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...West Texas Intermediate, the US marker, fell 4 per cent, to $69.74/b....
...Goldman Sachs believes Chinese oil demand dropped by 500,000 b/d last week — a huge number....
...Yes, even Venezuela, which Platts believes is now producing almost 800,000 b/d....
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...Shell says it has achieved that target already, with production now at 1.5mn barrels a day, down from 1.9mn b/d in 2019....
...Write in with your views: derek.brower@ft.com....
...Exports — mainly to Asia — were 4.7mn b/d, below its five-year average, according to OilX....
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...He believes Russian output is down 350,000 b/d since February....
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...The group’s decision in April to cut 1.66mn b/d failed to halt the slide in oil prices, just as an earlier cut announced last October had failed....
...Iraq will reduce crude production by 211,000 b/d, the United Arab Emirates by 144,000 b/d, Kuwait by 128,000 b/d, Kazakhstan by 78,000 b/d, Algeria by 48,000 b/d and Oman by 40,000 b/d, according to statements...
...On average, operators say they now need a WTI price of $62/b to profitably drill — up from $56/b last year....
...derek.brower@ft.com...
...“If [Basel III] sticks around, that could lead to billions leaving the market from the banks, which puts more onus on to transferability,” said Derek Silverman, co-founder of Basis Climate, a platform for...
...West Texas Intermediate, the US benchmark was also down 7 per cent to about $66/b....
...Saudi Arabia will implement a “voluntary cut” of 500,000 b/d, or just under 5 per cent of its output, in “co-ordination with some other Opec and non-Opec countries”, the cartel said on Sunday....
...Goldman Sachs cited banking stress, recession fears, and surging volatility as it slashed its Brent price forecast for 2023 by $7/b, to $85/b....
...d and 600,000 b/d, according to one person at the dinner....
...has struggled to stop a steady flow of departures with more than half a dozen more managing directors leaving in recent weeks, including Michael Gingue and Sam Jackson, who are moving to Jefferies, and Derek...
...Adding gasoline, diesel, propane and other fuels, exports were a whopping 11.24mn b/d over the same period — also a record. But it is not just oil....
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