Oil Cuts News

After a highly volatile 2020, shipbroker Simpson Spence Young (SSY) looks at the next 12 months and highlights areas of particular interest in their 2021 Outlook Report. The report looks at various drivers of the shipping markets, including how the developing emissions regulations may affect commercial fleets and shipping investments.Contributions come from a range of senior research and broking experts and cover dry bulk, tanker and gas freight markets; shipping investments, CO2 emissions, FFAs, metals and energy derivatives.

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers…

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.

OPEC, Russia and other allied producers, a grouping known as OPEC+, are considering cutting their oil output by more than 12 million barrels per day (bpd) and want other producers to contribute cuts of 5 million bpd, an OPEC+ source said on Thursday.(Reporting by OPEC team; Editing by Edmund Blair)

OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer…

British shipbroking group Seascope Shipping Holdings Plc plans to diversify further beyond its core business despite expecting better shipping markets this year. The company wants to keep broadening its income base, managing director Duncan Hill said, despite forecasting improved shipping earnings in 2000. On Thursday the company reported pre-tax profits of 2 million pounds for 1999, down from 3.2 million in 1998, after OPEC oil cuts hit tanker and offshore markets last year. "I would be hugely disappointed if we are not able to announce another significant acquisition which further diversifies our income base this year," Hill said. Hill declined to give details, but signaled that the acquisition would not be related to online broking ventures being set up by some other brokers.