Posted by overmars > 2020-04-08 15:28 | Report Abuse

what for keep going up as all waiting big bro sit down on table talk.... if friday can get good news sure will drop like hel

Posted by overmars > 2020-04-08 16:46 | Report Abuse

keep dropping like shit.... nothing can do to make it up again... morning rose 1.00 ++ now be negative..... just pray brent rise till 70 la... RIP all

Posted by tkl88 > 2020-04-08 22:17 | Report Abuse

Oil prices gain as OPEC meeting looms
OPEC+ expected to lower collective oil output substantially to trim some oversupply in global market
Ovunc Kutlu   | 08.04.2020
https://www.aa.com.tr/en/economy/oil-prices-gain-as-opec-meeting-looms/1797054

ANKARA
Crude oil prices were up on Wednesday as the upcoming meeting between OPEC and its allies, known as OPEC+, give hope to investors of potential support to prices.
International benchmark Brent crude was trading at $32.32 per barrel at 0620 GMT for a 1.4% increase after it closed Tuesday at $31.87 a barrel.
American benchmark West Texas Intermediate (WTI) was at $24.72 a barrel at the same time for a 4.6% gain after ending the previous day at $23.63 per barrel.
The oil producing member countries of OPEC+ will hold a teleconference on Thursday to discuss the low price environment and the supply-demand balance in the global oil market.
Due to the rapid spread of coronavirus, or the COVID-19 disease, weak economic activity around the world has lowered global oil demand, increasing the glut of supply in the market.
Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC failed on March 6 to lower their collective output, causing a massive plummet in prices, which fell on March 30 to their lowest level since 2002.
The OPEC+ group is estimated on Thursday to lower their collective oil production level by between 10-15 million barrels per day in order to trim some of the oversupply.

Posted by Srijevan San > 2020-04-09 00:35 | Report Abuse

This help nothing as there is no demand for oil globally because airplane industry can be said stop totally. Seldom vehicles running mean less fuel be used. Even cut supply also cant rise the price too much.. many countries launch lockdown tactic. Vessel also noylt fully utilized. So what will happen in this coming 2 months. Some more meeting on Thursday not promised positive deal. How if there just a coffee time for OPEC++ only?

Posted by tkl88 > 2020-04-09 03:32 | Report Abuse

OMG, Oil price was damn super hot man !
As at 3.25am,
Nymex => $25.75 ‪(+2.12) (+8.97%)‬
Brent => $33.33 ‪(+1.46) (+4.58%)‬

Posted by tkl88 > 2020-04-09 04:22 | Report Abuse

‪Wow, Fabulous!
As at 4.12am,‬
Dow Jones closed at=> 23,433.57 (+779.71)
(+3.44 percent) !

Posted by tkl88 > 2020-04-09 04:45 | Report Abuse

Oh My goodness,
Oil price was unbelievable spike up to the sky high !
As at 4.35am,
Nymex => $26.‪09 (+2.46) (+10.41 percent)
Brent => $33.‪54 (+1.67) (+5.24 percent)

Posted by tkl88 > 2020-04-09 05:21 | Report Abuse

Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
By Julianne Geiger - Apr 08, 2020, 2:20 PM CDT

https://www.google.com/amp/s/oilprice.com/Energy/Oil-Prices/Oil-Spikes-After-Algeria-Says-OPEC-Cuts-Could-Reach-10-Million-Bpd.amp.html

Posted by tkl88 > 2020-04-09 05:21 | Report Abuse

The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual OPEC++ meeting.
“The meeting will undoubtably be fruitful in order to rebalance the market through measures we will take tomorrow,” Mohamed Arkab, OPEC’s President and Algeria’s Energy Minister told state news agency APS, according to Reuters.

While an intangible statement, the optimistic words spoken by the OPEC President seem to be just what the doctor ordered for the volatile markets as speculators try to make the most out of the oil-price plunge.
As a result of today’s spike, trading of the biggest oil ETF, the United States Oil Fund (USO), had been halted temporarily. Trading of the USO has since resumed. The USO is trading up 4.03% as of 3:03pm EDT.
All eyes remain on the potential deal that OPEC group may come up with tomorrow in what could be the largest oil production cut deal ever. Signatories to the deal could include, in addition to OPEC, Brazil, Norway, Canada, and all the OPEC+ countries that signed onto the previous deal. While some are hoping that the United States may join in the cuts, a formal agreement between the US and other oil producers appears unlikely.
Saudi Arabia and Russia, together responsible for producing more than 22 million barrels per day, are expected to make or break the chances of a production cut deal.

