CLK27.NYM - Crude Oil May 27
| Pre. Settlement | N/A |
| Settlement Date | 2027-04-20 |
| Open | 55.25 |
| Bid | 55.00 |
| Last Price | 49.01 |
| Day's Range | 55.25 - 55.25 |
| Volume | |
| Ask | 0.00 |
- USA TODAY
Saudi Arabia is cutting oil production in move that could push U.S. gas prices higher
Saudi Arabia is slashing oil output by 1 million barrels a day and it could mean higher gas prices in the U.S.
The TelegraphSaudi Arabia slashes oil production and threatens to do 'whatever is necessary' to boost prices
Saudi Arabia has announced plans to cut its oil production by 1 million barrels per day (bpd) as the Kingdom pledged to do “whatever is necessary” to prop up sagging prices.
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ReutersSaudi pledges big oil cuts in July as OPEC+ extends deal into 2024
VIENNA (Reuters) -Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
The TelegraphThe gigantic North Sea oil field that could be Britain’s last
Roughly 80 miles west of the Shetland Islands, on the edges of the North Atlantic, the biggest undeveloped oil field in UK waters sits deep beneath the waves.
The TelegraphLabour’s North Sea oil and gas ban will lead to 60pc drop in production, industry warns
Labour’s proposal to ban new oil and gas licences will lead to 45,000 job losses and an 60pc drop in domestic production, industry bosses have warned.
- Investing.com
Energy & precious metals - weekly review and outlook
By the time you read this, OPEC would have probably decided, even announced, new production levels meant to seize pricing of oil back from the hands of short-sellers who’ve driven the group nuts this year in trying to keep a barrel at $80 or more. Oil revenue is the lifeblood of the economies in OPEC, or the Organization of the Petroleum Exporting Countries, a 13-member Saudi-led group whose main objective is to be the price-setter of the commodity. Ten other oil-producing states, including Russia, that aren’t OPEC members also keep their output closely in line with the group’s for the sake of price.
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ReutersCanada facing rising threat from cyberattacks - defence minister
Canadian Defence Minister Anita Anand said on Saturday that the country's critical infrastructure was increasingly being targeted by cyberattacks, posing a significant threat to the economy of the world's fourth-largest crude oil producer. The U.S. State Department warned last month that China was capable of launching cyberattacks against oil and gas pipelines and rail systems, after researchers discovered a Chinese hacking group had been spying on such networks. In an interview on the sidelines of an Asian security summit in Singapore, Anand said there had been an increase in cyberattacks across North America, although she did not attribute the strikes to any state-sponsored actors.
The TelegraphDiesel prices plummet after crackdown on overcharging
Diesel prices dropped by a record 12p per litre in May, after a crackdown on overcharging.
Business InsiderHere's why the upcoming OPEC meeting will be a 'pivotal' moment as tensions simmer between Russia and Saudi Arabia over global oil supply
It's possible that Saudi Arabia brings a more assertive stance to the table when OPEC+ holds its meeting on Sunday.
BloombergOil Advances as Market Eyes Weekend OPEC+ Meeting in Vienna
(Bloomberg) -- Oil climbed alongside risk assets, with attention focusing on this weekend’s OPEC+ meeting in Vienna.Most Read from BloombergOPEC+ Latest: Saudis Unveil Extra 1 Million Barrel CutMystery Trader’s Debt-Ceiling Windfall Sparks Insider ConcernsQatar Airways Plans for Future Without First Class on Long-HaulAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersUS-China Handshake Fails to Stem Asia’s Fear of Another UkraineOPEC and its allies are expected to weigh disappoin
ReutersOPEC+ discussing deepening oil production cuts, sources say
VIENNA (Reuters) -OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, three sources told Reuters on Friday as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices. Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT).
- Investing.com
Oil rallies 2nd day in row, paring weekly loss ahead of OPEC
Fear that the OPEC+ alliance of world oil producers could announce a third production cut in nine months led crude prices to rally again on Friday, significantly paring weekly losses. London-traded Brent crude was up $1.75, or 2.4%, to $76.03. Like WTI, Brent was down 1% on the week.
