This morning in metals news: import prices rose by 1.0% in June; Saudi Arabia and the United Arab Emirates have reportedly reached a deal to resolve their recent oil output spat; and, lastly, Norsk Hydro recently announced the restart of its aluminum extrusion plant in Sjunnen, Sweden. Receive the latest short-term and long-term outlook for […]
Tag: Saudi Arabia
Cracks beginning to show in OPEC position on production cuts
In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach agreement last week on an extension to the oil output cuts scheduled to expire in April 2022. Saudi Arabia and the other 23 members of […]
Oil price recovery stumbles as some OPEC producers miss output cut targets
OPEC+’s production cuts have been pretty successful at steadying the oil price this year. First, the cuts steadied the market. Furthermore, rising prices came in the face of oversupply and a pandemic-induced collapse in demand. However, the alliance of producers remains far from a solid coalition. The MetalMiner 2021 Annual Outlook consolidates our 12-month view […]
Shakeout from oil price forces alliance of foes
Boasts of a deal between Saudi Arabia and Russia, leaders of the OPEC+ oil producers alliance, to lead cuts in output by 10 million to 15 million barrels per day may have boosted oil prices for the time being. Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights […]
First a stock market crash, then an oil price crash as Saudi Arabia, Russia butt heads
The current plunge in the oil price has less to do with the coronavirus than it does with power politics. Oil prices crashed by the most in 29 years Sunday night, The Telegraph reported this morning, as Saudi Arabia announced its deal with OPEC+ to limit production was dead in the water. Instead, the kingdom […]
Goldman Sachs is Bullish on Oil Prices in the Long Term
Judging by the share price of shale oil and gas producers, you would think the industry is one from which to keep well away. Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center. Goldman Sachs, however, is recommending clients go long on the premise […]
Oil Supply Tensions Rise as Accusations Fly Over Gulf of Oman Tanker Attacks
On Thursday, two tankers carrying petrochemicals, one of which was a Japanese-owned ship, came under suspected attack in the Gulf of Oman. The incidents compounded the already simmering hostilities in what’s possibly the world’s most pivotal maritime corridor and spurred a significant 4% spike in the oil price, the Washington Post reported. Need buying strategies […]
Oil Price Rises on the Back of Supply Concerns
OPEC may not be what it once was, but in concert with non-OPEC countries like Russia the cartel is showing it can still influence prices to its advantage. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook After extensive negotiations behind the scenes, Saudi Arabia and Russia have agreed to reduce […]
Oil Has Hit $60 Per Barrel — How Much More Can it Drop?
Brent crude has hit a new low for 2018, with the international benchmark down 3% last week to its lowest level in 13 months. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook West Texas Intermediate, the main U.S. contract, fell 4.5% to $52.09. Investors have taken fright in a relatively […]
Not All Oil Shocks Are the Same
Drawing from an Economist article, there are at least two kinds of oil shock and they can have a distinctly different impact on the economics of the day. Arguably, what we have seen this last 18 months represents the first kind oil shock. We have adjusted to price rises as the months have gone by, […]
