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Oil Holds near USD 20

Gasoil News - Published on Thu, 02 Apr 2020

Image Source: Oil Price Coronavirus Lockdown
Bloomberg reported that oil held near USD 20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes. The market is grappling with a bumper oversupply, while demand is set to fall by as much as 30 million barrels a day in April. Any agreement to cut output would likely be too late and would fall short of the loss in consumption. Energy Aspects chief oil analyst Amrita Sen said in a Bloomberg TV interview “I don’t think they’re going to come to the table for talks just yet, because for both sides, it would require a significant step-down. I do think both Russia and Saudi Arabia will be forced to cut back production, not because there’s a deal or they’re talking, but because of market forces.”

West Texas Intermediate lost 21 cents to USD 20.27 a barrel
Brent crude for June settlement fell 4.8% to USD 25.09

The pressure on S. producers and drillers is growing as the rout has caused firms to cut capital spending budgets, accelerate restructuring and lay off workers. Now, even Texas oil buyers have been asking for large production cuts as crude flows overwhelm pipelines and storage, according to Pioneer Natural Resources Co. Senators are asking President Donald Trump to take action, after he agreed with Russian President Vladimir Putin that current prices do not suit the interest of either country.

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Posted By : Yogender Pancholi on Thu, 02 Apr 2020
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