ReutersMarketmind: Jubilant markets eye jobs in June jump
With the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. May's U.S. employment report later on Friday now stands as the last major data point of a shortened trading week in which June was greeted with glee by global investors.
- Reuters
MORNING BID AMERICAS-Jubilant markets eye jobs in June jump
With the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. May's U.S. employment report later on Friday now stands as the last major data point of a shortened trading week in which June was greeted with glee by global investors.
- Investing.com
Crude oil soars on debt ceiling progress; OPEC+, Fed meeting in focus
Oil prices rose sharply Friday after the U.S. debt ceiling deal passed through Congress, averting a default ahead of the weekend’s meeting of OPEC ministers and their allies at the weekend. The U.S. Senate approved a bill to lift the country’s $31.4 billion debt ceiling late Thursday, the day after the House of Representatives did the same. The agreement now heads to the White House, with President Joe Biden just having to sign the deal to stave off a sovereign default that would have had severe economic repercussions globally.
- Reuters
UPDATE 1-World food prices fall to two-year low in May - UN food agency
The United Nations food agency's world price index fell in May to its lowest in two years, as a slump in prices of vegetable oils, cereals and dairy outweighed increases for sugar and meat. The Food and Agriculture Organization's (FAO) price index, which tracks the most globally-traded food commodities, averaged 124.3 points in May against a revised 127.7 for the previous month, the agency said on Friday. But international rice prices continued to increase in May, partly due to tighter supplies in some exporting countries, said FAO.
BloombergPalm Oil Production Seen Surging in Malaysia as Workers Return
(Bloomberg) -- Palm oil supply in Malaysia is set to soar as a labor crunch eases in the world’s second-biggest producer, paving the way for a bumper crop in the second half of the year, said a senior plantation executive. Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersInside the Making of Redfall, Xbox’s Latest MisfireRich Latin Americans Transform Laid-Back Madrid Into a New MiamiHedge Funds at
Simply Wall St.Returns on Capital Paint A Bright Future For Hibiscus Petroleum Berhad (KLSE:HIBISCS)
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ReutersOil up over 2% after US debt deal and jobs data; focus turns to OPEC+
NEW YORK (Reuters) -Oil prices rose over 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fueled hopes for a possible pause in Federal Reserve interest rate hikes. The focus is now turning to a meeting of OPEC and its allies this weekend. Brent futures rose $1.85, or 2.5%, to settle at $76.13 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.64, or 2.3%, to settle at $71.74.
- Investing.com
Oil rises on debt ceiling optimism, OPEC uncertainty caps gains
Investing.com -- Oil prices rose in Asian trade on Friday as markets cheered the approval of a bill to raise the U.S. debt ceiling and avoid a default, although uncertainty ahead of an OPEC meeting over the weekend kept gains in check.
- Investing.com
Oil: OPEC’s action on Sunday will be price-driven vs. hype - Citi
The outcome of Sunday’s OPEC+ meeting will most likely be price-driven versus the alliance’s hype that it isn’t price-focused, analysts at Citigroup suggested in a note issued Thursday. “What the 8 OPEC+ members, plus Russia, that committed to make output cuts for May actually do when they meet this weekend is likely to be a function of prices,” the Citi note said, referring to Saudi Arabia, United Arab Emirates, Kuwait, Oman, Algeria, Kazakhstan and Iraq. “Further deterioration in prices toward $70 or below for Brent put a 60-70% likelihood on a cut by some members of the group, and Russia might not be one of them,” the note added.
- Reuters
UPDATE 3-Exxon CEO says technology advances could double its shale output
Exxon Mobil Chief Executive Darren Woods said on Thursday he aims to double the amount of oil produced from the company's U.S. shale holdings over a five-year period using new technologies. It also introduced the five-year technology development program at the same time, Exxon said. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference.
- Reuters
Exxon CEO says 5-year program could double its shale output
Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five year period using new technologies. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference. Exxon currently recovers about 10% of shale resources from its operations.
