Posted by Junichiro > 2020-04-04 09:59 | Report Abuse

What Putin said was all oil producers including US shale oil, Canada, Mexico .... should cut their production to lift oil prices. If the US only wants a free ride, there is probably no agreement in sight.

His decision to tariff import of oil might bring the Petro-Dollar to an end. Why must OPEC price their oil in USD when US tariff their oil ?

Posted by Junichiro > 2020-04-04 10:05 | Report Abuse

By 1975, all of the OPEC nations had agreed to price their own oil supplies exclusively in U.S. dollars in exchange for weapons and military protection.

This petrodollar system, or more simply known as an “oil for dollars” system, created an immediate artificial demand for U.S. dollars around the globe. And of course, as global oil demand increased, so did the demand for U.S. dollars.

If the Petro-Dollar comes to an end, the Fed would no longer have a free hand in printing USD.

Posted by JJchan > 2020-04-04 11:22 | Report Abuse

If you compare Covid-19 infection rate between Asean Countries( Singa, Malai, Thai ) and Wuhan,
Itali, Spain, LA and New York----the infection Rate is 10X faster / Deadlier in Colder Countries.
USA is entering Summer / Spring (April), and CDC list Louisiana as next epi-centre will verify whether Hot weather Delay infection rate

Posted by JJchan > 2020-04-04 11:38 | Report Abuse

I think USA will take a glancing Blow instead of a Direct Hit like Italy and Spain. Economy should
recover much faster than most economist expectation. Come Sept (winter), alot of vaccine will
be ready( emergency used) and many Treatment Drugs are readily available by then----
Looking at Wuhan, i don't think USA will achieve V-shape recovery, certainly not L-shape bcos got
2.2Trillion stimulus----somewhere in between 2019-----Oil should price around $40--50 for very
long Time-----Buy Very Big CC suv next year (no sub,sub Compact Car )

Posted by RedEagle > 2020-04-04 12:34 | Report Abuse

WASHINGTON (Reuters) - It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday.

That said, the decision by a Texas state official to talk with Saudi Arabia and Russia about supporting oil prices marks a sharp contrast with U.S. policy. A year ago President Donald Trump tweeted that OPEC needed to "increase the flow of oil. World Markets are fragile, price of Oil getting too high."

A two-thirds drop in oil prices in the last three months has swiftly changed Washington's thinking on whether or not it should meddle in the energy market.

Trump has called on top producers to stop a market rout caused by the coronavirus pandemic, as OPEC and its allies work on a deal for an unprecedented oil production cut equivalent to around 10% of global supply.

"Trump himself, other federal officials, and Congress cannot violate antitrust (law) by any official actions they take. It doesn't apply to them," said Chris Sagers, who teaches antitrust at the Cleveland-Marshall College of Law.  

When oil prices are high, anti-OPEC bills, nicknamed NOPEC, gained traction in Congress. The bills would allow OPEC to be sued in U.S. courts for violating antitrust laws.

Such bills have been introduced in the U.S. Senate and House of Representatives for more than a decade, but have never succeeded. In February 2019, the latest version was approved by the House Judiciary Committee.

"From an antitrust perspective, businesses have been complaining about OPEC and complaining about these foreign systems for years," said Barbara Sicalides, an antitrust expert at Pepper Hamilton LLP. "I don't think it's an antitrust violation. It's certainly a change in policy."

Oil prices have fallen to around $20 per barrel from nearly $65 at the start of the year as more than 3 billion people went into a lockdown, reducing global oil demand by as much as a third.

Texas regulator Ryan Sitton, one of three members of the Texas Railroad Commission, waded into oil diplomacy on Thursday, calling Russia's energy minister to discuss possible oil production curbs and angling for talks with Saudi Arabia as many producers in the U.S. state's biggest industry warned it was near collapse.

The Oklahoma Energy Producers Alliance has urged its state's regulator to curtail crude oil production.

This kind of conduct in private industry would not be permitted, but under the state action doctrine it is allowed if it is done under the commission's authority, said Sicalides.

Posted by Mabel > 2020-04-04 13:47 | Report Abuse

They will do what they intend to do...Trump wants to maintain power. History has shown that most US President last for two term. The Hidden hand will make it happen.

Remember, each US$1 per barrel increase in oil prices brings our Treasury RM300 million in revenue per year. As I mentioned earlier during USA Presidential Election year Brent Crude Oil price will bullish or add on around USD 20-25 ..so take USD 25 lowest..God Speed we will see Brent Crude Oil will be back to USD 45-USD 50 pretty soon..

Meow..

Posted by Baby Shark > 2020-04-04 16:23 | Report Abuse

Talked so many time also don't understand.. buy saja, next year you kaya raya

Posted by Baby Shark > 2020-04-04 16:28 | Report Abuse

Velesto fair market value 50 to 70 cent.. let wait & see

Posted by Yeo WC > 2020-04-04 17:23 | Report Abuse

Monday shoot up

Posted by tkl88 > 2020-04-05 00:20 | Report Abuse

The alliance (OPEC+) is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said.

