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Saudi Arabia, Russia Reach Oil Compromise, Sending Crude Above $50

Saudi Arabia, Russia Reach Oil Compromise, Sending Crude Above $50 thumbnail

Saudi Arabia and Russia reached a compromise on oil policy among the world’s biggest producers, agreeing to maintain output levels through February and delay any increase until March, according to officials familiar with negotiations.

West Texas Intermediary futures, the gauge for U.S. crude, passed $50 a barrel for the first time since February last year on the agreement, before slipping back to $49.69, up 4.4% on the day. Brent crude, the international benchmark, rose 3.7% to $52.98 a barrel.

After failing to agree to a deal on Monday, the two sides are set to complete the compromise later Tuesday, the people said, in a scheduled meeting between members of the Saudi-led Organization of the Petroleum Exporting Countries and a Russian-led contingent of big oil producers.

OPEC met virtually Monday with 10 Russia-led producers, a group that together has been dubbed OPEC-plus, in the first of their monthly meetings to review global oil demand and their output strategy. Last month, they agreed to increase production by 500,000 barrels a day, bringing their net cuts since the start of the pandemic to some 7.2 million barrels a day. The group is planning to restore a total of 2 million barrels a day of output in the coming months.

Russia was initially opposed to a rollover of last month’s restrictions and had pushed for an increase of 500,000 barrels a day for February, after winning agreement from the broader group for a similar increase in January. Moscow argued that oil demand would return as world-wide vaccination programs start to make a dent in the pandemic, delegates said.

But Saudi Arabia and most other producers wanted the current output restrictions extended, people familiar with their view said, concerned about the return of lockdowns and the slow rollout of vaccines. Algeria, for instance, pushed for them to be maintained until the end of March, they said.

A deal, while restricting supply in the short term, would signal continued willingness in the wider OPEC-plus group to work together to bolster prices. A Saudi-Russian standoff early last year contributed to a crash in prices just as the pandemic was destroying demand. But they quickly agreed to act together to cut global oil supplies and stabilize prices.

OPEC-plus agreed last year to cut output by a record 9.7 million barrels a day, and envisioned restoring it in increments of 2 million barrels a day assuming demand returned. In the summer, they moved to return the initial 2 million, and last month agreed to add a further 500,000 barrels a day.

WSJ



55 Comments on "Saudi Arabia, Russia Reach Oil Compromise, Sending Crude Above $50"

  1. Duncan Idaho on Tue, 5th Jan 2021 4:55 pm 

    “Republican Party and its Apologists Are Advocating for the Overthrow of an American Election and the Continued Rule of a Sociopathic Autocrat”

  2. Duncan Idaho on Wed, 6th Jan 2021 1:50 pm 

    How the Fat Boy’s reckless four-year presidency cost the GOP everything

    (the Fat Boy’s goons are throwing a tantrum)

  3. Duncan Idaho on Wed, 6th Jan 2021 2:22 pm 

    “A True Putsch: As a Result of the Fat Boy’s Incitement, Capitol Locked Down, Congress Temporarily Adjourned. Protesters Have Broken Into Capitol. Trump Commits Full Treason. This Is a Violent Assault on Democracy.”

    LOL!

  4. FuckQuebecAndLegault on Wed, 6th Jan 2021 4:14 pm 

    https://www.youtube.com/watch?v=Qi4N_4_9JDU

    Ostie de chien de câlisse. J’ai du mettre le volume a off apres 30 sec. I will never forget the spying done on me and I will never forgive any of you for spying on me and trying to manipulate me never. They only way that people know about my academic diploma, it through the gouv of Quebec. So it means guindoune Gauibault has to authorized a full investigation on me. I will never be forgiven for that never.

  5. Duncan Idaho on Wed, 6th Jan 2021 4:39 pm 

    It’s Our First-Ever Coup Attempt

    But the Fat Boy goons are lightweights

    Kinda interesting

  6. Duncan Idaho on Wed, 6th Jan 2021 5:15 pm 

    “Twelve voices were shouting in anger, and they were all alike. No question, now, what had happened to the faces of the pigs. The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.”

    ― George Orwell, Animal Farm

  7. Duncan Idaho on Wed, 6th Jan 2021 5:44 pm 

    $721,531,000,000 defense budget revealed to be powerless against white people

  8. Duncan Idaho on Wed, 6th Jan 2021 5:48 pm 

    For contrast, this is how the National Guard defended the Lincoln Memorial during BLM protests:

    https://twitter.com/BillWeirCNN/status/1346915051282837512

  9. makati1 on Wed, 6th Jan 2021 6:02 pm 

    Ho Hum! Another day watching the West go down and the East rise. So much proof of both as to make your head spin.

