Saudi, Russia cutbacks buoy oil bulls, but respite from frackers won’t last
Saudi Arabia and Russia said they favour prolonging oil-output cuts by global producers through the end of the first quarter of 2018.
Saudi Arabia and Russia said they favour prolonging oil-output cuts by global producers through the end of the first quarter of 2018.
Less than two months after OPEC nations sparred over oil policy in Vienna, they resumed the debate at the World Economic Forum in Davos.
Any break in OPEC solidarity or a price war will drive crude to below $50 or even $40 a barrel, Iran’s oil ministry head of petroleum market analysis said.
Sasol Ltd., the South African fuel producer, fell the most in almost six years as oil’s slump to a five-year low put pressure on spending plans.
OPEC has effectively admitted its command and control approach to the oil price has been trumped by the innovation of American Shale Gas wildcatters.
The most important OPEC meeting in many years turned into the watershed few had predicted.
Saudi Arabia set the stage for more blood-letting on oil markets after blocking calls for output cuts to arrest a slide in crude prices.
Christopher Johnson, Energy Community Editor at Thomson Reuters talks to Alec Hogg from London about possible outcomes from OPEC’s meeting in Vienna today.
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By Peter Fabricius Media reports this week that South African Energy Minister Tina Joemat-Pettersson and Sergey Kirienko, Director-General of Russia’s State Atomic Energy Corporation, Rosatom, had signed a US$50 billion deal for Rosatom to build up to eight nuclear power stations – and a research reactor – in South Africa caused something of a, well, atomic … Read more