A 10 million bpd figure has been discussed by meeting attendees in the run-up to the meeting, although that figure would be insufficient to offset the loss in oil demand that the market has seen due to the coronavirus.

By Julianne Geiger for Oilprice.com

Posted by overmars > 2020-04-09 09:29 | Report Abuse

still no moving even oil price rise... any opinion or professional advice?

Posted by Bluey > 2020-04-09 11:29 | Report Abuse

Sold all my Carimins this morning. Not convinced that nyse seesaw is real. Check comment by Jim Cramer. See no relationship between crude and Carimin. Maybe for Chevron etc. Guys be careful and Good Luck!

Posted by overmars > 2020-04-09 15:02 | Report Abuse

85c? 75 also hard to achieve now.... u sure andr?

Posted by overmars > 2020-04-09 16:18 | Report Abuse

crude break 26
brent break 34
but carimin not even break 75c

Posted by tkl88 > 2020-04-09 16:47 | Report Abuse

Walaoeh, Oil price spike up like mad already !
It's definately indicating that the Opec + meeting will come out a deal of ouput cut !
As at 4.37pm,
Nymex => $26.14 (+1.05) (+4.18%)
Brent => $33.90 (+1.07) (+3.26%)

Posted by tkl88 > 2020-04-09 18:04 | Report Abuse

OMG, Oil price continue to spike up sky high !
As at 5.55pm,
Nymex => $26.60 (+1.51) (+6.02%)
Brent => $34.20 (+1.36) (+4.14%)

Posted by apolloang > 2020-04-09 18:06 | Report Abuse

19/3/20 only 32.5cts sudah up more than 100%.....oil also no up that much

Posted by Srijevan San > 2020-04-09 18:40 | Report Abuse

Don happy too much... Future indice dropping now... This will effect too... Anyhow, who know what time (Malaysia) the big brothers having meeting? This is more important... Hopefully fruitful meeting can rise carimin to 1.00 la... Pray for that

Posted by apolloang > 2020-04-09 18:43 | Report Abuse

putin should teach trump a lesson

Posted by Srijevan San > 2020-04-09 20:04 | Report Abuse

Just one hour ago
Crude rose 2.++ 27.++
Brent rose 1.++ 34.++

Now nit even rise 1
Crude 25
Brent 33

Must be something bad about the big brothers meeting

Posted by RedEagle > 2020-04-09 20:19 | Report Abuse

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.

Posted by tkl88 > 2020-04-10 00:32 | Report Abuse

Wow, Congratulations to you all guys who is still keep tight tight & Sailang Armada at current low price !
Good news from the OPEC+ meeting which the output cut was Deal and the oil price then was spike up sharply!

As at ‬12.13am,
Nymex => $26.02 ‪(+0.93) (+3.71%)‬
Brent => $33.86 ‪(+1.02) (+3.11%)‬

Posted by tkl88 > 2020-04-10 01:06 | Report Abuse

Russia and Saudi Arabia agree deal on oil output cuts: Report
OPEC members are on Thursday set to discuss 'deep cuts' of up to 20 million barrels per day
By MEE and agencies
Published date: 9 April 2020 14:40 UTC
Last update: 18 min 21 sec ago

https://www.middleeasteye.net/news/russia-and-saudi-arabia-agree-deal-oil-output-cuts

