News Oil 

Oil prices climb as OPEC and its allies agree to deeper production cuts

“As is sometimes the case, however, the math on the OPEC+ cuts is a bit unclear” writes Markets Commodities Reporter for marketwatch.com. In a tweet, Amena Bakr, deputy bureau chief at Energy Intelligence, said that including the voluntary cuts the Saudis are already making, the total OPEC+ reductions would equal 2.1 million barrels a day.The additional reductions will take total output cuts for the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, to 1.7 million barrels day, including the current cuts of 1.2 million barrels…

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Demand concerns weigh on oil prices despite OPEC+ move to cut more output

“Concerns about a slowdown in global oil demand remained a key check on oil prices Friday, despite a decision by major oil producers to cut additional barrels next month from their production quotas” writes Markets Commodities Reporter for marketwatch.com. They achieved both.” As is sometimes the case, however, the math on the OPEC+ cuts is a bit unclear.Including the latest cuts, the reduction total will be 1.7 million barrels from the October 2018 baseline, with the quotas set in place through March.Oil prices “found support from ongoing supply cuts by…

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Record Breaking IPO

“Around 4.9 million Saudi retail investors have bought shares in the oil giant, including 2.3 million aged between 31-45” writes Min Read for reuters.com. Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Dec. 11.Demand from institutional investors, including Saudi funds and companies, reached $106 billion, while retail investment’s demand hit $12.6 billion. Source: reuters.com

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The brutal impact of oil in the Niger Delta

“Since then, several international oil companies have extracted oil from across the Niger Delta” writes Rebecca Ratcliffe for theguardian.com. Almost every day, Udengs Eradiri is informed of another oil spill in Bayelsa state, in the Niger Delta.About 40 million litres of oil are spilled every year across the Niger Delta, according to the Rise for Bayelsa campaign. The campaign is also calling for oil companies to invest in sustainable projects in all communities in which oil companies operate. “There is no concerted effort by [international oil companies] to ensure that…

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News Oil Reviews 

Oil Daily Review December 6, 2019

Oil Daily Review for December 6, 2019 AUD/USD Down Under, Crude Oil Prices Choppy on OPEC – US Market Open AUD/USD Down Under, Crude Oil Prices Choppy on OPEC – US Market Open   Novak says OPEC+ committee recommends excluding numbers on gas condensate from Russia’s oil output monitoring Russian energy minister Novak says OPEC+ committee recommends excluding numbers on gas condensate from Russia’s oil output monitoring. Says all OPEC+   Saudi Aramco prices its IPO at 32 riyals, valuing the oil giant at $1.7 trillion: report Saudi Arabian Oil…

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Oil prices slip as OPEC aims to approve deeper cuts to output-reduction plan

“The oil giant priced its IPO Thursday at 32 riyals per share, valuing the company at $1.7 trillion” writes Mark Decambre for marketwatch.com. The reductions would come on top of the current agreement between OPEC and its allies, collectively known as OPEC+, which calls for cuts of 1.2 million barrels a day from late 2018 levels through March 2020.Oil futures headed lower Friday as OPEC and other major producers of crude aim to ratify a deeper reduction of output that has been agreed upon in principle but must be unanimously…

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Oil slips just under $58 in quick move lower

“Price quickly moved lower from $58.40 to $57.92 but is now settling back just above the $58 level as we wait on the official OPEC+ decision” reports forexlive.com. In that sense, they are saying that they will somehow get members to fully comply with their quotas and achieve deeper output cuts.Saudi Arabia continues to try and paint things in a nicer light by saying that the decision will be “beautiful” and that the “market should trust us”.They also add that the decision will come “without any loopholes”. Source: forexlive.com

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Saudi, Russia look to seal deeper output cuts with producers

“(Reuters) – Major oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and avoid a new oil glut” writes Midwest Communications Inc for 95kqds.com. The cuts are aimed at supporting crude oil prices and guarding against oversupply, though non-participants led by the United States continue to raise production.OPEC is likely to shoulder 340,000 bpd in fresh cuts and non-OPEC producers an extra 160,000 bpd, one source said on Friday.OPEC watchers had expected the OPEC+…

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No Riyadh rush as many global investors steer clear of Aramco IPO

“LONDON (Reuters) – The Saudi Aramco IPO was supposed to be a cornerstone of Crown Prince Mohammed bin Salman’s ambitious plan to open the gates to foreign investment in the kingdom” writes Midwest Communications Inc for 95kqds.com. Saudi Aramco declined to comment on the investor responses.In its 658-page IPO prospectus, Aramco sought to address some potential investor concerns by announcing plans to bolster its renewable energy spend and reduce its energy consumption. Source: 95kqds.com

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IMF approves $247 million reform loan to Angola

“LUANDA (Reuters) – The IMF has approved a second tranche of a $247 million loan to be paid to Angola under its Extended Fund Facility following a review of the southern African oil producer’s progress under the program” writes Midwest Communications Inc for 95kqds.com. The IMF’s Extended Fund Facility (EFF) is a loan pegged on deep structural, macroeconomic and governance reforms designed to help countries with weak economic growth and problems paying bills.The International Monetary Fund originally approved the facility totaling $3.7 billion in December 2018 to help Angola manage…

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