tyb
Russian Oil Major To Cut 290,000 Bpd As Crude Falls Into Negative Territory
Lukoil, the second-largest oil producer in Russia, plans to slash its crude oil production by 18 percent, or by 290,000 bpd, as part of the new OPEC+ production cut deal, president and chief executive Vagit Alekperov told Russia’s news agency Interfax on Monday.
Lukoil plans to reduce its oil production by 18 percent, or by more than 40,000 tons per day – which is equal to more than 290,000 barrels per day – Alekperov told Interfax, adding that Lukoil and all other oil firms in Russia would fulfill the quotas as per Russia’s energy ministry orders.
Lukoil expects oil prices to rise to $30 a barrel after the new agreement takes force in May, according to Lukoil.
Early on Monday, Brent Crude was trading at around $27 barrel, while the U.S. benchmark price WTI Crude was tumbling by nearly 30 percent at $13 a barrel, due to Tuesday’s expiry of the prompt-month May contract and the shrinking storage amid unprecedented demand loss in the U.S.
According to Interfax, Russia’s share of the OPEC+ cuts would be 1.8 million bpd in May and June compared to April.
On the face of it, Russia agreed to much deeper cuts in the new deal than those it rejected in early March when Russia’s refusal to back a collective 1.5 million bpd OPEC+ cut led to the one-month spat and the oil price war between Saudi Arabia and Russia. In reality, cheating with quotas has been an art in Russia since the start of the OPEC+ alliance more than three years ago.
In the new deal, which lacks clear mechanisms for compliance observance, Russia’s target for oil production is 8.5 million bpd in May and June, Vitaly Yermakov, and James Henderson of the Oxford Institute for Energy Studies wrote in a paper last week. However, it’s not clear if condensate is included, which changes Russia’s overall cut. Including condensate, Russia’s share of the cuts should be 2.8 million bpd, without condensate, the cut would be around 2 million bpd, according to the authors.
https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Major-To-Cut-290000-Bpd-As-Crude-Falls-Into-Negative-Territory.html
wait until the FRB does the stress tests. What a fucking joke those will be.
3 and 6 for drops
can do this one and then have to break.
about same but I'm at home..you not. kek
good to see you. everything went ok?
wnb and moi (d'oh) doing this one..you can take from the top on nb.
#11348
>>8864309 d'oh
Notables, not endorsements
>>8864385, >>8864599 Something Impossible Just Happened: A CLO Just Failed Its AAA Overcollateralization Test-zh
>>8864420 US Navy Twat
>>8864422 MSNBC Panel: 'Overwhelmingly White' ReOpen Protesters Are 'Nazis' And 'Racists' Who 'Want More Black And Brown People to Die'-informationliberation.com
>>8864449, >>8864466, >>8864552, >>8864411, >>8864590 WTI oil plunged 305% to -$36.73 a barrel-foxnews and consequences
>>8864452 Israel leaders agree to new coalition ‘emergency’ government, Netanyahu to remain as prime minister-foxnews
>>8864469 Russian Oil Major To Cut 290,000 Bpd As Crude Falls Into Negative Territory-oilprice.com
>>8864481 Justice Department Issues Business Review Letter to AmerisourceBergen Supporting Distribution of Critical Medicines Under Expedited Procedure for COVID-19 Pandemic Response
>>8864491 GOP lawmakers ask Barr, Pompeo to bring case against China to the International Court of Justice
>>8864542 DoD twat
>>8864591, >>8864677 pf report(s)
>>8864655 Kansas Judge Stands by Constitution, Rules Churches Can Stay Open Under 1st Amend.
>>8864685 AOC twat….OMG
chek'em
good for ya both that you have a dr that listens
>what'd I miss?
oh nothing..just the almost destruction of the petro-dollar in about one breds time..that's all
kek!
it will take some time. Be interdasting to see what they do by about mid-day weds as the system will have to make some decisions on margin calls if they can't get it back up higher.
kek
it's too bad the data for shorts is always backward looking. Another issue that needs to be addressed. .
#11348
>>8864309 d'oh
Notables, not endorsements
>>8864385, >>8864599 Something Impossible Just Happened: A CLO Just Failed Its AAA Overcollateralization Test-zh
>>8864420 US Navy Twat
>>8864422 MSNBC Panel: 'Overwhelmingly White' ReOpen Protesters Are 'Nazis' And 'Racists' Who 'Want More Black And Brown People to Die'-informationliberation.com
>>8864449, >>8864466, >>8864552, >>8864411, >>8864590, >>8864910, >>8864970 WTI oil plunged 305% to -$36.73 a barrel-foxnews and consequences
>>8864452 Israel leaders agree to new coalition ‘emergency’ government, Netanyahu to remain as prime minister-foxnews
>>8864469 Russian Oil Major To Cut 290,000 Bpd As Crude Falls Into Negative Territory-oilprice.com
>>8864481 Justice Department Issues Business Review Letter to AmerisourceBergen Supporting Distribution of Critical Medicines Under Expedited Procedure for COVID-19 Pandemic Response
>>8864491 GOP lawmakers ask Barr, Pompeo to bring case against China to the International Court of Justice
>>8864542 DoD twat
>>8864591, >>8864677, >>8864712, >>8864780, >>8864792, >>8864816, >>8864950 pf report(s)
>>8864655 Kansas Judge Stands by Constitution, Rules Churches Can Stay Open Under 1st Amend.
>>8864865, >>8864918 chinavirus patients report strange new symptom: ‘Fizzing’ -from april 10th nypost
>>8864685 AOC twat….OMG
>>8864763 Revolutionary Times and Systemic Collapse – “The System Cannot Handle It”-strategicculture.net
>>8864777, >>8864798 >>8864828 Schiff and Nadler seek probe of Barr for comments on Trump move to fire intel watchdog-politico
>>8864788 Senate sets up Tuesday session to try to pass chinavirus relief deal-thehill
>>8864789 President Donald J. Trump Announces Intent to Nominate and Appoint Individuals to Key Administration Posts-whpool report
>>8864823 USAF Twat
>>8864863 Congressional watchdog preparing blitz of chinavirus audits "at least 30 audits into CARES Act by end of april-wash examiner/docs.house.gov
>>8864872 U.K. Wireless Carriers Beg Conspiracy Theorists to Stop Burning Down Their 5G Towers-from April 6 idropnews.com
>>8864883 US Navy Twat "Getting it done aboard #USNSMercy in #LA."
>>8864968 U.S. total energy exports exceed imports in 2019 for the first time in 67 years-eia.gov
>>8864973 New York Nurses Say Hospitals Are Turning Into a 'Petri Dish' for Coronavirus in Lawsuit Filed Against State's Dept. of Health-newsweek.com
chek'em faggots
take it, make it and bake it wnb.. ty for the spin-keeps me sharp.
o7
sorry fucked that up. dead link on schiff nadler story. third one over.