Russia and Saudi Arabia have overcome all hurdles to cut oil production at a meeting of OPEC, ending a month-long price war.
Oil prices jumped after Reuters reported that the two countries have agreed to a "deep cut" in crude production.
OPEC and other oil producers were set to debate on Thursday oil cuts as big as 20 million barrels per day (bpd), equivalent to about 20 percent of global supplies, one OPEC source and a Russian source told Reuters.
"That is a global deal," the OPEC source said.
He did not specify if the United States would be involved - something Russia and OPEC producers have insisted on.
A worldwide lockdown to slow the spread of the coronavirus pandemic has cut fuel demand by roughly 30 percent and contributed to a crash in prices that took major benchmarks down by more than two-thirds.
Prices surge
Prices surged over 10 percent earlier on Thursday as producers appeared set to cut production sharply, but the exact details of the cuts remain unclear.
The OPEC and allies including Russia - a group known as OPEC+ - were in talks on Thursday to cut production sharply, with numbers as high as 20 million bpd bandied about, OPEC and Russian sources said.
That would be equivalent to about 20 percent of global supplies, to support prices hammered by the coronavirus crisis. However, it is unclear if a figure that lofty includes cuts made for economic decisions by private producers in the United States, Canada and elsewhere, or if OPEC assumes those countries will mandate cuts, which the US has not wanted to do.
A cut of 20 million bpd would be by far the biggest output cut ever agreed by OPEC. But Russia has insisted it will only reduce output if the United States joins the deal. US laws prevent coordination among private companies.
Analysts, meanwhile, said that even if such record cuts are agreed, they will not be enough.
"Ultimately, the size of the demand shock is simply too large for a coordinated supply cut," analysts at Goldman Sachs said on Thursday.
Following the OPEC+ meeting, energy ministers from the Group of 20 major economies are set to meet on Friday.
The last OPEC meeting in early March ended acrimoniously, with Russia and Saudi Arabia unable to come to an agreement to curb output as the virus spread, adding to the slump in prices.
A source briefed on Saudi Arabia's oil policy said it is ready to cut up to 4 million bpd of its production, but only from its record output levels of 12.3 million bpd achieved in April.
Russia has said it wants output to be cut from the January-March levels before Saudi production jumped.

Posted by Srijevan San > 2020-04-10 04:27 | Report Abuse

Oil prices rose on Thursday ahead of a crunch meeting between the Opec group of producers and Russia that could pave the way for a global production deal to combat the rapid collapse in demand from the coronavirus pandemic.

Brent crude was 4.5 per cent higher at $34.36 a barrel by lunchtime in London, while West Texas Intermediate gained 7.6 per cent to just shy of $27 a barrel. But both benchmarks have lost half their value since the start of the year as the market wrestles with cratering demand and record oversupply amid a price war.

Traders have been betting for the past week that a deal to cut supply by up to 15m barrels a day could be reached, helping to drag crude off an 18-year low near $20 a barrel. But significant hurdles remain to such a global agreement, which would equate to roughly 15 per cent of global pre-crisis supplies.

Donald Trump, the US president, has put pressure on Russia and Opec’s largest member Saudi Arabia to forge a pact to cut 10-15m barrels a day of output. Both Riyadh and Moscow have insisted other countries, including the US, participate.

The US has indicated that its own production is likely to fall anyway due to the precipitous fall in prices, which has upended the global oil industry, with demand seen down by around a third globally due to virus shutdowns and flight bans.

But Russian officials have pushed back against what they see as the US and other countries like Canada dressing up natural production declines as mandated cuts, even as Moscow indicated it would be willing to reduce its own output by up to 15 per cent. The deal could hinge on every side accepting the others’ definition of what constitutes a supply cut.

Some traders believe that the likely outcome will therefore be a fudge. Helima Croft at RBC Capital Markets said she expected the “meetings will yield a broad framework agreement to curb output by a big headline number”, but that it would “likely be short on hard specifics such as duration, implementation timeline, and enforcement mechanisms.”

Energy ministers from the G20 group of the world's wealthiest countries are due to meet on Friday for the first time ever after the so-called Opec+ group convenes today. The International Energy Agency and Saudi Arabia — which holds the rotating presidency of the G20 — are pushing for action.

The price crash has put millions of jobs in the energy sector under threat and risks causing uncontrolled shutdowns of oilfields around the globe as storage capacity runs out. That could damage fields in the long term, analysts say.

The Kremlin on Thursday reiterated its stance that all major oil producers must take part in any reduction deal. “Our position is clear: Russia stands for joint co-ordinated actions in the interests of stabilising the global energy market,” said Dmitry Peskov, spokesman for Russian president Vladimir Putin.

Mr Peskov declined to answer a question regarding whether Mr Putin had held discussions with the leaders of other oil-producing countries outside of Opec, aside from Mr Trump.

