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With the conditions becoming difficult for the oil and gas companies, Oklahoma Governor has asked the US President to declare the coronavirus pandemic an "act of God". This would make it easy for the companies to stop operations without worrying about the cancellation of land leases for stopping production. "Over-production of oil continues to threaten the economy", said the Governor.
US President Donald Trump has appreciated the efforts of OPEC and its allies to slash the output. "The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States", tweeted the President. According to Federal Reserve Bank of Kansas City, if the prices remain $30 a barrel, 40% of US oil and gas producers might face insolvency within the year.
Donald Trump has opposed widespread royalty cuts given to the oil and gas companies that drill on public lands and waters. According to the sources, the Republican lawmakers have written to Trump urging to lessen the royalty. “Such requests may be granted in cases where an operator is prevented from operating or producing on a lease for reasons beyond or outside their control”, said Interior Department spokesperson.
Oil prices jumped in the international market on Friday, pushed up by President Trump's potential intervention in the price war between Saudi Arabia and Russia. Brent crude rose 0.1%, to $28.44 per barrel. US WTI crude climbed 1.7% at $26.34 a barrel. Sources privy to conversations in White House said that the Trump administration is considering a diplomatic push to resolve the ongoing price war between Saudi Arabia and Russia.
The previously set limits on oil and gas industry for methane emission might stand null. On Thursday, Trump administration advocated on rescinding Obama-era limits. EPA has informed that easing a 2016 regulation might save energy companies up to $123 million through 2025. EPA Administrator said that the proposal "removes unnecessary and duplicative regulatory burdens from the oil and gas industry".
Elevating trade tensions between the US and China weighed heavy on the oil prices in the international market on Thursday, counteracting the fall in US crude stocks. Benchmark Brent crude dropped 0.9%, to $69.72 per barrel. US WTI crude fell 1%, to $61.52 per barrel. The US will enforce higher tariffs on Chinese goods from Friday, during the two-day visit of Chinese Vice Premier Liu He to Washington from Thursday.
Oil prices held steady in the international market on Tuesday, torn by US sanctions and a renewed US-China trade war. Brent crude oil futures dropped to $71.16 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose to $62.29 per barrel. Tightening sanctions on Iran and Venezuela has left oil exports from the countries in turmoil. Yesterday, the US confirmed about boosting its military presence in the Middle East.
Oil prices experienced a sharp decline in the international market on Monday, forced down by the threat of a renewed US-China trade war. Brent crude oil futures plunged 2.1%, and were traded at $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures dipped 2.4%, and were priced at $60.44 per barrel. US President Donald Trump yesterday tweeted that higher tariffs will be imposed on Chinese goods this week.
Oil prices slipped on Monday after Trump asked OPEC to increase its output. Trump demanded the output surge to moderate the effects of US sanctions against Iran. Brent price went down 0.5% to $71.80 per barrel. WTI decreased 0.6%, to $62.91 per barrel. Trump commented, "Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down".
Iran has warned to close Strat of Homuz, a narrow waterway carrying a fifth of the world’s traded oil, in response to end of sanctions waiver. A news agency cited head of the Revolutionary Guard Corps navy force saying “If we are prevented from using it, we will close it,”. Iran’s warning to close the waterway isn’t new, and its officials have threatened to do so in the past too.
Oil prices recovered from last session losses and gained grounds on Wednesday. Benchmark Brent crude oil futures edged to $62.05 per barrel. US WTI crude futures rose to $53.74 per barrel. Traders are now waiting for President Trump to address the US State of the Union today, expecting a showdown on US-China deal.
Sources have revealed that the US Environmental Protection Agency approved a 2017 hardship waiver from US biofuel laws to Chevron Corp’s Utah refinery earlier this year. The Renewable Fuel Standard (RFS) necessitates refiners to blend biofuels into their fuel pool or instead buy compliance credits from competitors that do. Corn-belt farmers are exasperated because of the waivers which hurt the demand for ethanol and other biofuels.
Crude oil prices dropped in the international market today, amid expected rise in US stocks. Official data is due for release on Wednesday. President Trump’s comments added further to the slump. Brent crude futures were down by 1% from Monday, trading at $69.42 per barrel. NYMEX December light sweet crude contract lowered 1.37%, to $59.11/b.
Saudi Arabia has to deal with Trump’s criticism after announcing its plan to lower oil production on Monday. In a tweet, President Trump said “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Energy Minister of Saudi Arabia informed that OPEC and its allies will now reverse half the increase in oil output that was planned initially this year.
A new wave of US sanctions hit Iran’s core parts of the economy yesterday. The US is said to have imposed its "toughest ever" sanctions against the Persian country. The US administration re-imposed sanctions this year after President Trump pulled out of the accord signed in 2015. The Nov 4 wave will target more than 700 individuals, entities, vessels and aircraft.
The Trump administration slammed a series of sanctions on Iran yesterday, in the light of US pulling out of the 2015 Iran nuclear deal. Tough economic sanctions were re-imposed on the Hassan Rouhani-led Islamic regime. The sanctions, which take effect today, forbid usage of USD by Iran in any kind of transactions. Iran will no longer have access to buy US and European aircraft.
The American Petroleum Institute (API) has shown disappointment from US administration denial to exclude imported steel to be used in certain parts of oil and gas industry, from Section 232 tariffs. API VP believes that the process which decided whether to grant exclusion or not lacks transparency. The association has said that the decision is misguided and will impact American energy production and jobs.
OPEC President has reverted on Trump’s tweet stating that OPEC is doing their best to increase oil supply, but they won’t overdo it. Reportedly, UAE increased its production by almost half a million barrel and Russia by a million barrels daily in their bid to reduce prices. Saudi Arabia is finding it difficult to bring 2 million bpd supply back online, lost due to US sanctions on Iran.