• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn
Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Oil producer deal may be short of what’s needed: U.S. energy secretary

June 25, 201811:53 AM Reuters

WASHINGTON (Reuters) – U.S. Energy Secretary Rick Perry said on Monday a deal between global oil producers to boost crude output reached last week may not be enough to relieve global oil markets that are stressed by supply constraints.

The Organization of the Petroleum Exporting Countries and non-OPEC countries reached an agreement on Saturday to moderately boost production after consuming countries including the United States had urged them to produce more. Saudi Arabia said the agreement would likely result in about 1 million barrels more oil output per day, or about 1 percent of global oil supplies.

The price of oil traded in London fell on Monday after the wider agreement, by $1.15 to $74.40 a barrel. On Friday they had risen $2.50 to $75.55 a barrel after OPEC only countries came to their own deal to boost output.

“Obviously we’ve got a market that is stressed from a standpoint of supply,” Perry told reporters. The rise in prices on Friday showed the agreement “may be a little short” of what is needed.

There are difficulties in getting crude oil to market in the Permian Basin in Texas and New Mexico, in Venezuela, which is struck with political turmoil, and in Angola, Perry said.

In addition, the United States is asking oil consuming countries to reduce their purchases of oil from Iran, an OPEC member, as Washington re-imposes sanctions on the Islamic Republic.

Perry said the United States would do everything it can to keep gasoline prices in check.

But he said the Strategic Petroleum Reserve should only be used for supply emergencies and not as a tool to manipulate markets. Several sales of crude oil from the reserve have been mandated by laws passed by Congress to help balance the federal budget.

Permian

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Irving Oil lays off 60 workers from Saint John refinery, citing collapse in demand
  • Loss of Keystone XL pipeline expected to hurt future oilpatch growth
  • CAODC extremely disappointed with Biden Keystone XL decision
  • Connacher Oil and Gas Limited provides update and announces pipeline project
  • TC Energy to cut 1,000 construction jobs, halt Keystone XL work

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.