Mr Trump has repeatedly stressed he believes “free markets” will force a deal as the collapse in demand means Saudi Arabia and Russia will find few buyers for their crude. Global storage threatens to be overwhelmed within weeks or at best months.

But Mr Trump has also held out the threat of tariffs on oil from Saudi Arabia and Russia, blaming them for starting a price war after they moved to raise production last month, despite falling demand.

Goldman Sachs warned this week that the hit to demand meant that a cut of 10m barrels a day “would not be sufficient” even though it would be by far the largest supply agreement in history.

Even deal agreed cut production but donknow trump (Donald Trump) really don know to cooperate make price decrease like hell as below by 4am local time.

Crude 23.40 (-1.69)
Brent 32.05 (-0.79)

RIP all

Posted by tkl88 > 2020-04-10 04:29 | Report Abuse

Great, Dow Jones continue it’s bull run !
DJI closed at =>
23,719.37 (+285.80) (+1.22%) !

Posted by Srijevan San > 2020-04-10 04:30 | Report Abuse

Oil prices rose on Thursday ahead of a crunch meeting between the Opec group of producers and Russia that could pave the way for a global production deal to combat the rapid collapse in demand from the coronavirus pandemic.

Brent crude was 4.5 per cent higher at $34.36 a barrel by lunchtime in London, while West Texas Intermediate gained 7.6 per cent to just shy of $27 a barrel. But both benchmarks have lost half their value since the start of the year as the market wrestles with cratering demand and record oversupply amid a price war.

Traders have been betting for the past week that a deal to cut supply by up to 15m barrels a day could be reached, helping to drag crude off an 18-year low near $20 a barrel. But significant hurdles remain to such a global agreement, which would equate to roughly 15 per cent of global pre-crisis supplies.

Donald Trump, the US president, has put pressure on Russia and Opec’s largest member Saudi Arabia to forge a pact to cut 10-15m barrels a day of output. Both Riyadh and Moscow have insisted other countries, including the US, participate.

The US has indicated that its own production is likely to fall anyway due to the precipitous fall in prices, which has upended the global oil industry, with demand seen down by around a third globally due to virus shutdowns and flight bans.

But Russian officials have pushed back against what they see as the US and other countries like Canada dressing up natural production declines as mandated cuts, even as Moscow indicated it would be willing to reduce its own output by up to 15 per cent. The deal could hinge on every side accepting the others’ definition of what constitutes a supply cut.

Some traders believe that the likely outcome will therefore be a fudge. Helima Croft at RBC Capital Markets said she expected the “meetings will yield a broad framework agreement to curb output by a big headline number”, but that it would “likely be short on hard specifics such as duration, implementation timeline, and enforcement mechanisms.”

Energy ministers from the G20 group of the world's wealthiest countries are due to meet on Friday for the first time ever after the so-called Opec+ group convenes today. The International Energy Agency and Saudi Arabia — which holds the rotating presidency of the G20 — are pushing for action.

The price crash has put millions of jobs in the energy sector under threat and risks causing uncontrolled shutdowns of oilfields around the globe as storage capacity runs out. That could damage fields in the long term, analysts say.

The Kremlin on Thursday reiterated its stance that all major oil producers must take part in any reduction deal. “Our position is clear: Russia stands for joint co-ordinated actions in the interests of stabilising the global energy market,” said Dmitry Peskov, spokesman for Russian president Vladimir Putin.

Mr Peskov declined to answer a question regarding whether Mr Putin had held discussions with the leaders of other oil-producing countries outside of Opec, aside from Mr Trump.

Mr Trump has repeatedly stressed he believes “free markets” will force a deal as the collapse in demand means Saudi Arabia and Russia will find few buyers for their crude. Global storage threatens to be overwhelmed within weeks or at best months.

But Mr Trump has also held out the threat of tariffs on oil from Saudi Arabia and Russia, blaming them for starting a price war after they moved to raise production last month, despite falling demand.

Goldman Sachs warned this week that the hit to demand meant that a cut of 10m barrels a day “would not be sufficient” even though it would be by far the largest supply agreement in history.

Even deal agreed cut production but dontknow trump (Donald Trump) really don know to cooperate make price decrease like hell as below by 4am local time.

Crude 23.40 (-1.69)
Brent 32.05 (-1.79)

RIP all

Posted by napnap > 2020-04-10 05:40 | Report Abuse

Run as fast as u can market open...

