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...When we put prices out we found it difficult to sign these agreements,” he said, adding that the current price compared to a $200-$400 barrel of oil....
...Each B share has 10 times the voting rights of a single A share. Ordinarily the B shares would convert into A shares on sale by the Glazers....
...d this year and 1.8mn b/d in 2025....
...No mention of the B-word, then....
...attempt to prop up prices....
...“Oil prices are a lot more stable . . . but they want to ensure the stability continues,” she said. Saudi Arabia has shouldered most of the curbs, having cut its production by 1mn b/d since July....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...In Russia and Saudi Arabia alone about 4mn b/d exists. That is not far from decade highs, on Citi’s data. That potential world supply will act as a cap on prices for at least the coming year....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...“They have 3mn b/d of spare capacity now so what is the rush of increasing production capacity to 13mn b/d.”...
...The IEA added that record output from the US, Brazil, Guyana and Canada would help boost global supply this year by 1.5mn b/d to a record 103.5mn b/d....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...But its efforts to support prices above $80 a barrel have been hindered by production by non-members....
...That is in line with current market expectations given that a default at Kemble earlier this month sent the price of a second-ranking “Class B” bond plunging to little over half of its face value....
...Fitch Ratings downgraded Vanke in October from triple B plus to triple B, citing weaker than expected sales....
...Now, the country produces almost 20mn b/d, roughly in line with consumption....
...It produced 1.16mn b/d in the US in the quarter versus 895,000 b/d previously, boosted in part by its acquisition of PDC Energy....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...Instead, investors were given a “Plan B” for cheaper cars that will be made on existing production lines and systems to help cut Tesla’s spiralling costs as it shifts billions of dollars worth of investment...
...cut by 211,000 b/d and 135,000 b/d respectively....
...During the week, Davey faced questions over a decision to largely expunge the “B-word” from the party’s pre-manifesto policy documents while at conference itself the ‘what to do about Brexit’ discussions...
...Brent crude, the international benchmark, traded as high as $92 a barrel on Friday after breaking above $90/b last week for the first time since October....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...The figures top the 12.9mn b/d estimated in 2023 — itself a record, surpassing levels reached before the Covid-19 pandemic....
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