Posted by tkl88 > 2020-04-05 00:21 | Report Abuse

Meeting suppose on April 6 (Monday), delayed to April 9 (Thursday).
So, got 3 more days for us to Sailang on O & G stocks before it’s share price spike up to sky high !
Huat ah ! Heng ah ! Ong ah !

Posted by tkl88 > 2020-04-05 06:52 | Report Abuse

普京证实俄愿减产 April 5, 2020
https://www.google.com/amp/s/www.enanyang.my/news/20200405/%25E3%2580%2590%25E5%2585%25A8%25E7%2590%2583%25E5%25A4%25A7%25E6%258A%2597%25E7%2596%25AB%25E3%2580%2591%25E6%2599%25AE%25E4%25BA%25AC%25E8%25AF%2581%25E5%25AE%259E%25E4%25BF%2584%25E6%2584%25BF%25E5%2587%258F%25E4%25BA%25A7/amp/

（莫斯科4日讯）俄罗斯总统普京表示，俄罗斯准备好与沙地阿拉伯和其他主要产油国一道大幅削减石油产量，以阻止油价下跌。这一表态呼应了美国总统特朗普之前的说法。

“我们做好准备在OPEC+框架内与合作伙伴达成协议，并准备与美国在这个问题是进行合作，”普京周五在与政府高级官员和石油行业高管的视频会议上说。
 “我认为有必要共同努力，以平衡市场并减少产量。”
普京说，俄罗斯认为全球石油产量每天减少约1000万桶是可能的，并准备“在伙伴关系”的基础上参与。
普京的表态是俄罗斯首次证实特朗普周四通过推文发布的消息。推文称俄罗斯愿意参与减产，该消息推动布伦特原油价格一度暴涨47%。

Posted by Depeche > 2020-04-05 07:18 | Report Abuse

Oil price spiked on Friday...buying frenzy will resume next week with rising optimism of an agreement among major oil producers...this time including hillbilly U.S shale...oil traders will send Brent oil price above USS40 and crude to above USD35....let's see.

Posted by JJchan > 2020-04-05 08:55 | Report Abuse

On Saturday, U.S. President Donald Trump focused instead on tariffs as a response to the oil price crash.

"If I have to do tariffs on oil coming from outside or if I have to do something to protect our ... tens of thousands of energy workers and our great companies that produce all these jobs, I'll do whatever I have to do," Trump told reporters in a briefing about the coronavirus outbreak.

"The President has now told us what Plan B is: tariffs," said Robert McNally, president of Rapidan Energy Group in Bethesda, Maryland.

Posted by JJchan > 2020-04-05 09:04 | Report Abuse

American import 7.9Mil Barrel / day....Saudi share: 0.430mil barrel /Day....Russian Share: 621mil barrel / Day.
If Trump Hit All 7.90mil barrel / day with Tariff, basically Trump push 7.9mil Barrel Back into Open
Market.....There is No more Land Oil Storage, even Tankers storage at Sea is Full. How saudi is
going to pump more Oil and hope to sell when there is No demand and No storage.????

USA don't Saudi Oil, Shale Oil is a Net Export-----3.251 ( and China Got to Buy bcos Trump's Tariff
on China Export is so Huge )

Posted by Mabel > 2020-04-05 10:14 | Report Abuse

A 25 percent spike in oil prices in a single day is enough to make even the most cynical market observers believe a market rebound is upon us. The truth is, the movement you saw was nearly entirely sentiment-driven and has next to nothing to do with oil market fundamentals.

Oil prices shot up on Thursday on the back of a flurry of tweets from Trump and some positive noises coming out of Saudi Arabia about production cuts. But even a brief look at oil market fundamentals should be enough for market observers to understand that the current rally will be brief.

Those that have taken profits on Friday, well done. I have taken profits in quite a number of my collection of Battleships to lower my holding cost except for Dayang and Hibiscus since these two are still under collection mode.

I still believe all 3 parties will eventually comes to an agreements. Right now all these wayang is part of their negotiation strategies. So trade wisely and adapt to these developments.

Meow..

Posted by JJchan > 2020-04-05 10:32 | Report Abuse

Hibiscus is still Okay for Oil rebound but dayang depends on Oil Infrastructural projects( Petronas)
------no projects for next 2 years( ppl blindly believe in what yKK said ) Most of the time(99%)
He sells First

Posted by RedEagle > 2020-04-05 12:36 | Report Abuse

Satay Kajang >RM1
Expensive than Velesto..wait for what..just buy and hold dear

Posted by truly > 2020-04-05 14:13 | Report Abuse

@@@@@@@

monday gap down -30%

Trump threatens tariffs on oil imports to 'protect' U.S. energy workers

https://www.investing.com/news/commodities-news/trump-says-he-will-consider-tariffs-on-oil-imports-to-protect-us-jobs-2131405

Posted by therookieechingchong > 2020-04-05 14:19 | Report Abuse

@Mabel have the same view as you lady. for those collected at lower price should not be a problem but for those using margin and contra, please trade at your own risk

Posted by mf > 2020-04-05 14:31 | Report Abuse

https://www.channelnewsasia.com/news/world/coronavirus-covid19-trump-us-deaths-next-week-12610404?cid=FBcna

Posted by Cojack31 > 2020-04-05 15:13 | Report Abuse

So u think monday price will be up or down 30%

Posted by Lucky81 > 2020-04-05 15:38 | Report Abuse

remain static

Posted by RMSB > 2020-04-05 16:36 | Report Abuse

I think Only small movement down.

