Posted by success2628 > 2023-02-11 08:09 | Report Abuse

Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day
PUBLISHED FRI, FEB 10 2023 6:18 AM EST
UPDATED 3 HOURS AGO
Ruxandra Iordache

https://www.cnbc.com/amp/2023/02/10/oil-prices-rise-after-russia-says-it-will-cut-output.html

Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. 
The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.

The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October.
Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass.
He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs.
OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year.
Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations.
The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps.
"As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages.
"Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.

Posted by success2628 > 2023-02-11 08:16 |

Post removed.Why?

Posted by TalkNumberOne > 2023-02-11 08:35 | Report Abuse

No need oil cut la. Uncle lembik nonstop make noise. Indicator already given. Bet against the loser 100% accuracy

Posted by strattegist > 2023-02-11 10:17 |

Post removed.Why?

Posted by stockraider > 2023-02-11 10:23 | Report Abuse

Just collect loh!

Posted by Kanenites > 2023-02-11 11:15 |

Post removed.Why?

Posted by Nikmon > 2023-02-11 11:41 | Report Abuse

Seem like debt deal finalize soon, MOGSC asking Gov help by claiming that subcontractor is victim of the debt deal.

Posted by Nikmon > 2023-02-11 12:13 | Report Abuse

MOGSC demand Gov bail out SAP...haha

Posted by Alexks8888 > 2023-02-11 12:31 | Report Abuse

Collect 0.05 already wait

Posted by OKU_2020 > 2023-02-11 15:49 | Report Abuse

Mr Forensic ?
be prepared !!
looks GLOOOMY ahead ..!
hmmm....Mouse trap - Bobby trap found
PN 17 Sapu E remained Lembiq 24/7

Posted by strattegist > 2023-02-11 17:02 |

Post removed.Why?

Posted by masterkevin212 > 2023-02-11 17:24 | Report Abuse

We kick start our “MOGSC Visit the Members” series with a trip to Sapura Energy Berhad at their headquarters at The Mines. The objectives of this program is to get to know our members better and also exchange views and opinions to improve the industry together. It is also a chance to catch up on what is going on with them as well.

We were welcomed by Sapura Group CEO, Datuk Anuar Taib, who was appointed in 2020, their Chief Strategic Officer, and also their corporate communications team.

The discussions revolved around Sapura’s current progress in relation to their creditors scheme that impacted other members and the industry in general. MOGSC brought forward the concerns from the members on this and sought Sapura’s appropriate actions to resolve this.

MOGSC also mentioned that we have written to the Prime Minister to request for necessary government intervention and support to Sapura in order for the supply chain issues to be addressed and resolved accordingly.

It was pleasant to hear that Sapura is in the midst of finalising the payment scheme and in negotiations with banks to ensure a favourable plan to safeguard the vendors and suppliers interests.

More or less, when exchanging views, MOGSC and Sapura are aligned in identifying the pain points of the industry which include inequitable contracting mechanism, low rates and unfavourable banking supports.

MOGSC also invited Datuk Anuar to share his experience, the do’s and don’t’s, lessons learnt and what can be done to avoid another crisis like this from happening to any oil and gas players in the future.

Despite the issues that they have been facing, Sapura still remains an important entity in Malaysia’s oil and gas scene. It is in the nation’s best interest to have Sapura back on a strong footing and continue to fly the Malaysian flag high.

Posted by gkungpat > 2023-02-11 18:06 | Report Abuse

@ masterkevin212,

Then what are the lesson learnt, outcomes & the conclusions?

Posted by Kanenites > 2023-02-11 22:27 |

Post removed.Why?

Posted by obakh222 > 2023-02-12 00:47 | Report Abuse

PN17 means management FAILED. But the FAILED TOP managers still in in the company and this scares people. world oil issue dont effect the company because company already at the most BOTTOM. Why this company still claim it is an OIL n GAS company??? PITY all investors but company not PITY investors.

Posted by Mabel > 2023-02-12 07:57 | Report Abuse

Russia responds

WTI crude futures (CL1:COM) advanced 2.5% on Friday to regain the $80/bbl level after Russia said it will cut oil output by 500,000 barrels a day next month. Brent futures (CO1:COM) climbed 2.4% to $86.50/bbl. Moscow said the output decrease, which is around 5% of its production, was in response to sanctions such as price caps on crude and oil products that are an "intervention in market relations and an extension of destructive energy policies of the collective West." It'll also deepen the 2M bpd curbs announced late last year by OPEC+, and comes as Russia is said to prepare for a fresh offensive in Ukraine ahead of the one-year anniversary of the war that started on Feb. 24, 2022

Posted by TalkNumberOne > 2023-02-12 09:01 | Report Abuse

Uncle lembik got New friend. Loser become losers, indicator is so clear now. Bet against the losers

Posted by strattegist > 2023-02-12 10:01 |

Post removed.Why?