    I hope that Amerikans are prepared for the next decade as it will be the end of the world as they knew it. 2020 was just the opening exercise. Soon they will know what it feels like to be a besieged country like they have been doing to other countries for decades. About time! The race, by the Western countries, to the bottom is on and it is currently a three way tie: the US, the UK, and Australia. Pas the popcorn, the circus is getting interesting.

  10. pat on Wed, 6th Jan 2021 8:15 pm 

    Oil rally to $80-100.

  11. DT on Thu, 7th Jan 2021 12:22 am 

    Trump is still commander-n-chief, he told the police/troops to stand down. How hard is it to understand white privilege when you only live and see the benefits ?

  12. Duncan Idaho on Thu, 7th Jan 2021 10:31 am 

    “See? I won! Look! See? I won! Yippee!”

  13. FuckQuebecCanadaAndWesternNations on Thu, 7th Jan 2021 11:27 am 

    THe fucking dumb whore is about to open her stupid dumb mouth. I can not stand that ugly bitch. Bring it on. As Outcastphiloser say, you most likely going to be dead by the end of the year, I am happy to have contributed to that.

    https://www.youtube.com/watch?v=ejPcx4RASAQ

  14. Duncan Idaho on Thu, 7th Jan 2021 11:31 am 

    Look at the Capitol Hill rioters. Now imagine if they had been black

    https://www.theguardian.com/commentisfree/2021/jan/07/capitol-hill-trump-rioters-race-power

  15. FuckGuidounneGuilbault on Thu, 7th Jan 2021 12:07 pm 

    La crisse de pute sale est entrai de parleree

  16. YouDeserveItFuckers on Thu, 7th Jan 2021 12:14 pm 

    You fucking stupid pieces of shit and useless politicians. You are never going to be able to restart Whites western nation by putting curfew. You are destroy it for ever. barely nobody goes after 8:00. Barely no oil is consume after 8:00. Oil is consume mostly during day. You stupid piece of shit politicians really deserve a long and painful death. you really deserve it.

    You fucking stupid piece of shit. I will enjoy watching get kill by an enrage populace.

  17. Duncan Idaho on Thu, 7th Jan 2021 12:24 pm 

    GOP REP URGES CABINET TO REMOVE TRUMP: ‘END THIS NIGHTMARE’

    Even the clueless are waking up—-

  18. Biden’s hairplug on Thu, 7th Jan 2021 2:29 pm 

    75 million Trump voters declared mentally unstable by (((mr Feinman))):

    https://www.independent.co.uk/voices/capitol-riots-trump-dc-shooting-cia-b1783607.html

    “Intelligence officials warn of what comes next after pro-Trump Capitol riots“

    If you want to know what is going to happen to America, just study the run-up to the bolshevik revolution.

  19. Duncan Idaho on Thu, 7th Jan 2021 4:06 pm 

    “Thank God they didn’t know how to run a government”

    https://desdemonadespair.net/2021/01/how-trump-tried-but-largely-failed-to-derail-americas-pop-climate-report-thank-god-they-didnt-know-how-to-run-a-government.html

    The Fat Boy is good at ripping people off–
    He is good at something, (I’m keeping it positive)

  20. Duncan Idaho on Thu, 7th Jan 2021 4:11 pm 

    Weimar– can you say it?

  21. Duncan Idaho on Thu, 7th Jan 2021 4:38 pm 

    Dumb apes carry their tracking devices with them!

    https://www.dailykos.com/stories/2021/1/7/2006700/-Here-s-how-you-round-up-the-clowns-that-stormed-the-Capitol

  22. Duncan Idaho on Thu, 7th Jan 2021 4:47 pm 

    The Fat Boy is ultimately a coward.

    But he has two weeks to create chaos.

    Might be time to remove hm quickly—
    How about it repugs?
    Reality is kicking your ass.

  23. makati1 on Thu, 7th Jan 2021 4:54 pm 

    Duncan, I think Trump is very good at ripping the USMSM propaganda bullshit curtain away and letting the world see the REAL AMERIKA. They see that there is no democracy in Amerika, only lies, greed and hypocrisy, A very good thing!

