Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
Julianne Geiger, OilPrice.Com, April 8, 2020
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual OPEC++ meeting. “The meeting will undoubtably be fruitful in order to rebalance the market through measures we will take tomorrow,” Mohamed Arkab, OPEC’s President and Algeria’s Energy Minister told state news agency APS, according to Reuters.
American Associated Gas Output Could Fall 10 Bcfd
Matthew A. Veazey, Rigzone, April 8, 2020
Thanks to the recent COVID-19 pandemic-related plunge in oil prices, coupled with the competition for oil market share between Russian and Saudi Arabia, IHS Markit sees big changes on the horizon for the North American natural gas supply. Pointing out that associated gas accounts for nearly one-third of total U.S. gas output, the information services firm reported Tuesday that declining oil production stemming from low oil prices could cause associated gas volumes to fall by 8 to 10 billion cubic feet per day (Bcfd) by the end of next year. Much of the associated gas comes from oil production in the Permian Basin and Bakken and Eagle Ford plays, where operators are scaling back activity.
World’s largest copper miner suspends contract work due to COVID 19
Reuters, April 8, 2020
Chile state copper miner Codelco, the world’s largest, said on Wednesday it would temporarily suspend some contract work at its projects and mines amid increasing restrictions on movement prompted by the coronavirus crisis. The company said the measure would apply to approximately 30% of its total 3rd party contracts and would last for 30 days. The suspension would be renewed as necessary as the pandemic evolves; the company added.
Biden-Trump showdown begins at last
CNBC, April 8, 2020
The 2020 presidential general election has begun. Joe Biden, who was Barack Obama’s vice president, will face off against President Donald Trump in November’s contest. The race between the two men in their 70s has long been expected but is now virtually guaranteed after Sen. Bernie Sanders exited from the Democratic primary contest, announcing Wednesday that he had suspended his campaign. In some ways, the Trump-Biden general election has been long foretold. Trump has never faced a serious primary threat, and Biden has been the leader in primary polls — with only brief exceptions — since he entered the Democratic primary nearly one year ago. He has been virtually assured to win the primary since his landslide victory on Super Tuesday early last month.