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Oil above $70

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OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy going forward.

Saudi crude oil exports to China rose 43 percent on the year in April to an average 1.53 million bpd versus 1.07 million bpd in April 2018 as independent refiners continued buying more. OIL

Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year.

“Iran exports remain under pressure as U.S. sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement,” – reuters.com

Marathon Oil: Well-Prepared For Oil Price Volatility

Marathon Oil (MRO) is well-positioned to withstand oil price swings. It is a rare example of an oil producer that managed to generate enough cash flows to fully fund its capital expenditures, dividends, and buybacks in the first quarter when WTI averaged less than $55 a barrel. The company can generate even higher levels of free cash flows in the future and significantly accelerate share repurchases if oil stays close to $60s. Furthermore, I believe Marathon Oil can also stand firm against further weakness in oil prices. – BUY SOME Marathon Oil? – SeekingAlpha

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Commodities

Crude Oil Slumps – On Recession Fears And Oversupply Concerns

Amidst the declining economic growth and OPEC+’s supply cuts, oil industry braces for possible economic headwinds.

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The recent streak of oil market dips has been due to a faltering global demand for oil as a result of the trade war and oversupply concerns.

The Recession Fears
Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. – cnbc.com

Adding to the Oversupply Concerns.
The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts. – oilprice.com

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Commodities

More Countries are turning to China for Help

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Libya NOC representatives traveled to China today to discuss China’s interest in helping to restore Libya’s oil industry that has suffered through years of civil unrest, according to the Libya Observer.

While there, the Libyan delegation met with CNPC and other companies to discuss “cooperation in Libyan exploration and development, oilfield services, and trading of Libyan crude, with parties, potentially cementing future relations through the signature of a memorandum of understanding (MoU) at their next meeting,” NOC’s statement read.

“With a more stable security environment, we could easily add between 300-400,000 barrels to daily production and grow oil revenue receipts. Our long-term strategy is to produce 2.1 million bpd by 2023. China can help us on that journey,” NOC Chairman Mustafa Sanallah said. – https://oilfieldforums.com

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