Jeff Currie, head of commodities research at Goldman Sachs, spoke to Paul Hickin shortly before OPEC+ revived an agreement on output cuts, and oil prices spiraled to unprecedented lows. This is an extract from their conversation, which ranged over the impact of coronavirus on oil, gas and LNG, metals and more.
Posts tagged ‘OPEC’
 
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April 21, 2020 07:53 UTC 
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Russia agreed to take unprecedented volumes of crude off the market under a new OPEC+ agreement in April, in response to dire crude demand forecasts and storage concerns. Russia has signed up to cut 2.5 million b/d in May and June, 2 million b/d from July to December, and 1.5 million b/d from the start of 2021 to the end of April 2022. Its baseline for these cuts is 11 million b/d. |
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April 20, 2020 08:28 UTC
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A revived agreement from OPEC+ on oil production cuts, China’s gradual restart after lockdown, and power markets in the doldrums are illustrated in charts picked by S&P Global Platts editors, in this week’s selection of trends from energy and raw materials markets. |
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With pleading, threats and praise, US pushes Saudi Arabia to stop the oil bleeding: Fuel for Thought
April 6, 2020 13:01 UTC
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“You can love me or hate me/I swear it won’t make me/Or break me/I’m going wherever the money take me” – Lil Wayne A dozen years after Louisiana-bred songwriter Lil Wayne rapped that verse on a bonus track on his album “Tha Carter III,” a strong mix of love and hate is being directed at Saudi Arabia from US oil state lawmakers. |
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March 30, 2020 12:01 UTC
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Demand destruction from the coronavirus outbreak will be top of mind for power and gas traders this week, while the ripples in the oil market are being felt in Saudi Arabia and Vietnam, albeit in different ways. The iron ore market, which is faring better, rounds out this week’s pick of commodity charts by S&P Global Platts news editors |
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March 16, 2020 11:16 UTC
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Oil price wars rarely achieve their objectives. Saudi Arabia and Russia racing to out-pump each other is unlikely to be any different. Instead of declaring a victory in seizing market share back from their common rivals in the form of US shale, the main protagonists in Moscow and Riyadh are more likely to cause long-lasting damage to petrodollar economies already under pressure from demand destruction caused by climate change action and the onslaught on the global financial system from the coronavirus pandemic. |
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December 16, 2019 11:12 UTC
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OPEC and allies may have reached a deal on crude oil production cuts, but the hard work to achieve a balanced market starts now. S&P Global Platts editors look at the challenge OPEC faces in early 2020, as well as key trends in global LNG, marine fuels and lithium. |
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December 10, 2019 11:30 UTC
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Qatar and Saudi Arabia have several good reasons to finally settle their political differences. Agreeing what could be the gas deal of the century is perhaps the best. The kingdom burned almost 900,000 b/d of valuable liquid fuels for industrial use and power generation in 2017, according to the Riyadh-based energy think tank, King Abdullah Petroleum Studies and Research Center. |
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December 2, 2019 12:21 UTC
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As COP25 kicks off in Madrid, S&P Global Platts editors take a look at the CO2 impact from OPEC oil production. European gas and nuclear, and IMO 2020’s impact on commodities as diverse as fuel oil and iron ore, are also on the agenda in this week’s pick of charts. |
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November 13, 2019 09:31 UTC
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OPEC officials have played down the prospect of deeper crude oil production cuts. Demand may be picking up and US shale producers are finally feeling the pinch. However, tepid prices and the awkward timing of the giant Aramco IPO will make a strong case for the group to take more action. Oil continuing to trade around $62/b is a problem OPEC has failed to resolve. The group’s key producers from the Middle East require higher prices to sustain their petrodollar economies. Saudi Arabia requires prices above $80/b to balance its budget and faces its seventh straight year of total government spending outstripping revenues in 2020 unless it can engineer a rebound in the value of its main export. |