Link Securities | The US Department of Energy has announced that it wants to buy up to 3 million barrels of oil per day (mbd) for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, taking advantage of lower prices to start replenishing reserves. It should be recalled that last year the US administration conducted the largest SPR sale to date of 180 million barrels to try to limit…
Banca March: Russia and Saudi Arabia have confirmed that they will maintain voluntary oil supply cuts until the end of 2023, reviewing in December whether to prolong, deepen or end the supply cap. This supply cap began in the spring of 2023, when Russia responded to sanctions imposed for its invasion of Ukraine. Other OPEC+ members, including Saudi Arabia, opted to join voluntary cuts totalling 1.66 million barrels per day…
Link Securities | Cinco Días reports on Thursday that the OPEC+ CMCM (before JMMC) monitoring committee confirmed in a telematic meeting chaired by Saudi Energy Minister Abdelaziz bin Salman and Russian Deputy Prime Minister Alexander Novak that the steep oil supply cuts being implemented by both Saudi Arabia and Russia together with OPEC+ will be maintained until at least 31 December this year. “The committee will continue to closely assess…
BancaMarch : The energy ministry of Saudi Arabia, the largest producer in the OPEC+ cartel, announced that the one million barrels per day cut in July will be extended to August to support “the stability and balance of oil markets”. At the same time, Russian Deputy Prime Minister Alexander Novak announced a reduction in the country’s output by an additional 500,000 barrels per day in August. Both announcements are part…
Oil demand in both Emerging Markets (EMs) and Developed Markets (DMs) has risen strongly since 2014, but now the oil market will have to rely on EM consumption, according to a BofA Merrill Lynch Global Research report.
Luis Carlos Croissier is a member of the board of Repsol, Spain’s biggest oil company. He recalls that proven global oil reserves are currently double the level they were in 1980. Croissier was also chairman of the CNMV, the stock exchange regulatory body, and responsible for the Spanish bourse’s “Big Bang”, at the end of 80’s. Before that time, he was Industry Minister in Spain’s Socialist party.