Oil Prices Rebound As Central Banks Intervene

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Oilprice.com – Tuesday, March 3, 2020: Oil prices staged a rebound at the start of the week, in part from investors buying the dip, but mostly because of emergency action from central banks and promising noises from OPEC members. Interest rate cuts could cushion the economic blow. But the spread of the coronavirus is far from contained, and uncertainty and downside risk remains.

Fed cuts rates by 50 basis points. The U.S. Federal Reserve moved quickly to cut interest rates, slashing them by half a point on Tuesday. “The coronavirus poses evolving risks to economic activity,” the Fed said in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point.”

OECD: Global GDP to slow. The OECD said that global GDP growth will slow to 2.4 percent, down from 2.9 percent previously. That is its best-case scenario, with downside risk related to the coronavirus.

OPEC could cut without Russia. OPEC may agree to deeper supply cuts this week, although it is not clear whether or not Russia will go along. Russian President Vladimir Putin said over the weekend that Moscow is content with current prices. “Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing. So the only way might be for OPEC to cut alone, which will not send a good signal to the market,” an OPEC source told Reuters. On Tuesday, a Russian oil executive said that a 1-mb/d cut would balance the market.

- Advertisement -

OPEC production hits 10-year low. OPEC’s oil production fell to 27.84 mb/d in February, down 510,000 bpd from a month earlier. That was also the lowest level of output in 10 years.

Trump admin to unveil Arctic drilling plan. The Interior Department is set to finalize a plan for selling acreage in the Arctic National Wildlife Refuge (ANWR).

Oil majors facing decline. The oil majors face poor returns, increasing hostility from investors, long-term demand concerns and low prices. The oil and gas industry “has reached a mature and declining phase, with a weak financial outlook,” according to a new report.

Wyoming could buy Occidental acreage for $1 billion. The state of Wyoming is in talks to purchase millions of acres of land from Occidental Petroleum (NYSE: OXY), a sum that could range between $1 and $3 billion. Occidental is in need of asset disposals in order to pay down debt. Wyoming sees an opportunity in mining, ranching and oil and gas drilling. Critics say the move would expose the state even more to extraction industries – already the state’s revenues are declining with the demise of coal.

Read Also:  Brent Oil Hits Its Highest Level Since 2014 -OilPrice Report
- Advertisement -

Chevron to return $80 billion to shareholders. Chevron (NYSE: CVX) outlined its medium-term plans in an investor presentation on Tuesday, saying that it would dish out $80 billion to shareholders over the next five years. It also said that it would maintain spending at between $19 and $22 billion over that period.

$900 billion in stranded assets. The oil and gas industry could be sitting on $900 billion in stranded assets, a massive value that could be wiped out if the world accelerates efforts to slash emissions.

CERAWeek cancelled. One of the most highly-anticipated oil conferences, the IHS CERAWeek conference, was cancelled because of the coronavirus.

FGE: Oil demand to fall by 220,000 bpd. Oil consultancy FGE cut its forecast for 2020 demand, estimating an outright contraction in global consumption by 220,000 bpd.

- Advertisement -

Shale stress deepens. U.S. shale companies were not making a lot of money prior to the coronavirus outbreak. With WTI in the mid-$40s, the financial vice is tightening. “[West Texas Intermediate] at $50 a barrel does not work for US shale,” Matt Portillo, a managing director at Tudor, Pickering, Holt & Co, a Houston-based investment bank, told the FT.

Exxon releases methane plan. ExxonMobil (NYSE: XOM) released a plan to cut methane emissions from its operations. The plan calls for plugging leaks, better record-keeping and new equipment.

China’s refineries suffering from too much capacity. Profits for China’s oil refiners fell 42 percent in 2019 from a year earlier, a notable figure that predates the coronavirus. The sector is dealing with overcapacity.

U.S. vehicle fleet improves fuel economy. The U.S. vehicle fleet hit a record for fuel efficiency, with the fleet average rising to 25.1 miles per gallon in 2018, up 0.2 mpg from a year earlier.

- Advertisement -
Oil Prices Rebound As Central Banks Intervene - Brand SpurOil Prices Rebound As Central Banks Intervene - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Oil Prices Rebound As Central Banks Intervene - Brand SpurOil Prices Rebound As Central Banks Intervene - Brand Spur

Latest News

Hydeout: The Prelude Announces Phase Two of Immersive Digital Music Experience Platform

  • Featuring Charli XCX, Rita Ora, G Eazy, Wiz Khalifa, Tinashe, Kid Laroi, Alison Wonderland, TOKiMONSTA, Zedd, Hardwell, Fedde Le Grand, Armin Van Buren, Slushii, Pixel Terror, Habstrakt, Sullivan King, KTN, Yung Bae, Manila Killa, Bohan Phoenix and More
  • Kicking off April 11 with On Location Monstercat Stream Takeover
  • Purchase Season Pass for all HYDEOUT Phase Two Events and HydeCoins for Individual Show Access: hydeoutworld.com

SINGAPORE - Media OutReach - 13 April 2021 - Today immersive digital music platform HYDEOUT has announced a star-studded lineup for The Prelude: Phase Two as a continuation of its globally leading programming. Since its January 2021 launch, HYDEOUT's goal has been simple: showcase the industry's most in-demand artists across genres in unique virtual settings while offering a gathering place for music fans around the world. With this ethos at its core, HYDEOUT will kick off Phase Two on April 11 with some of its most impressive shows to date.

From festival mainstages to industry leading studio artists, HYDEOUT's Phase Two programming defies genres and defines culture. Modern pop icons will be on full display with performances from English songstress Charli XCX, new-age America rap royalty G-Eazy and Wiz Khalifa, forward-thinking performer Tinashe and Australian wunderkind Kid Laroi.

Dance music's most famed legends will also take the digital stage with heroic progressive house sets in line from Zedd, Hardwell, Armin Van Buren, and Fedde Le Grand, plus multi-genre throwdowns from global stars TOKiMONSTA and Alison Wonderland. Fans of the heavier end of the electronic spectrum will be treated to a Monstercat takeover to launch phase two featuring an on-location spectacle with Pixel Terror, Habstrakt, Sullivan King and KTN. Manila Killa and Yung Bae will bring their unique indie-electronic stylings to the platform.

Hydeout: The Prelude phase one led the digital event landscape with marquee performances from Rita Ora, Martin Garrix, NGHTMRE, Andrew Rayel, Cosmic Gate, Don Diablo, Nervo, Yellow Claw, Dombresky, Eptic, Flux Pavillion and more. These shows took place across six fully immersive digital environments at The Mirage Stage, futuristic cityscapes of HydeCity, HydeAlley, The Arch and Pandemonium, or tropical worlds of Aqua Sphere and Sanctum. HYDEOUT's unique interactive features like global chat rooms, custom avatars, watch parties and mini games, offers a way forward for artists and fans looking for a deeper sense of connection.

Performance episodes from both phases are available after their premiere as Video on Demand for HYDEOUT Season Pass holders and Pay As You Go users alike. Season Passes allow access to over 40 episodes and all platform features for just $49.99 USD. HYDEOUT users looking to enjoy a handful of shows can opt for a Pay As you Go pass, with which they can gain access using HYDEOUT's own in-platform currency HydeCoins. Individual shows range from the HydeCoin equivalent of $5-$10 USD. Season Passes and HydeCoins are available via – www.hydeoutworld.com

Oil Prices Rebound As Central Banks Intervene - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Oil Prices Rebound As Central Banks Intervene - Brand SpurOil Prices Rebound As Central Banks Intervene - Brand Spur