  24. FuckLoserLegume on Thu, 7th Jan 2021 5:17 pm 

    Do you think I can put my dick and my two balls into the dumb bitch mouth. This way she will stop talking and stop humiliating herself. I cannot belive that retard legume, thinks that this dumb whore has leadership skills. Retard legume has no leadership skills, otherwise he would have never made the VP.

    https://www.youtube.com/watch?v=tnmqA9LuMH0

  25. LegumeIsABrainDeadMoron on Thu, 7th Jan 2021 5:47 pm 

    Tu aurais du nommer le vieux Dube comme VP. His body lanuage is more humble and he looks like a fast learner. Why did you name guidounne Guibault as VP. You are suck a loser with no leardship skills at all. You are a brain dead moron.

  26. Duncan Idaho on Thu, 7th Jan 2021 8:34 pm 

    Here’s how you round up the clowns that stormed the Capitol and grind them into dust.

    https://www.dailykos.com/stories/2021/1/7/2006700/-Here-s-how-you-round-up-the-clowns-that-stormed-the-Capitol

    Dumb goons

  27. I AM THE MOB on Thu, 7th Jan 2021 8:45 pm 

    Mak

    The virus has united the world around a common enemy. And shut down the schools and closed the churches (things that divide us). And is about to bankrupt the US healthcare cartels.

    Is this a China virus or Grateful Dead!

  28. PolictianeAreGoingToBeKilledByThePopulace on Thu, 7th Jan 2021 10:21 pm 

    I don’t know why I am writing so much comments today. I am probably going mentally insane. Amazing how many loser bidet and repugnant Harris have on their team. Still pushing this bullshit globalist agenda, diversity, race, feminism into the throat of normal hetero sexual male like me. This is a mental sickness. I am fed up with that garbage and I still think the best course of action for people like me is to not contribute anything to Canada and Québec. I a still deeply convince of that. It is time to accelerate the collapse by doing nothing to help.

    This is a prediction of mine, expect people to start killing their politicians very soon and in almost all Whites Western Nation. The are all losers: Legault, Trudeau, Morrsion, Macron, BoJo, Merkel.

    https://www.youtube.com/watch?v=-tZbS1DCnLQ

  29. NatureIsAboutToCleanUpThisWorldWithBlood on Thu, 7th Jan 2021 11:03 pm 

    You fucking stupid repugnant bicth, you have no idea what is about to happen to you and your family. What you are good for: is sleeping your way into the power structure. The leftist are ones that are going to kill you after they realized you are just the same as the republicans. You better to deliver on your shitty promises, other the populate will kill you , dumb ugly whore. Stupid dumb whore.

    https://www.youtube.com/watch?v=hZkn9Hg6wME

    Go read the comments on the video, if you don’t believe me stupid cunt.

  30. DT on Thu, 7th Jan 2021 11:54 pm 

    I am convinced that this whole mob action capital fiasco of busting out windows and taking over was an orchestrated affair. Call me conspiracy theorist all you want. However look at the other side of the curtain. The set up is in place, what will happen next time if and when 100,000 people or more show up and make legit demands of these so called elected leaders. Dr. Martin Luther King Jr. was “taken out” because he was planning a march on Washington. The PTB knew King could easily have drummed up tens of thousands of P Oed people that would have forced those A hoe’s in congress to listen.

  31. Theedrich on Fri, 8th Jan 2021 12:12 am 

    Did Antifa thugs infiltrate the DC demonstration? To incite disruption?  The media don’t want to discuss that possibility.  They want to use scenes of the fun and games to cover up the treason committed by Joe Biden, the Communist-bought traitor they have chosen for the White House.  Nothing else matters.  The Democrat proditor needs to have his and his family’s crimes swept into the memory hole, and the DC excitement on Wednesday, 2021 Jan 6 was just the ticket for that.

    The Dems had their agents murder Ashli Babbit, a 14-year female veteran of the Air Force from San Diego, to show how righteous they are.  She had it coming, you see.  After all, the lives of Trump supporters and of White conservatives generally, are worthless.  And never mind the months of destructive riots and looting by woke criminals in urban Democrat-dictatorships.  Those were all just peaceful demonstrations.  So demand that Leftist princes take power everywhere and end the White race.  Silence anyone who has doubts about socialist control.  It’s time to take from those who have and give to those who have not.  „Jeder nach seinen Fähigkeiten, jedem nach seinen Bedürfnissen“  (“From each according to his ability, to each according to his needs”), as Marx, the lover of murderers, said.

    So get all indignant about that DC whoopteedoo, doofus (and doofa).  Never mind what Biden and family plus Obamanian criminals are planning for you.  Demand that not only Trump but all of his supporters be sent to the gas chambers.

