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April 10, 2020
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Energy (Legacy)

Reuters - Business

Global oil output cuts held hostage to Mexican standoff

Reuters
DUBAI/MOSCOW (Reuters) – Oil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an accord for a collective cut in output of 10 million barrels per day, before asking other nations for a further 5 million bpd of cuts.......
Reuters - Business

Saudi energy minister says OPEC+ oil pact hinges on Mexico joining

Reuters
DUBAI (Reuters) – Saudi Arabia’s energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts. OPEC, Russia and other allies, a group known as OPEC+, outlined plans on......
Reuters - Business

Saudi, Russia outline record oil cut under U.S. pressure as demand crashes

Reuters
DUBAI/MOSCOW/LONDON (Reuters) – OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. But the group, known......
Reuters - Business

Mexico proposes 100,000 bpd oil output cut at OPEC meeting

Reuters
MEXICO CITY (Reuters) – In a meeting with OPEC and its allies, Mexico proposed reducing its oil output by 100,000 barrels per day (bpd) in the next two months, Energy Minister Rocio Nahle said on Thursday. Mexico will reduce output to 1.681 million bpd from 1.781 million bpd reported in......
Reuters - Business

OPEC+ outlines oil cut deal, but Mexico holds up final agreement: sources

Reuters
LONDON (Reuters) – OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. But the group, known......
Reuters - Business

Trump says he had good call with Russia’s Putin, Saudi king on oil

Reuters
FILE PHOTO: U.S. President Donald Trump addresses the daily coronavirus task force briefing at the White House in Washington, U.S., April 7, 2020. REUTERS/Kevin Lamarque WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he had a good conversation with Russian President Vladimir Putin and Saudi Arabia’s King Salman......
Reuters - Business

Saudi, Russia agree record oil cut under U.S. pressure as demand crashes

Reuters
DUBAI/MOSCOW/LONDON (Reuters) – OPEC and its allies led by Russia agreed on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. FILE PHOTO: The......
Reuters - Business

Instant View: OPEC+ potential cuts won’t be enough to halt oil collapse – analysts

Reuters
NEW YORK/LONDON (Reuters) – OPEC and other major oil producers on Thursday discussed potential big output cuts in the face of a huge fall in demand due to the coronavirus crisis. FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in......
Reuters - Business

Oil rises 4% as OPEC+ works on output cut deal

Reuters
NEW YORK (Reuters) – Oil prices gained nearly 4% on Thursday, but pulled back from an earlier surge as investors waited for details on negotiations between top producers hammering out an agreement for record supply cuts in response to the global fuel demand collapse due to the coronavirus pandemic. FILE......
Reuters - Business

Oil prices pare earlier gains as OPEC+ works on output cut agreement

Reuters
NEW YORK (Reuters) – Oil prices were up about 2% on Thursday, pulling back from an earlier surge as OPEC and other crude producers work on a deal to drastically cut output in response to a collapse in global demand from the coronavirus. FILE PHOTO: Oil pump jacks work at......
Reuters - Business

RenCap removes line from Rosneft note saying 10 million bpd cut would rebalance markets

Reuters
MOSCOW (Reuters) – Renaissance Capital updated a note giving a readout on a call with Rosneft (ROSN.MM) to remove a line saying the Russian energy giant believed a cut in oil output by OPEC+ of 10 million barrels per day (bpd) would be sufficient to balance markets. Renaissance Capital (RenCap)......
Reuters - Business

Oil prices rise on hopes OPEC+ will agree supply cuts

Reuters
LONDON (Reuters) – Oil prices rose on Thursday on expectations the world’s leading crude producers will at a meeting later in the day overcome obstacles that have so far prevented a deal to cut output in response to a collapse in global demand. FILE PHOTO: Oil pump jacks work at......
Reuters - Business

Saudi, Russia to lead oil output talks as U.S. resists cut

Reuters
DUBAI/MOSCOW/LONDON (Reuters) – OPEC and other oil producers led by Russia will discuss their largest ever output cut on Thursday in talks complicated by recent animosity and U.S. resistance to mandating cuts. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian......
Reuters - Business

Oil prices rise on optimism OPEC+ meeting will result in supply cut

Reuters
MELBOURNE/SINGAPORE (Reuters) – Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas,......
Reuters - Business

Exxon used economic uncertainty to push for Paulsboro, N.J., contract: sources

Reuters
HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) used economic uncertainty tied to the coronavirus pandemic to urge workers at its lubricants and packaging plant in Paulsboro, New Jersey, to vote for a proposed contract, according to two sources familiar with the matter. FILE PHOTO: Logos of ExxonMobil are seen in......
Reuters - Business

Crude futures climb ahead of OPEC+ meeting

Reuters
MELBOURNE (Reuters) – Crude futures rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with the coronavirus-driven collapse in global oil demand. FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas,......
Reuters - Business

Trump says U.S. producers have already cut back oil production

Reuters
U.S. President Donald Trump addresses the daily coronavirus task force briefing at the White House in Washington, U.S., April 8, 2020. REUTERS/Kevin Lamarque WASHINGTON (Reuters) – U.S. President Donald Trump said on Wednesday U.S. oil producers have already cut production and he had many options if Saudi Arabia and Russia......
Reuters - Business

Oil holds near $32 ahead of OPEC-led talks on output cuts

Reuters
LONDON (Reuters) – Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. FILE PHOTO: A maze of crude oil pipes and......
Reuters - Business

Oil rises as markets eye OPEC, Russia meeting on output cuts

Reuters
SEOUL (Reuters) – Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. FILE PHOTO: A maze of crude oil pipes and valves......
Reuters - Business

U.S. oil state senators to talk crude markets with Saudi officials Saturday: source

Reuters
WASHINGTON (Reuters) – Republican U.S. senators who have introduced a bill that would remove U.S. defense systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom’s officials on Saturday, a source familiar with the planning said on Tuesday. FILE PHOTO: A Lockheed......

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