Posted by Cojack31 > 2020-04-05 17:39 | Report Abuse

Tq.. i think price will be up. Good sentiment ..market need like this.. anything can be happen

Posted by tkl88 > 2020-04-05 18:19 | Report Abuse

Yemen’s Saudi-aligned government says Houthis attacked oil pipeline pumping station in Ma’rib: Saudi Press Agency
/ The Mighty 790 KFGO | KFGO
Thomson Reuters
April 05, 2020 01:45 am

https://kfgo.com/2020/04/05/yemens-saudi-aligned-government-says-houthis-attacked-oil-pipeline-pumping-station-in-marib-saudi-press-agency/

DUBAI (Reuters) - The oil ministry of the internationally-recognized, Saudi-aligned government in Yemen said on Sunday the Iran-aligned Houthi group had attacked an oil pipeline pumping station in the province of Ma'rib, the state-run Saudi Press Agency reported.
The pipeline is operated by the Safer oil company, owned by Yemen's Saudi-aligned government, the agency added, without giving details on the attack. A spokesman for the Houthi group was not immediately reachable for comment.

(Reporting by Maher Chmaytelli; Editing by Mark Potter)

Posted by Friendship > 2020-04-05 20:41 | Report Abuse

It’s almost certain there will be a cut, the meeting is delayed so that more Negotiations and arrangements can be made.

It’s better than have meeting and then no conclusion. So delaying the meeting is a good sign.

Buy on any sell off. Actually market already profit take on Friday since opening so I don’t think selling pressure will be great tomorrow morning.

I’ll collect more if it drops....

Posted by Leoleo > 2020-04-05 23:53 | Report Abuse

the meeting is still on. dun understand why people said will drop...may be waiting to buy when drop kot

Posted by Depeche > 2020-04-06 04:59 | Report Abuse

Postponement of meeting does not equal to no production cut agreed....verdict after meeting on 9th...not tomorrow.

Posted by tkl88 > 2020-04-06 06:18 | Report Abuse

Dow Jones Futures spike up !
As at 6,15 am,
DJI futures at => 21,207.5 (+262.5) (+1.25%)

Posted by Legend > 2020-04-06 07:32 | Report Abuse

NEW YORK (April 6): Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production.

Posted by JJchan > 2020-04-06 08:27 | Report Abuse

I hope No Deal better then Trump will Hit Saudi and Russian with 100% Tariffs And All their US customers will be replaced with Other Suppliers. The moment Saudi is Hit with Tariff, Singapore
and China Buyers will request similar Discounts (bcos there are No more storage at Sea and Land )-----No Buyers are hurry to Buy Bcos No Demand anyway

Posted by JJchan > 2020-04-06 08:41 | Report Abuse

Dow future 619 Up

Posted by Friendship > 2020-04-06 08:48 | Report Abuse

Velesto will b back to above 0.25 once there is a mega deal this Thursday

Posted by Friendship > 2020-04-06 08:48 | Report Abuse

Buy or not buy up to u

Posted by Depeche > 2020-04-06 08:54 | Report Abuse

Queue at 0.15 in case got emotional sellers..

Posted by Lucky88 > 2020-04-06 08:57 | Report Abuse

Buy at LOW......

Posted by tradercorp > 2020-04-06 08:57 | Report Abuse

https://www.cnbc.com/2020/04/05/oil-drops-9percent-following-a-record-surge-last-week-as-opec-meeting-on-a-production-cut-is-delayed.html

Posted by Hadeef2020 > 2020-04-06 09:02 | Report Abuse

what price..at low

Posted by signalmw > 2020-04-06 09:05 | Report Abuse

All in

Posted by signalmw > 2020-04-06 09:06 | Report Abuse

Murah

Posted by signalmw > 2020-04-06 09:06 | Report Abuse

Come on

Posted by Lucky88 > 2020-04-06 09:07 | Report Abuse

wait.....LOW price will come....

Posted by jimwong > 2020-04-06 09:13 | Report Abuse

Looks like no power... don't think will spike a lot today...

Posted by signalmw > 2020-04-06 09:14 | Report Abuse

All in..

Posted by Looiks > 2020-04-06 09:21 | Report Abuse

hehehe........

Posted by tkl88 > 2020-04-06 09:22 | Report Abuse

Dow Jones Futures spike up !
As at 9.17am,
DJI futures at => 21,555.0 (+598.0) (+2.85%)

Posted by signalmw > 2020-04-06 09:23 | Report Abuse

Murah

Posted by Looiks > 2020-04-06 09:23 | Report Abuse

hehehe.........onboard this cruise ship ahoy 24

Posted by Mabel > 2020-04-06 09:24 | Report Abuse

Meow...