Oil prices Falls Again

Oil prices Falls Again

Oil prices fell back again on Friday, with WTI declining to $50 and Brent dipping below $55. Plans by OPEC+ to swiftly agree to deeper production cuts ran into some trouble. The coronavirus also continues to disrupt oil and gas markets.

OPEC committee recommends 600,000 bpd in cuts; Russia hesitates. The OPEC Joint Technical Committee (JTC) met this week and recommended the group cut production by another 600,000 bpd in response to the coronavirus. But Russia played spoiler, asking for more time to consider deeper cuts. Moscow could make a decision by this weekend. But the discord was a setback for Saudi Arabia, and the disagreement could delay the scheduling of the ministerial meeting, which had been projected to take place next week.

Virginia moves to ban offshore drilling. The Virginia legislature passed a bill that blocks oil and gas exploration, and the Governor signaled he’d sign the bill.

China jet fuel sales down 25 percent. China’s sales of aviation fuels fell by 25 percent in January as the coronavirus epidemic forced millions of people into lockdown.

Renewable stocks vastly outperform oil and gas. A group of renewable energy stocks gained 49 percent last year, outperforming the S&P 500 by 20 percentage points, according to S&P Global Platts. Meanwhile, the S&P Oil & Gas Exploration and Production Index, a basket of 59 oil and gas drillers, declined by 11 percent in 2019.

ConocoPhillips earnings miss. ConocoPhillips (NYSE: COP) missed earnings expectations but, unlike its competitors, it was able to cover capex and its dividend with cash flow. The company lowered its 2020 production guidance.

Source / More : Oilprice.com

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The price of OPEC basket of fourteen crudes stood at $55.11 a barrel on Friday, 7 February 2020, compared with $55.72 the previous day, according to OPEC Secretariat calculations.

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