Posted by napnap > 2020-04-10 05:42 | Report Abuse

Bo zao si !

Posted by RedEagle > 2020-04-10 07:37 | Report Abuse

The UAE has received an invitation to participate as an honorary guest in the G20 Energy Ministers Meeting, which will be held remotely on Friday, April 10, the Ministry of Energy and Industry said.

Posted by PresidentRotiCanai > 2020-04-10 09:24 | Report Abuse

Sell on news lo... OPEX meeting over, no more good news

Posted by dusti > 2020-04-10 10:07 | Report Abuse

People must learn to RUN, MCO or no MCO, you must run bcos your fav stock is going to find a new bottom. Comeback in June.

Posted by overmars > 2020-04-10 14:09 | Report Abuse

wait next tuesday ... today is good friday.... DJI not open table

Posted by overmars > 2020-04-10 14:31 | Report Abuse

A historic production cut agreement between OPEC and its allies, known as OPEC+, hit a roadblock after Mexico refused to agree to its share of the cuts after a marathon meeting between the oil-producing nations that lasted more than nine hours.

The other members of OPEC+, led by Saudi Arabia and Russia, earlier in the day agreed to cuts that would take 10 million barrels per day offline as the coronavirus pandemic saps demand for crude.

A statement released by OPEC following the meeting outlined details of the cuts but notes the measures were “agreed by all the OPEC and non-OPEC oil producing countries participating in the Declaration of Cooperation, with the exception of Mexico, and as a result, the agreement is conditional on the consent of Mexico.”

The extraordinary meeting kicked off around 10:30 a.m. ET and stretched into the evening.

Following the meeting, Mexico’s Secretary of Energy Rocío Nahle said in a tweet that the country would be willing to cut production by 100,000 barrels per day for the next two months. OPEC+ had reportedly asked for a cut of 400,000 barrels per day, according to Reuters.

OPEC said in a statement that the initial 10 million barrels per day cut would last in May and June, before tapering to 8 million barrels per day for the rest of the year. Beginning in January 2021, the cuts would decrease to 6 million barrels per day, which would continue through April 2022, according to the statement.

The agreement was not contingent on nations outside of OPEC+ curbing production, which some had suggested might be a stipulation for Saudi Arabia and Russia to scale back production. The group did, however, call on other major producers to cut production in a further bid to prop up prices.

Despite the record size of the potential cut, oil prices moved lower on Thursday as investors feared it would still not be enough to combat the unprecedented demand loss from the coronavirus.

“Although 10 million bpd will help the market on the short term to not fill up storage, it is a disappointing development for many, who still realize the size of the oil oversupply,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

U.S. West Texas Intermediate fell 9.29%, or $2.33, to settle at $22.76 per barrel. Earlier in the session, the contract had been up more than 12% trade at a session high of $28.36. International benchmark Brent crude slipped 4.14% to settle at $31.48, after earlier hitting a high of $36.40.

“Covid-19 is an unseen beast that seems to be impacting everything in its path,” OPEC Secretary General Mohammad Barkindo said at the meeting. “For the oil market, it has completely up-ended market supply and demand fundamentals since we last met on 6 March,” he added.

Earlier WTI spiked more than 12% on reports that Saudi Arabia and Russia were discussing cuts that could have taken 20 million barrels per day of global production offline.

“The market has been underwhelmed by the proposed 10m/bd production cut, perhaps because of early expectations of a massive 20m/bd reduction,” said Helima Croft, RBC’s global head of commodities research. “However we contend that it is crucial to turn off the tap off the tap in the midst of colossal demand crash and bring the price war to a swift conclusion,” she added.

Ahead of the meeting, the Street had been watching for cuts in the 10 million to 15 million barrels per day range after Trump said he had spoken to Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman and expected them to announce a deal of that size.

mexico messed the meeting... so keep on RIP for all oil counter

Posted by Joyvestt > 2020-04-10 15:19 | Report Abuse

watching sunset now

Posted by overmars > 2020-04-10 16:24 | Report Abuse

i think andr is trump sifu as he knows what will donknow (donald) trump going to annouce later

Posted by Srijevan San > 2020-04-10 21:52 | Report Abuse

Hopefully la andr... Today dropped like waterfall because of Mexico only... Maybe of Easter also la as Western countries holiday... Let pray for Monday lor if can hit 1.00

Posted by Citadel12 > 2020-04-10 21:58 | Report Abuse

cut 100k also happy ah? even cut where to find the demand?

