Thursday, July 29

OPEC

Markets, MI Exclusive, Oil, Oil price, OPEC, Permian Basin, Shale

Big American shale producers are reportedly selling oil at a loss despite soaring crude prices

A pump jack operates in the Permian Basin oil and natural gas production area near Odessa, Texas, in February 2019. Nick Oxford/Reuters Nearly a third of US oil output is being sold at $55 a barrel, according to the Financial Times. Hedging contracts taken out during the depths of the pandemic locked in low oil prices for producers. A brisk recovery and OPEC oil-supply cuts have pushed up crude prices, sinking US producers' hedges. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Oil prices above $70 have not lifted the fortunes of some US shale producers who have been stuck selling at pandemic-era oil prices, according to a report in the Financial Times.Nearly a third of US oil output is being sold at $55 a barrel, while some especially unlucky producers...
Commodities, FP Energy, oil prices, OPEC

OPEC+ talks abandoned without a deal, sending oil prices surging

Breadcrumb Trail Links FP Energy Commodities Prices jump to highest since 2018 Author of the article: Bloomberg News Javier Blas, Salma El Wardany, Grant Smith and Dina Khrennikova Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photo by Andrewy Rudakov/Bloomberg Article content OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. Advertisement This advertisement has not loaded yet, but your article continues below. Article content Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named be...
Brent Crude, Markets, MI Exclusive, Oil, Oil Output, Oil price, Oil Production, Oil Production Cut, Oil Supply, OPEC, OPEC Deal, opec production, WTI Crude

Oil holds above $75 as investors weigh OPEC+ deadlock with fresh talks ahead

LoadingSomething is loading. Oil futures held above $75 a barrel on Monday morning, as markets wait to see whether OPEC+ talks today can resolve the deadlock on an output deal driven by a clash between the United Arab Emirates and Saudi Arabia.The OPEC+ group of major oil-producing countries failed last week to come to agreement on output quotas for 2021 and...
Brent Crude Oil, Crude Oil, Markets, MI Exclusive, Oil, Oil Output, OPEC, opec production, Russia, Saudi Arabia, wti crude oil

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