Posted by Kanenites > 2023-02-12 11:12 |

Post removed.Why?

Posted by BobAxelrod33 > 2023-02-12 15:25 | Report Abuse

PH govt would help you with your over 12 Billion debts????? You must be dreaming....

And when the re-structuring and Consolidation of shares and fund raising comes in.....minorities shareholders would be squeezed every drop of blood.......

Posted by BobAxelrod33 > 2023-02-12 15:32 | Report Abuse

Interest charged on going every day and every month.....several hundred millions every half yearly............can still survive with last QR profits of RM10+ millions??

You expect the Bankers/creditors to stop the interest???....hahahaha.......what are you smoking?

Posted by strattegist > 2023-02-12 22:55 |

Post removed.Why?

Posted by Kanenites > 2023-02-13 00:36 |

Post removed.Why?

Posted by TalkNumberOne > 2023-02-13 07:42 | Report Abuse

Uncle lembik, today coming to make noise or not?

Posted by koyokui > 2023-02-13 09:49 | Report Abuse

Maybe out of pn17

Posted by Alistino G > 2023-02-13 09:51 | Report Abuse

The big players tricked small players in the past by creating false hope. I would not be surprised if they close it unchanged.

Posted by strattegist > 2023-02-13 09:52 |

Post removed.Why?

Posted by nicholas99 > 2023-02-13 10:04 | Report Abuse

buy- lure bilis buy.. then he sell all. haha.

Posted by Kanenites > 2023-02-13 10:07 |

Post removed.Why?

Posted by Alistino G > 2023-02-13 10:24 | Report Abuse

.
"nicholas99 buy- lure bilis buy.. then he sell all. haha."
It looks like that in the past patterns.

Posted by Michael R. > 2023-02-13 10:38 | Report Abuse

Three White Solders on Crud Futures

https://www.investing.com/commodities/crude-oil-streaming-chart

Expect higher prices coming ahead likely...

Posted by strattegist > 2023-02-13 11:39 |

Post removed.Why?

Posted by Alexks8888 > 2023-02-13 13:01 | Report Abuse

Good

Posted by TuaTuaLiap > 2023-02-13 14:55 | Report Abuse

still can hold kah?

Posted by strattegist > 2023-02-13 15:33 |

Post removed.Why?

Posted by nicholas99 > 2023-02-13 15:39 | Report Abuse

shark selling to you at 0.05

Posted by BobAxelrod33 > 2023-02-13 15:40 | Report Abuse

When the shares consolidation comes....don't cry ya.....

Posted by Alexks8888 > 2023-02-13 15:57 | Report Abuse

Good number 0.05

Posted by Alexks8888 > 2023-02-13 16:57 | Report Abuse

Hmm 0.055

Posted by Loh Kok Wai W > 2023-02-13 17:15 | Report Abuse

Sapnrg b...show time caming soon......Few days....0.05---0.055.....

Posted by Alexks8888 > 2023-02-13 17:34 | Report Abuse

Ok 0.055

Posted by TalkNumberOne > 2023-02-13 18:23 | Report Abuse

where is lembik king? Hahahhaha last Friday made noise non stop 0.045. Today no noise hiding inside his panty 0.05

Posted by TalkNumberOne > 2023-02-13 18:24 | Report Abuse

Chun chun uncle lembik prediction. 100% accuracy

Posted by Kanenites > 2023-02-13 19:46 |

Post removed.Why?

Posted by TalkNumberOne > 2023-02-13 20:29 | Report Abuse

uncle lembik time to come out and make some noise so that I can buy more lo. Don’t feel like selling le

Posted by Icon 888 > 2023-02-13 21:01 | Report Abuse

Tired

Posted by TalkNumberOne > 2023-02-13 21:45 | Report Abuse

Don’t be tired with noob uncle lembik. Bet against these losers. 100% winning rate.

Posted by strattegist > 2023-02-13 22:24 |

Post removed.Why?

Posted by Kanenites > 2023-02-13 22:51 |

Post removed.Why?

Posted by Alexks8888 > 2023-02-14 07:32 | Report Abuse

Ok