Oil

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Last quote about Oil

Bijan Namdar Zanganeh
If sanctions were still in place we would not have been able to sign such a deal.feedback
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NEW May 25 2017
“When the time does come that you really do need the oil that's in this cavern, you can't just snap your fingers and try to pump it from the shale producers, or anywhere else. I think it's misguided completely.” said John Kilduff speaking about Oil. It’s one of the 894 quotes about Oil you can find on this page. 575 people have said something about this topic. Among them: Jim Cramer and Helima Croft. Browse the quotes by date and by name to find those that are relevant to you.
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All quotes about Oil

John Kilduff - Again Capital

When the time does come that you really do need the oil that's in this cavern, you can't just snap your fingers and try to pump it from the shale producers, or anywhere else. I think it's misguided completely.feedback

Kyle Cooper

With rising U.S. production, our imports from unstable parts of the world have really plummeted, plus we don't need as much as before.feedback

Alexander Novak

The recommendation is to keep current quotas. The duration is 9 months. Tomorrow we will discuss a possibility of extension by another three months (to June 2018).feedback

Tom Albanese - Vedanta

My own sense is that for the oil industry, some discipline by OPEC is probably a good thing. It keeps prices in a more stable position and it will allow the global oil industry to continue its own reinvestment.feedback

Bradley Byrne

We have successfully pushed back in the past against efforts by the Obama Administration to alter this program, and I expect we will do the same this year. This money belongs on the Gulf Coast.feedback

Bradley Byrne

The GOMESA program is critical to coastal states, who assume the environmental and economic risks and provide a majority of the infrastructure and workforce for the offshore oil and gas industry.feedback

Michele Della Vigna - Goldman Sachs Group

Last year, the Chinese were very tactical, buying a lot of oil when it was very cheap.feedback

Helima Croft - BC Capital

Once we had the Russia and Saudi announcement a week ago, the expectation is that we will get a nine-month extension as opposed to a six-month extension. I'm a little bit concerned if we just get a nine-month extension without a deeper cut it would kind of be a nonevent for the market. The argument is that you need to go beyond Q1 of 2018 to get inventories below the five-year average. That was the sort of surprise announcement that came out a week ago, but that puts a lot of pressure on this meeting.feedback

Amrita Sen

A lot depends on this meeting, at least in the wording, . Even if they (OPEC) don't do extra cuts, it's very important to come out and say: 'Look, we are going to concentrate on the exports', and not just say it, actually do it.feedback

Eddy Martono

After completing all these (policies), the government has to have a masterplan for national palm oil. The reality now is Indonesian palm oil has become an economic backbone.feedback

Virendra Chauhan

It seems of the 0.5 million bpd production growth this year, 0.4 million bpd will come from large oil companies ... that are less sensitive to factors such as the curve shape.feedback

Trip Chowdhry - Global Equities Research

It is a cloud computing company, it's a machine and an artificial intelligence company, it is an app company, it is an energy company, and just an automobile is nothing more than a laptop on four wheels.feedback

Tony Seba

In fact what is going to happen, in 80 per cent or maybe more, parking spaces are going to be vacant. Because we are going to have, fewer cars on the road. Imagine a Starbucks on wheels. Essentially transportation is going to be so cheap, it's going to be essentially cheaper for Starbucks to run around and take me to work, which is, you know, 60 kilometers away, and give that transportation for free, in exchange for going to buy coffee in that hour of commute.feedback

Tony Seba

Oil demand will peak 2021-2020 and will go down 100 million barrels, to 70 million barrels within 10 years. And what that means, the new equilibrium price is going to be $25, and if you produce oil and you can't compete at $25, essentially you are holding stranded assets. At $25 a barrel, that means deep-water, sands, shell oil, fields, most are going to be stranded, and also all the refineries and pipelines associated with these expensive oils are also going to be stranded. And that is going to reshape worldwide oil, geopolitics and so on.feedback

Chris Ngige

We have reached out to the management to internally resolve the matter through reconciliation. If that fails government will fully take over because even my counterpart the minister of petroleum had intervened but it failed. I have referred the matter to the industrial arbitration panel for reconciliation. If this fails we will take another action.feedback

Fawad Razaqzada - Forex.com

With the U.S continuing to win market share by producing more oil at lower price levels, the global supply excess will take a long time to eradicate.feedback

