust to the level... or currently the oil industry is doing firesale... to win sale, price has to be lower...

If any production cut done should be seen now instead on May

Brent price is traded as future price... the current trade price will be MAY price... oil sold via bookings... they do not sell on the spot price...

Soon will adjusted to near WTI level... 20.84...

Today is worse that expected... brend USD 28.80

This is the interesting part... when brent oil price stays at USD45.... what do you think this stock valued... for the company wise it sure will survive... but the stock price is another thing....

Good luck...

https://oilprice.com/Latest-Energy-News/World-News/US-Shale-Production-To-Drop-By-Record-Amount-In-April.html

The Drilling Productivity Report shows six weeks of sizeable declines, shedding more than a half a million barrels per day—546,622 barrels—since December 2019.

Six week half a million... 12 weeks 1 mbpd...
The EIA still very optimistic of their shale....
Looks like US production cut based on market is not so fast...

If their wish to reach 20 mbpd (minus OPEC+ production cut 9.7 mbpd) based on this forecast, they will still sell very high volumes in may june and july...

This is where i don't like... since their deal said to be with market ... there is no obligation to cut... american oil producer is just too stubborn to give in their position...
Especially their oil major...

This means till december, expect BRENT oil prices will not touch 45 USD.

@Godofgambler your soon is around 4 months to 2 years range... don't think it it will go back to USD 60 that fast... especially when recession looming

At this brent price ... you think can maintain 50 cents?

I don't know what you all are celebrating of... the brent price still below USD 31...

https://oilprice.com/Energy/Crude-Oil/Is-Saudi-Arabia-Restarting-The-Oil-War.amp.html

Sad truth that 3.7 mbpd is also not enough...

Goreng... sure boh...

Tonight need to see global market

30.720 USD

Brent trade in ICE UK... must see from UK site... other site delay 10 minutes

http://www.m.livecharts.co.uk/MarketCharts/brent.php

Brent already less than USD 31...

Oh man..

Oh brent... better not lower than 31 USD...
Oh global market... tonight better don't overreact to the news...

Yes @BlackWhite they are testing the market... didn't know that this consider any good news at all... even if they don't cut this amount of production, they also cannot sell so much since nobody going to buy anyways... this cut is the extra production that they would not able to sell anyway...

Same thing from april... trying to pressure US company to surrender

Ok

I don't know how optimistic to the oil i have to make to see it your way...

The Brent price IS not going anywhere at this moment... you see the market... it has been flat since the adjustment from 34 USD

Not anti oil price.... lol...

Yes tru apple... this time it is not going up... not the time yet...

http://www.m.livecharts.co.uk/MarketCharts/brent.php

Based on this site it still hanging on 31.5 USD...

Most people choose what news to hear... this is not going to change any facts.

Which country in G20 other than OPEC is exporting oil...
They are going to be forced to purchase ....

Excerp from
https://www.google.com/amp/s/amp.ft.com/content/150df67b-839f-455a-9546-6edf72a08df0

With G20 support in the form of "oil purchases" for storage and declining production in North America, it could mean millions more barrels removed from the market.

US president Donald Trump even offered to help overcome a last-minute hurdle for the deal, as Mexico was not willing to cut as deeply as other members of the group. On Friday he said the US would “help Mexico along” with their share of cuts, though he did not specify how.

No mexico doesn't

The deal actually got sour... much less than the projected last week... the price will hover around 31USD to 35USD for sometime... most company with breakeven below this price will suffer.

P.S: i am not anti hibiscus, so my thoughts of hibiscus is their cost per barrel is adjustable... they can adjust to breakeven at this price. But definitely not going to earn much.

@evan

The U.S., Brazil and Canada will contribute another 3.7 million barrels as their production declines.

These selfish country are waiting for their own industry to make adjustment instead of control the output in production...

This part cannot take into account.

And to clear out, the 9.7mbpd is lack of 350kbpd by mexico...

Well if it is good news it will already past 35 usd...

Don't think Arab will cut production anymore... to sustain their production they have to cut price...

0.245 - 0.545 4 werks range, worst case 0.245

40 cents is not Holland though

Their estimated breakeven cost is about $42/bbl

This?

@Depeche where?

@newbie9999 if you know the production in month of april has already booked by the oil future trading, there is no way to cancel the already made transaction that is why start on May.

In addition the term is with all the participants agree to cut their production which is still unclear...

There is few points that are still invalid to have much higher price

1) the demand is getting worse
2) 10 mbbl per day is not sufficient
3) the global storage is likely already full
4) the cut is merely 1/3 of the demand loss expected

This cut is just right for them to use market balance to kill shale...

https://www.google.com/amp/s/www.aljazeera.com/amp/ajimpact/oil-prices-sink-mexico-thwarts-opec-deal-cut-output-200410011722567.html

https://oilprice.com/Latest-Energy-News/World-News/Russia-US-Shale-Decline-Cant-Count-As-Output-Cut.html

The only way to save the shale ... is to let them rot and bankrupt

I mean oil price jump

No these are not worry... these just make the whole price jump is just a joke from America

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/040520-oil-futures-crude-slumps-on-opec-meeting-delay-lack-of-us-commitment

"Even with OPEC and its allies returning to the table Thursday, It remains to be seen how a 10 million b/d crude production cut will be realized without US producers cutting."

"The matter is complicated by the fact that US production has not yet fallen significantly, despite dramatic capex cuts, which will only affect significant declines in 2021," S&P Global Platts Analytics said. "This raises questions over how and when the US would cut, whether these would be economic (such as the 800,000 b/d of stripper wells in our forecast) or voluntary, with the latter further complicated by the legal independence of US producers."

Actually tariff from trump is uaeless... their country currently exporting oil ... if brent become lower than wti, america still will buy oil from other brent producer... plus ... their demand will not able to absorb the shale output also... only threat is if they withdraw their defenses from them...

https://www.channelnewsasia.com/news/business/us-shale-company-whiting-becomes-first-major-bankruptcy-of-oil-price-crash-12599308

https://www.theedgemarkets.com/article/dramatic-rise-and-fall-shale-oil