Posted by Bennychua007 > 2020-04-11 11:31 | Report Abuse

All the ppl here still Happy due to cut the supply of oil ,no demand where to sell and get profit ???? Buy at current lower price and keep the oil at yr house for future used ??hahaha
Sell before second drop and I believe they won't immediately cut tmr as the meeting still going on ...

Posted by Hawk Eye > 2020-04-11 11:35 | Report Abuse

I was hoping it will touch to .79 la...but its drop...

Posted by crisiscoming > 2020-04-11 11:49 | Report Abuse

How Much Have You Lost in 2020? (in RM)

https://klse.i3investor.com/blogs/howmuch/2020-04-11-story-h1505925342-How_Much_Have_You_Lost_in_2020_in_RM.jsp

Posted by Srijevan San > 2020-04-11 12:19 | Report Abuse

Definitely agree with Benny... No demand even cut 100m bpd also no use... Now just wait airlines and transportation restart operation only have hope to rise the price

Posted by KAQ4468 > 2020-04-11 13:01 | Report Abuse

Storage first la


Aiyoooo Ammaaa appaaa

Posted by wazhab > 2020-04-12 02:45 | Report Abuse

Sell first very clear no demand common sense collect at the bottom again

Posted by Cnlim > 2020-04-12 08:50 | Report Abuse

Talk is cheap action is expensive if call buy n sell is so accurate no poor man in the world

Posted by RedEagle > 2020-04-12 09:23 | Report Abuse

DUBAI (Reuters) - Saudi Arabia plans to announce its crude prices for May on Sunday, a source told Reuters, having delayed the official release until after it finalizes a global oil supply cut deal.

Posted by Keyman188 > 2020-04-12 11:09 | Report Abuse

Mexican president's nationalist oil vision fuels standoff with Saudis

(Business News April 12, 2020 / 6:18 AM / Updated 4 hours ago)

MEXICO CITY/DUBAI (Reuters) - The biggest supply cut ever contemplated by the world’s top oil producers is hanging in the balance as a refusal by Mexico’s leftist leader to imperil his plans to rebuild state oil company Pemex has angered the Saudi prince who helped craft the deal.

For the past three days, Mexico has kept the oil industry on tenterhooks by resisting Saudi pressure to sign up to global cuts worth nearly a quarter of output for participating countries, aimed at reviving prices from their lowest level in decades.

Prices have collapsed as the new coronavirus outbreak has shuttered economies around the world and destroyed demand for fuel.

The refusal by President Andres Manuel Lopez Obrador to compromise his plan to revive Pemex by agreeing to steep cuts has shone the global spotlight on Mexico as he prioritizes his domestic agenda over the collective interests of the world’s largest oil producers.

Determined to shore up the money-losing and heavily indebted Petroleos Mexicanos, as Pemex is officially known, Lopez Obrador offered only a cut of 100,000 barrels per day (bpd), rather than the 400,000 bpd the group of global producers sought.

In a compromise hammered out with U.S. President Donald Trump, Lopez Obrador said on Friday the United States had offered to cut an additional 250,000 bpd on Mexico’s behalf, bringing them close to the target.

However, Saudi Arabia - the heavyweight of global oil diplomacy - has balked at that and dug in its heels, despite some other producers from the group of OPEC nations and their allies - known as OPEC+ - calling for the cuts to go ahead regardless.

Lopez Obrador, a staunch advocate of non-intervention in other countries’ affairs, defended his stance on Friday, harking back to a time Mexico was “strong” and “self-sufficient” in oil.

“There were stories in the papers trying to blame us, that there wasn’t a deal because of us,” the 66-year-old president told reporters, adding that Mexico could not afford the 23% production cut asked of it, but had offered 5.5%.

“Mexico is doing its bit.”

Lopez Obrador’s insistence on the importance of rescuing Pemex was crucial in the arguments he used to persuade Trump to help out, a senior Mexican official told Reuters.

Meanwhile, his representative at the OPEC+ talks, Energy Minister Rocio Nahle, upset some other countries, notably the host Saudi Arabia, whose negotiator Prince Abdulaziz bin Salman argued that making exceptions could encourage others to dodge output commitments, according to several delegates.