Geir Tuft - Ineos

It builds on what we've got. It brings us to a much bigger scale – 100,000-plus barrels a day. We're of the opinion that hydrocarbons, and gas in particular, are still a significant part of the energy equation for the world for many years to come.feedback

Henrik Poulsen - DONG Energy

Since the decision in 2016 to divest our upstream oil and gas business, we've actively worked to get the best transaction by selling the business as a whole, getting a good and fair price for it and ensuring the optimal conditions for the long-term development of the oil and gas business. With the agreement with INEOS we've obtained just that. The transaction completes the transformation of DONG Energy into a leading, pure play renewables company.feedback

Michael Friis Jorgensen - Alm Brand Bank

DONG's sales process, which has resulted in a price in the low end of expectations, shows that it is not easy to sell oil and gas activities in the North Sea in the current oil environment and that Maersk has some work to do ahead of its planned IPO.feedback

Sushant Gupta - Wood Mackenzie

This (stocks decline) is a bit tricky as production cuts cause higher prices which will incentivize more production for the U.S. shale oil and reduce the impact of the production cuts. So it's a bit cyclical.feedback

Harry Tchilinguirian - BNP Paribas

With oil stocks nowhere near OPEC's self-assigned objective of the recent five-year average level, an extension of cuts seems all but a forgone conclusion.feedback

Carsten Fritsch - Commerzbank

Congress needs to agree to this which is rather uncertain. But of course, it could weigh on the back end of the forward curve.feedback

Maria Cantwell

We are not going to let Donald Trump auction off our energy security to the highest bidder.feedback

John Hoeven

We should not be selling oil from the Strategic Petroleum Reserve now. We should use the SPR for emergencies, and selling now would disrupt the markets.feedback

Gene Green

Putting that much oil on the market, you will see a lot of layoffs in the energy business.feedback

Matt Maley

Crude oil has rallied back above fifty dollars; the problem is energy equities have lagged. Energy equities tend to be a leading indicator [for oil], so we want to see this group actually lead oil higher before we get back to it in a major way. The problem is the positioning in this trade has gotten very extended, and its recent level is usually associated with tops. That doesn't mean that the bull market is over, but it could signal a pullback of about 10 percent or more in the near-term.feedback

Michael Tran - RBC Capital Markets

If you're bringing oil back into the market, that's going to pressure prices in the longer run. It dampens or mutes any swift moves to the upside given that selling SPR barrels will be lumpy in nature going forward.feedback

Lenin Moreno

(It is a) cabinet that reflects this new stage in the history of the country and our political process: plurality, unity and dialogue.feedback

Harry Tchilinguirian - BNP Paribas

It has been some time since we had such a strong consensus going into an OPEC meeting. Despite a supply cut extension being factored in by the market, oil prices have made only modest progress. It may take more than an extension to rekindle bullish spirits.feedback

Aldo Flores-Quiroga

Stable markets help provide a stable framework for investment, and that helps Mexico.feedback

Virendra Chauhan

The U.S. has likely become more sanguine when it comes to having a very large SPR holding, given lofty medium term forecasts for the Permian basin.feedback

Mick Mulvaney

It drives our tax reform policy, our regulatory policy, trade, energy ... everything is keyed toward getting us back to 3 percent.feedback

Neil Atkinson - Lloyds Bank

The difference is today very few countries could significantly increase their production even if they wanted to.feedback

Joseph McMonigle

They have to renew, otherwise prices would collapse. Some people are floating, Oh there could be deeper cuts.' That's nearly impossible for most Opec members, even the Saudis.feedback

Joseph McMonigle

A big macro change is the Aramco IPO driving Saudi policy.feedback

Neil Atkinson - Lloyds Bank

The first imperative for the Saudis [with last year's deal] was they needed to bring some order to their finances. But as far as Saudi is concerned, yes, the Aramco IPO is a factor.feedback

Alan Gelder - Wood Mackenzie

Deepening cuts requires almost a renegotiation [on last year's agreement], whereas an extension is relatively administratively easy to do. What you can say is the role of US tight oil has reduced the influence of Opec. But Opec still has a significant influence.feedback

