The Briefing Room

General Category => Economy/Business => Topic started by: corbe on October 23, 2018, 11:10:21 pm

Title: Oil plunges as Saudis vow to produce as much as they can
Post by: corbe on October 23, 2018, 11:10:21 pm

Bloomberg
 
Oil plunges as Saudis vow to produce as much as they can

Samuel Robinson
 
4 hrs ago
 
Oil fell to the lowest level since August after Saudi Arabia pledged to meet any supply shortfall that materializes from Iranian sanctions and as tumbling equities weakened sentiment.
 
International benchmark Brent crude fell by $3.70 a barrel, down 4.6 percent, to $76.13. The contract earlier touched $75.88, its lowest level since Sept. 7.

U.S. light crude ended $2.93, or 4.2 percent, to $66.43 a barrel, after earlier hitting a two-month low at $65.74. The contract posted its biggest daily loss since July 11, when it fell 5 percent.

Saudi Arabia, the world’s biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high. Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in “produce as much as you can mode."

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http://www.msn.com/en-us/money/markets/oil-plunges-as-saudis-vow-to-produce-as-much-as-they-can/ar-BBOLpQd?ocid=ientp (http://www.msn.com/en-us/money/markets/oil-plunges-as-saudis-vow-to-produce-as-much-as-they-can/ar-BBOLpQd?ocid=ientp)

Title: Re: Oil plunges as Saudis vow to produce as much as they can
Post by: IsailedawayfromFR on October 24, 2018, 01:55:33 pm

Seems they are adhering to Trump's request to keep prices at bay.

Title: Re: Oil plunges as Saudis vow to produce as much as they can
Post by: ConstitutionRose on October 24, 2018, 01:58:22 pm

Maybe as a way to calm the waters?

Title: Re: Oil plunges as Saudis vow to produce as much as they can
Post by: thackney on October 30, 2018, 01:30:31 pm

Talk is cheap, we will see what actually happens.

(https://www.eia.gov/outlooks/steo/images/Fig10.png)

(https://www.eia.gov/outlooks/steo/images/Fig7.png)

(https://www.eia.gov/outlooks/steo/images/Fig12.png)

SHORT-TERM ENERGY OUTLOOK
Global Liquid Fuels
https://www.eia.gov/outlooks/steo/report/global_oil.php (https://www.eia.gov/outlooks/steo/report/global_oil.php)
October 10, 2018