Oil at Six-Year High

Today, West Texas Intermediate crude futures traded as high as $76.98, the highest price per barrel since November 2014.  On Monday, news of OPEC+ not increasing oil production hit the news.  OPEC+ cut production by nearly 10 million barrels a day, in April 2020 to support lower demand from the pandemic.  OPEC+ has been meeting […]

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Libya in Limbo

The United States has joined the United Nations and Libyan government’s investigation into the potential brokering of an unlawful sale of Libyan oil by General Khalifa Haftar.  The rebel general reportedly traveled to Venezuela to discuss oil contracts to raise money for his Libyan National Army (LNA) through the sale of crude oil.  Libya’s National […]

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Cristobal Update

The U.S. Gulf Coast was hit by Tropical Storm Cristobal yesterday, causing offshore oil production to shut down by almost 24%, equating to more than 430,000 barrels per day. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), this was a 140,000 barrel per day improvement compared to June 9th. Occidental Petroleum, BP, […]

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Brazil’s Oil Producers Hit by the Coronavirus

As some countries begin measures to reopen and try to get back to somewhat of a normal routine again, Brazil is still fighting the spread of COVID-19. At least five oil producers have registered coronavirus cases among their employees and contractors at facilities located off the coast of Brazil.

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OPEC Deepens Output Cuts

The OPEC meeting that concluded today in Vienna ended with ministers approving productions cuts for the first quarter of 2020. The cuts for OPEC+ will be increased from 1.2 million bpd to 1.7 million bpd.  A 500,000 bpd cut should be painless for the organization as they are currently at  over-compliance with the cuts as […]

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Oil Fields in Ecuador Shut Down

Ecuador’s government was forced out of the capital, Quito, by violent protests earlier this week. The country is already in an uneasy state with the vulnerable economy that has been battered by lack of public transportation and blocked roads. These violent protests stem from President Moreno’s decision to cut subsidies which led to an extremely […]

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Trump’s Tweet Tilts Markets

It has been a wild Monday for traders after President Trump tweeted yesterday that the United States will increase tariffs on $200 billion of Chinese imports, which, is casting doubt on the likelihood of a successful U.S. and Chinese trade deal.

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Latest Developments from West Texas

Chevron and ExxonMobil highlighted an aggressive strategy for drilling in the Permian Basin over the next five years to their investors this week.  Exxon is aiming to increase production to 1 million barrels per day while Chevron is targeting an additional 900,000 barrels per day, all by the end of 2024.  The presentations from both […]

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