Neil Atkinson - Lloyds Bank

There may be constraints, be it availability of equipment and crew.feedback

Essam al-Marzouq

He (Falih) has talked to several countries including Norway, including Turkmenistan, including Egypt, and they have made signs of their willingness to join the collaboration.feedback

Yongyot Krongpanich

We are confident that we will win the concession as we have expertise from operating in this field for two decades.feedback

Igor Sechin - Rosneft

Restrictions (under the OPEC deal) are mainly applied to greenfields. We will maintain mature fields as they are and won't cut production there. Our priority will be maintaining mature fields.feedback

Jason Bordoff

The risk of complete collapse in Venezuela is just one of many reminders that the world remains vulnerable to oil price shocks, and those will be felt by US consumers at the pump just as much today even though we import less oil than we used to because oil is a global commodity.feedback

Nicolas Loris

The SPR has not served its purpose, as Presidents have used the SPR as a political tool or failed to release reserves in a timely and impactful manner. It is time for Congress to recognize it is not the government's role to respond to high prices. Congress should therefore pull the plug and drain the SPR once and for all.feedback

Philip Verleger

The reserve was created at a time when the nation was very dependent on imported oil. The dependency is in the past. The Reserve no longer serves the purpose for which it was developed.feedback

Georgette Boele

The thing with euro/dollar is that you have quite a positive mood on the euro at the moment. And when Merkel makes comments that the euro is probably too low, then this is taken as another positive reason to push it higher.feedback

Dharmendra Pradhan

Gone are the days of market stability for consumers. Now, producers seek market stability.feedback

Susan Paradise Baxter

Although Defendant wishes it were not so, the development of oil and gas . . . is a legitimate business activity and land use within Pennsylvania.feedback

Helima Croft - BC Capital

I think this is the big holdout country because Oil Minister Luaibi didn't really want to do the deal in November. He was calling back to his prime minister saying we can't take the second largest cut in OPEC. He's complained about the deal ever since, saying Iraq should've been exempt in the fist place.feedback

John Kilduff - Again Capital

Going to Iraq to shore up support and push not just for six months but to push for nine months is getting the attention of the market. There are rumors that they want out of the deal. They want an exemption like the Iranians.feedback

Peter Cardillo - First Standard Financial

While the headlines of the Trump visit are overshadowing the geopolitical and domestic political concerns, oil prices are moving higher ... on OPEC expectations. We see a cautious trading session ahead as investors warm up to commodities.feedback

Bjarne Schieldrop - SEB Bank

The decision (to extend cuts) seems to be almost a done deal. There seems to be a very high harmony in the group. If you cut production, it's no free lunch. You get something in the short term, but you get a backflip in the medium term, which is more production in 2018 and 2019.feedback

Helima Croft - BC Capital

Getting Iraq on board is going to be interesting….I think Iraq in the end will get on board but they might make it difficult along the way. If you want a price rise they're probably going to have to go deeper. Do you roll over 1.8 million barrels or do you throw in another 500,000? That's how you'd move in significantly higher coming out of OPEC.feedback

Majid Jafar

The key issue is actually what's happening in the U.S. The kickstart of the shale oil production there is faster than anybody thought…, you're seeing it in the rig count, you're seeing it in the cost of production, they can drill wells at a third of the cost and in a third of the time now. The key question not always in focus is China. What's really going on with their growth? Indian growth of oil demand is even faster than China's now. There needs to be a little more focus on the demand side as well to truly get a view of the overall picture.feedback

Alvin Tan

Last week was all about U.S. uncertainty but we have had a reminder that Europe still has plenty of uncertainty too.feedback

Mark Thomas - BP

In safely delivering first oil from the Quad 204 project, we have succeeded in one of the largest ever UK mid-life offshore redevelopments. BP has developed a strong track record of finding, developing and operating big offshore oil resources in west of Shetland – we have and will continue to use the latest technology to maximise recovery from the Schiehallion Area.feedback

John S. Watson - Chevron

A drought in the Mediterranean has hurt crop yields and major exporters like Greece and Italy are struggling to meet output expectations. The other major contributor is Brexit, with the drop in the value of the pound meaning rising costs for UK importers and supermarkets. Faced with the pound some 13pc down versus the euro since the referendum vote, the cost to buy goods from overseas has increased for British businesses.feedback

