The Russia-Saudi oil-price war is a fabrication concocted by the media. There's not a word of truth to any of it. Yes, there was a dust up at an OPEC meeting in early March that led to production increases and plunging prices.
The historic OPEC+ "Mexican Standoff" production cut came and went, and after a very short kneejerk spike higher oil has continued to plunge to historic lows for the two reasons we laid out previously:
Two weeks ago we reported how the "steepest decline in global oil consumption ever recorded" spelled negative prices for crude in what Goldman's Jeffrey Currie as "the largest economic shock of our lifetimes." Now, the unprecedented collapse in cons
If one listened to the US president, or any other member of OPEC+ in the past few days, this weekend's history production cut deal (which we said was not nearly enough to offset the plunge in global demand), would have been sufficient to push the pri
The president is heralding a deal that commits Russia to cuts in oil production, but a closer look reveals a more complicated path.
West Texas Intermediate crude fell below the $20 mark again today. The Oil pact has failed already.
This weekend's 11th hour decision to cut OPEC oil output by 23% was supposed to end the oil price war between Saudi Arabia and the rest of OPEC+, but it appears Saudi Arabia did not get the memo.
It wasn't meant to be like this.
As oil traders look with dread and fear to tomorrow's OPEC+ teleconference one day after crude oil tumbled amid speculation that the production cut standoff will not be resolved...
Oil prices have been on a vicious rollercoaster overnight, surging (oddly) after API reported US inventories rose by almost 12 million barrels last week (while those in Europe grew by a similar amount, according to data provider Kayrros); then tumbli
In this week's pick of energy and commodity charts to watch, super tankers are in high demand to store oil while prices remain at historic lows.
Crude prices are plunging early in Asian trading with Brent down 12% following a delay to the much-hoped-for OPEC+ meeting (due tomorrow, Monday, but now pushed off until Thursday).
Over the past week or so, China has eased quarantine measures in Wuhan – the city in which the global coronavirus pandemic began – with the entire lockdown scheduled to end on 8 April.
While it appears an expected emergency virtual OPEC+ meeting planned for Monday has been postponed...
In our second video of the day, Tim Picciott and guest Chris Karabats get into the nitty gritty of the day's financial news with the hopes of providing clarity about what's going to happen in the market tomorrow.
And just like that, it was gone!
Earlier today we said that ahead of Monday's (virtual) R-OPEC conference, a new ask had emerged from within the oil producing nations - any production cut would have to include the US, which alongside with Russia, Saudi Arabia and others R-OPEC natio
(Update 1330ET): Well, it appears that we officially have no deal, because moments ago Russia's energy minister Novak made it clear that instead of cutting supply, Moscow will wait for demand to return:
Just days Whiting Petroleum it became the first shale casualty of the current oil price crash, when it filed for prepackaged Chapter 11 bankruptcy on Wednesday morning after the plunge in oil prices left it unable to pay its debts, the company's boar
Now if Washington wants to keep this it will have to sanction Russia itself.
Donald Trump called Russian president Vladimir Putin on Monday to discuss plunging oil prices that are wreaking havoc on America's shale oil industry.
Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world's most powerful crude producers start to ramp up their output.
There's nothing anyone can do at this point
Oil held steady near $20 on Wednesday, after President Trump's pledge to meet with feuding producers Saudi Arabia and Russia (whose real feud is with US Shale producers) to support the market failed to bolster prices after their worst ever quarter.
Looking at the future of oil prices...
Goldman Sees Negative Prices Amid Oil Devastation
In the past three weeks, oil plunged and has continued to plunge even more in the aftermath of the oil price war declared between Saudi Arabia and Russia, and where US shale (and its junk bonds) has been caught in the crossfire.
The US was meanwhile is readying a $1.5 trillion bailout and was on track for a greater than $1 trillion deficit even before the crash
While oil prices were already sliding, headlines from the Saudis that there are no talks with Russia ongoing sent prices tumbling with WTI back to a $21 handle...
With the world obsessing over every daily update of new cases in Lombardy or New York to gauge if we have "peaked the curve", many appear to be forgetting that there is another, just as pressing problem facing global capital markets: