News Oil 

Return to pre-deal oil output levels possible, says Russia’s Novak

“MOSCOW (Reuters) – A return to the oil production levels that were in place prior to the 2016 deal to cut output is one of the options for easing curbs, Russia’s energy minister said” writes Midwest Communications Inc for 95kqds.com. In October 2016, Russia’s oil output reached a 30-year high of 11.247 million bpd.Russia had pledged to cut oil production by 300,000 bpd to 10.947 mln. Novak also estimated that the “geopolitical risk” premium to the oil price was around $5-$7 per barrel.But in March and in April this year…

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Markets News Oil 

Iran, Poland have potential to benefit from complementary markets: envoy

“TEHRAN- Ambassador of the Republic of Poland to the Islamic Republic of Iran, Jaroslaw Marcin Domanski believes that Iran and Poland have complementary markets and strong potentials to strengthen mutual economic relations” reports tehrantimes.com. Iran oil can be easily processed in the Polish refineries and is a perfect product for us, on the one hand. Source: tehrantimes.com Share This:

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News Oil Reviews 

Oil Daily Review May 25, 2018

Oil Daily Review for May 25, 2018 Crude Oil Price Forecast: Brent Premium Favors OPEC Induced Volatility WTI crude oil has traded at the sharpest discount to the global benchmark, Brent since 2015. Traders now wonder if OPEC now has the incentive   Brent Crude Oil Price Falters at $80, Downside Back In Focus From both fundamental and technical viewpoints, the price of the global crude oil benchmark is looking toppish.   U.S. oil benchmark prices end at a nearly 2-week low Prices for U.S. oil benchmark futures fell sharply…

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News Oil 

Oil prices slide as OPEC, Russia mull output increase

“Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela” writes Markets Reporter for marketwatch.com. In other energy products, gasoline RBN8, -2.07%  slumped 1.8% to $2.19 a gallon, while heating oil HON8, -1.87%  lost 1.7% to $2.22 a gallon.West Texas Intermediate crude oil for July CLN8, -2.09%  slumped $1.33, or 1.9%, to $69.38 a barrel, setting the contract on track for a 2.7% weekly slide. Source: marketwatch.com…

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News Oil 

Officials list demands for staying in nuclear deal

“Macron also said he wanted Iran to complete the nuclear deal by signing a new framework agreement to cover ballistic missiles and its regional activities” writes Patrick Wintour for theguardian.com. Iran has said it will decide in the next few weeks whether to pull out of the nuclear deal signed in 2015 and start enriching uranium capable of making a nuclear bomb.The premise of the nuclear deal – officially called the Joint Comprehensive Plan of Action was to let Iran rejoin the global economy in exchange for denuclearisation.About 37% of…

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Futures Markets News Oil 

Oil prices fall as Russia warns of gradual output increase

“With oil prices rising more than costs, average industry profitability has turned positive this year,” Bernstein Energy said in a note this week, adding that the 50 largest listed oil companies globally “need $47 per barrel oil prices to break even in aggregate”” writes Midwest Communications Inc for 95kqds.com. U.S. crude oil production has risen by more than a quarter in the last two years, to 10.73 million barrels per day (bpd).SINGAPORE (Reuters) – Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld…

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News Oil 

U.S. oil benchmark prices end at a nearly 2-week low

“Prices for U.S. oil benchmark futures fell sharply Thursday, a day after a U.S. government report revealed a hefty weekly rise in domestic crude inventories” writes Markets Commodities Reporter for marketwatch.com. July West Texas Intermediate crude CLN8, -1.48% fell $1.13, or 1.6%, to settle at $70.71 a barrel on the New York Mercantile Exchange, the lowest finish since May 11, according to FactSet data. Source: marketwatch.com Share This:

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News Oil 

Democrats ding Trump on high gas prices, just as Trump once did to Obama

“Before entering politics, Trump repeatedly faulted Obama on Twitter for high gas prices during his presidency” writes unknown author for seattletimes.com. Yet the impact of the higher gas prices, whatever the reasons, is still being felt by U.S. drivers.As a result, analysts from both AAA and GasBuddy.com say the United States will see its highest summer gasoline prices since 2014.A recent Goldman Sachs analysis, cited by Senate Democrats, found that the uptick in oil prices could wipe out the benefit of the GOP’s tax cuts. Source: seattletimes.com Share This:

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