[posting]63857072[/posting]OPEC+ Closes In On Output Cut Extension
By Irina Slav - Jun 05, 2020, 9:30 AM CDT
OPEC+ is reportedly close to agreeing on an extension of the deep production cuts it signed up for in April, after the cartel’s leaders managed to convince Iraq of the continued need for oil production control, Bloomberg’s Javier Blas and Grant Smith write.
There have been doubts about the future of the cuts because earlier reports said that Russia may not be on board with them. Then Iraq came to the fore as a stumbling block.
Bloomberg reported yesterday that Saudi Arabia and Russia were getting increasingly fed up with OPEC’s number-two’s consistent failure to comply with its production quotas.
“Riyadh and Moscow are not kidding about implementing some form of compliance-improvement mechanism,” Rapidan Energy Group founder Bob McNally told Bloomberg. “Without it, they walk.”
According to the Bloomberg report, ...
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Clos…
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Opec startet Gespräche über Verlängerung der Förderkürzung
18:25 06.06.2020(aktualisiert 18:26 06.06.2020) https://sptnkne.ws/CBdM
Die Organisation erdölexportierender Länder (OPEC) hat am Samstag Verhandlungen über eine mögliche Verlängerung der aktuellen Drosselung ihrer Ölproduktion begonnen.
Damit wollen die Opec-Mitglieder den Preisverfall in Zeiten der Corona-Krise stoppen. Nach der internen Abstimmung plant das Ölkartell mit seinen Kooperationspartnern, ...
Allerdings will das Kartell die Preise auch nicht zu sehr hochtreiben. Das könnte die US-Konkurrenz wieder stärker ins Spiel bringen, die bei Preisen jenseits der 40 Dollar für ein Barrel (je 159 Liter) wieder kostendeckend produzieren könnte. Mit einem starken Anstieg der Ölpreise würde sich die Opec ihr eigenes Grab schaufeln, ...
https://de.sputniknews.com/wirtschaft/20200606327309192-opec…
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OPEC+ Agrees On Extending Record Output Cuts
By Tom Kool - Jun 06, 2020, 2:20 PM CDT
Algeria’s Energy Minister Mohamed Arkab, OPEC’s current President summed up the group’s sentiment by saying that "Despite the progress achieved to date, we cannot afford to rest on our laurels,''.
The last couple of days, the cartel’s de-facto leader Saudi Arabia negotiated with other OPEC members and some non-OPEC countries including Russia, Kazakhstan and Azerbaijan to extend the current 9.7 million bpd output cuts for at least another month.
Most countries partaking in the record production cuts were willing to continue the current deal, ...
https://oilprice.com/Energy/Crude-Oil/OPEC-Agrees-On-Extendi…
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CEOs Bank Big Bonuses As Oil Companies Go Bankrupt
By Alex Kimani - Jun 06, 2020, 6:00 PM CDT
When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when things go to the dogs. When these companies go bankrupt, the misery is shared by employees who lose their jobs; retirees see their benefits and pensions go up in smoke, while shareholders and bondholders get wiped out. In sharp contrast, it's very common for blue-chip executives who have run their companies to the ground to receive multi-million dollar golden sendoffs. Indeed, top executives of oil and gas companies going through Chapter 11 frequently receive very fat payouts in the form of cash bonuses, stock grants, and other benefits that often exceed payments during the good times.
It's not any different this time around. ...
https://oilprice.com/Energy/Energy-General/CEOs-Bank-Big-Bon…
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Bohrinseln stehen wegen Öl-Crash vor dem Aus
06.06.2020 16:53
Die aktuelle Weltwirtschaftskrise könnte der Offshore-Ölbranche den Todesstoß versetzen. Denn schon vor dem letzten Preis-Crash waren die Ölpreise eigentlich zu niedrig, um die beteiligten Unternehmen tragen zu können.
Deutsche Wirtschaftsnachrichten
Viele Offshore-Projekte haben sich noch nicht einmal von der letzten Krise erholt. (Foto: dpa)
- Welche Rolle Bohrinseln heute spielen und wie die aktuelle Krise sie belastet
- Wo sich derzeit die zahlreichen Problemen die Offshore-Ölbranche zeigen
- Warum Bohrinseln Stück für Stück durch konkurrierende Technologien ersetzt werden
https://deutsche-wirtschafts-nachrichten.de/504421/Bohrinsel…
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China Begins Consolidation Of $100+ Billion Oil & Gas Pipeline Industry
By Tsvetana Paraskova - Jun 05, 2020, 1:30 PM CDT
China has required the three biggest state-held oil corporations to transfer the management of half of their liquefied natural gas (LNG) terminals to the newly created state-controlled midstream firm, Caixin Global reported, citing industry insiders.
The transfer of 10 LNG terminals owned by China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) is the first step in China’s plan to consolidate the oil and gas pipeline infrastructure into a new giant state-held midstream company.
At the end of last year, ...
https://oilprice.com/Latest-Energy-News/World-News/China-Beg…
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... QFS-Kontrolle ... Gesara ... etc. ... New China ...