    And expect a workers’ paradise after we take control.

    Just like in Red China.

  32. makati1 on Fri, 8th Jan 2021 3:21 am 

    MOB, I would like you to explain how this Phamricovid Money Maker is going to “Bankrupt the Healthcare Cartels”?

    1. They have immunity to lawsuits now. They don’t care if you die from their vaccines.
    2. The government has already poured billion$ into their pockets to pay for their “development expenses”. They cannot lose.
    3. The Lock-down freak, Ant Fucker, is demanding more and more restrictions on your freedoms and the zombie corpse in the White House has already added him to his advisors.

    So, explain. I’m waiting…

  33. Biden's hairplug on Fri, 8th Jan 2021 7:06 am 

    Those were the first Capitolstormers:

    https://vk.com/video322177093_456239783?list=037e854606886c47af

  34. Hello on Fri, 8th Jan 2021 9:23 am 

    >>> hope that Amerikans are prepared for the next decade as it will be the end of the world as they knew it

    I couldn’t agree more. Importing negros and other assorted 3rd world shit year after year surely is transforming the west into, guess what, a 3rd world shit hole. Who would have thought? And on top of it all we have hordes of indoctrinated white-guilters that have no problem kneeling down licking negro boots.
    The west sure is a pathetic place, nowadays. Hard to imagine that the powerful west once ruled the world, now they can’t even control the imported negros/arab sludge. Pathetic.

  35. Duncan Idaho on Fri, 8th Jan 2021 10:07 am 

    Arrested Proud Boys chairman has history of business failure, apparently lives with mom

    Typical wingpawn

    https://www.salon.com/2021/01/08/arrested-proud-boys-chairman-has-history-of-business-failure-apparently-lives-with-mom/

  36. Duncan Idaho on Fri, 8th Jan 2021 10:23 am 

    “the police aren’t there to create disorder; the police are there to preserve disorder.”

  37. TheGameIsOver on Fri, 8th Jan 2021 10:47 am 

    OutcastPhilosopher » Fri 08 Jan 2021, 11:38:01
    Bitcoin as I type is at 41,290…..Amazing for an electronic currency where its transaction speed can take 24hrs.

    Dollar sitting at 89.94.

    Democraps about to take office and unleash massive stimulus. Probably in the ballpark of 2-4 Trillion. The overwhelming majority of this money will be looted.

    We are in the looting phase of the end game.

    Next up, one of two scenarios will play out for the FED:

    1. The FED allows the yields to continue to rise. If this happens, real estate, equities, etc. crash massively causing a deflationary depression akin to the Great Depression. You can see this action in 2018 when the yields rose to 3% and the stock market crashed from 26,500 to 22,000 and then the FED had to restart QE. Yields are spiking above 1% currently.

    2. The FED puts a cap on yields and starts even higher levels of QE and printing. They will have to admit that current levels of QE are not working. Now we will see massive amounts upwards of 10-20 Trillion atleast. The bond market will most likely crash and of course the debt will be monetized. The Stock market will soar to the fucking moon just like in Venezuela. The stock market becomes worthless.

    In effect, the political leadership will end up sending out some kind of bizarre UBI scheme that will end up being worthless, especially under the second scenario which is the most likely scenario that will unfold.

    We are approximately a few months away from the start of a Hyperinflationary Depression.

    ——————————-
    From an economical point of view it makes sense. But I still think we are going to see gasoline and diesel shortage at the same time. Gasoline does not stop increasing in price where I livee. I expect fuel shortage this year. According to one post of oilprice.com there were nine oil refineries that closed last year. One in Australia one in Japan, the biggest one in the US. It is over, we are too depleted and we are too late. This is the fault of Obama and Bush. Obame sit on this situation and did nothing.

  38. Duncan Idaho on Fri, 8th Jan 2021 11:30 am 

    “The rule of law is dead if a sitting president can incite an insurrectionist mob to overturn democracy and then pardon everyone involved, including himself.”

  39. Duncan Idaho on Fri, 8th Jan 2021 11:33 am 

    From Mulvaney to DeVos, GOP Rats Are Deserting the Fat Boy’s Sinking Ship

    (a little late, you greedy rats)

  40. Duncan Idaho on Fri, 8th Jan 2021 11:41 am 

    ‘Loved’ terrorists got thrown under the Fat Boy’s bus; NOW are seriously groveling for mercy

    And momma can’t help

  41. Duncan Idaho on Fri, 8th Jan 2021 12:11 pm 

    Hint:
    If Hillary Clinton running a child sex ring out of a Washington, D.C. pizza parlor sounds believable to you, you might be a head case.