“If OPEC+ accepted this and everybody who doesn’t like the numbers can just withdraw or leave, then we are in for a really bad time,” said one OPEC source.

The source said Nahle, who only last month signed up to smaller planned cuts, was intransigent over the proposed reductions.

For producers, the cuts are bitter but necessary medicine for low prices. Iraq is relying on oil revenue to rebuild after years of brutal internal conflict, and yet committed to reductions of 1 million bpd.

MEXICAN WALK OUT

Some delegates accused Nahle of hanging up on the other ministers during the video conference, but she pushed back against that on Friday, saying in a Mexican radio interview she had been “respectful of the other countries” and that each government had to consider its own capacity.

“We all lose in this situation: The producing countries lose and even the consumers do too,” she said.


##https://www.reuters.com/article/us-global-oil-mexico-saudiarabia-analysi/mexican-presidents-nationalist-oil-vision-fuels-standoff-with-saudis-idUSKCN21T0W1

Posted by Keyman188 > 2020-04-12 11:38 | Report Abuse

Well prepare for next week volatile again especially Oil & Gas counters...

WTI @ 22.76..........Brennt @ 31.48........


##https://www.bloomberg.com/energy

Posted by overmars > 2020-04-12 11:56 | Report Abuse

pray for that... expected next week will in hell situation for all oil counters as cuts is not a way to settle the global problem... only demand will help to increase the price. mean need countries which import oil to increase demand and fill up all their storage at this low price...

Posted by RedEagle > 2020-04-13 08:51 | Report Abuse

PETALING JAYA: Cement and steel manufactures may see trading interest after having been given the green light to resume operations under the movement control order (MCO) period, which has now been extended for another two weeks until April 28.

However, a slow pick-up in demand and potential delays in the rolling out of some infrastructure projects could weigh on these companies.

According to analysts, the initial one-month suspension of construction works has created some cashflow pressure to building materials players due to possible delays in payment from both the public and private sectors.

“Sustainability of these companies depend on the collection from the construction sector, which are also reeling from the MCO.

“Weighing on the minds of those in the construction and building materials sectors, plus property for that matter too, are uncertainties over how long Covid-19 will last and whether project deadlines will have to be pushed out, ” said one analyst.

UOB KayHian said it has reduced earnings forecasts for cement players due to the impact of the MCO, while for steel companies, they are “to remain in the red for 2020 given the lack of demand, excess supply and the continued downtrend of average selling prices (ASPs) of steel products.”

The research firm noted that year-to-date, steel bar prices have remained flattish against 2019’s average of RM2,124 per tonne.

“As at mid-March, steel bar price was recorded at RM2,105 per tonne which represents a 3.2% month-on-month contraction.

“We are of the view that steel prices will continue to be under pressure post-MCO, given that demand recovery is slated to be slower than expected as construction activities will be muted, ” it said in a report.

Another issue facing the steel segment is existing oversupply. This has yet to be resolved and will lead to further compression in steel ASPs, said analysts.

In the case of bulk cement prices, UOB KayHian noted that ASPs have eased from the peak in February.

The research firm believes that the move to raise industry-wide bulk cement ASPs (including that of smaller cement players) may now be delayed.

It noted that prior to the MCO, bulk cement ASPs still hovered at around RM240-250 per tonne for leading industry players.

“Recall that back in early February, smaller cement companies announced that price hikes of RM30-RM40 per tonne will materialise from March onwards to match the prices set by industry leaders.

“We are of the view that the cement price recovery may be gradual post-MCO and the implementation of a RM30-RM40 per tonne price hike may only materialise in the second half of 2020.”

Posted by dusti > 2020-04-13 09:22 | Report Abuse

Can someone tell me how oil production/price impact on Carimin share price when contracts with principal have been price fixed for specific periods?

Posted by overmars > 2020-04-13 15:18 | Report Abuse

thanks for what andr.... no demand is useless even cut 100m bpd.... this will not help in price increasing.... look at the price... even cut 10m bpd, price at morning raised 1.50 (crude) and 1.30 (brent) but what is the latest pricing now? just 0.20 for brent and 0.30 for crude... mean something is going to explode...