    If you think the world is run by a secret cabal of Satan-worshipping, blood-drinking, cannibal-pedophile Democrats and Hollywood elites because an anonymous internet “whistleblower” told you, you might be a head case.

  42. ItIsComing on Fri, 8th Jan 2021 1:57 pm 

    I said in a comment above that this is the year that people will start killing their politicians in Whites Western nations.

    We are getting closer to that. Trudeau need to shut his fucking mouth and not comment about American politics. The guy is simple too stupid same as retard Lego. It is really difficult for a guy like me to care about the future of Canada, Quebec and people living in Canada. Stupid people deserve pain and misery, it is that simple

    Senator Lindsey Graham Confronted And Chased Out Of DC Airport By Trump Supporters HT Villain Report

    https://www.youtube.com/watch?v=fAo-rWoTJug

  43. Duncan Idaho on Fri, 8th Jan 2021 2:02 pm 

    AP Source: Pelosi tells Dems that top military official assured her steps are in place to prevent Trump nuclear launch.

    Taking it away from the Fat Boy.
    Having the mentally ill with those powers is crazy.

  44. Duncan Idaho on Fri, 8th Jan 2021 2:07 pm 

    GOP traitors try to edge away from their Dear Leader

    Greedy, stupid, authoritarians

    Reality is catching up with greed and ignorance

  45. Duncan Idaho on Fri, 8th Jan 2021 2:11 pm 

    “Look at these cowardly traitors now questioning their self-serving deal with the devil to get their judges and their tax cuts no matter what Donald Trump did to destroy this country. Look at these sniveling weasels”

    https://digbysblog.net/2021/01/gop-traitors-try-to-edge-away-from-their-dear-leader/

  46. Duncan Idaho on Fri, 8th Jan 2021 2:14 pm 

    This psychopath has finally crossed the red line: He must be stopped now

    https://www.salon.com/2021/01/08/this-psychopath-has-finally-crossed-the-red-line-he-must-be-stopped-now/

  47. FamousDrScanlon on Fri, 8th Jan 2021 2:35 pm 

    Hello, most of the black’s have been in the US for more generations than most whites & they never had a choice like the Wops, drunken Irish & other white Euro deplorables who migrated to the US & West.

    If they left the US & other western nations would fall apart over night.

    Who would harvest your produce, slaughter your meat or a hundred other shit jobs? You? Your stupid lazy obese kids?

    Then there’s the highly educated & skilled immigrants.

    America Has A Secret Weapon

    “Dr. Michio Kaku speaks about how America’s poor educational system has created a shortage of Americans who can perform high skilled technology jobs. As a result, America’s H-1B Genius visa is used to attract immigrants who are skilled enough to perform these jobs.”

    https://www.youtube.com/watch?v=NK0Y9j_CGgM

    Decadent, stupid, anti intellectually White trash cunts like you & your inbred family have ruined western culture, Hello. Look in the mirror dead weight.

    The immigrants are more useful & needed to run the nation-economy than the likes of halfwits like you.

    BTW, that fiasco in DC was an exclamation mark on white nationalist’s stupidity & incompetence.

    Y’all get ready for your lives to get worse.

    I would say it was a complete failure of planning & strategy, but there was no plan, because you dummies do not posses the intelligence & discipline to effectively plan & carry out anything. It was just an angry mob of chimps fuelled by primitive emotion. Useless, incompetent babies throwing temper tantrums.

  48. Duncan Idaho on Fri, 8th Jan 2021 4:06 pm 

    Boobs, Tubes, and Dubes

    One of my favorite places in the past

    https://www.sfgate.com/hawaii/article/Hawaii-closes-a-large-beach-after-mask-less-15853609.php?IPID=SFGate-HP-Editors-Picks

    Its been invaded

  49. makati1 on Fri, 8th Jan 2021 5:01 pm 

    And the beat goes on…

    So much distraction in the “news” today. Do Amerikans even know what is happening outside The “flu” bullshit and the Trump/Biden sideshow? I doubt it, but the real world is getting closer to a major war. And it will be a complete surprise to the locked down, dumbed down Amerikans.

  50. Dredd on Fri, 8th Jan 2021 5:07 pm 

    I feel free https://blogdredd.blogspot.com/2021/01/the-shape-shifters-of-bullshitistan-23.html

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