Khin Maung Myint

If they don't find oil, they lose the money. We don't have the technology to see where the oil is, which is the problem. So people just go and dig.feedback

Monica Malik - Abu Dhabi Commercial Bank

The fiscal situation is going to remain challenging, especially in the context of an economy that has slowed. The government is going to have to pick up spending to support growth and diversify the economy, and for this it needs high revenues. They need to see oil prices at the very least at current levels.feedback

Mike van Dulken - Accendo Markets

A positive opening call comes after a Wall Street relief rally on Friday suggested investors putting last week's political chaos behind them. Asian counterparts have also made a solid start to the week, buoyed by continued optimism towards Oil and Thursday's OPEC meeting delivering a production cut extension and a hitherto un-eventful Trump visit to the Middle East.feedback

Asim Jihad

The two ministers will discuss boosting bilateral relations and the upcoming OPEC decision to help boost global prices and reduce the glut in the market.feedback

Khalid al-Falih

We believe that continuation with the same level of cuts, plus potentially adding one or two small producers if they wish to join, will be more than adequate to bring the balances to where they need to be by the first quarter of 2018. We think we have everybody on board. Our interest is stable, healthy, balanced supply and demand on a global level, and for us to achieve that, we need stability for U.S. shale. Everybody wants the extension, as we realize we have not achieved the objective of bringing global inventories down to a five-year average.feedback

James Woods - Rivkin Securities

The potential for deepening cuts remains limited... (as) officials are likely to monitor the impact of an extension of the cuts before they resort to such action.feedback

Donald J. Trump

I think Islam hates us. These are people that push gays off buildings. These are people that kill women and treat women horribly, and yet you take their money. It "a battle between good and evil. Tell Saudi Arabia and others that we want (demand!) free oil for the next ten years or we will not protect their private Boeing 747s. Pay up!feedback

Irene Roncero

When mushrooms were cooked by microwave or grill, the content of polyphenol and antioxidant activity increased significantly, and there are no significant losses in nutritional value of the cooked mushrooms. This minimal amount will not cause nutrient loses by leaching; in fact, the antioxidant capacity can be even improved. Moreover, if olive oil is used, the fatty acid profile of the final preparation is enhanced with barely increase in the calorie content. The adequate selection of the culinary method is a key factor to preserve the nutritional profile of this highly consumed food.feedback

Janet McCabe

Every day this was not attended to was a day we got closer to the tipping point – when it would be very difficult, if not impossible, to prevent the kind of climate change damage we are worried about. In any regulated industry, there are companies that are more aggressive than others in pushing back at every turn and trying to stop the policy. Devon was one of those.feedback

Kristen Stewart

There's a distinct dress code, right? People get really upset at you if you don't wear heels, or whatever. But you can't ask people that anymore. It's kind of a given. Like, if you're not asking guys to wear heels and a dress, you cannot ask me either. Which is nice because even four years ago, that wasn't a question. I'm doing a movie in a couple weeks called Underwater and I play a mechanical engineer that's working on an oil rig that's on the bottom of the ocean floor. So for me, it's practical. I'm not going to be able to have touch ups when I have a helmet on. I must have my head!feedback

Mark Brownstein

Devon is doing to the oil and gas industry what Donald Trump did to the Republican Party, pushing the whole agenda into a world of extremes.feedback

Holly Jibben

At the end of the day, we all just want to make sure we can prosper and raise our families. When oil and gas profits, everybody profits.feedback

Kathleen Sgamma

We are so used to not being able to move an agenda forward that it has been very surprising how quickly things have changed.feedback

Kathleen Sgamma

Not in our wildest dreams, never did we expect to get everything. We were kind of used to getting punished.feedback

Khalid al-Falih

We think we have everybody on board. Everybody I've talked to indicated that nine months was a wise decision.feedback

Michael Cohen

We're talking about the biggest oil consumer and the biggest oil exporter in the world, so any kind of rhetoric or change in the relationship has an impact on the industry, not necessarily the price but the relationship.feedback

Faisal J. Abbas

It's quite a historic visit in the sense that it's kind of a one-stop shop for the Trump administration to set his agenda on the challenges facing the region. It is time to reset relation, realigning the alliances, trying to fix as much as we can.feedback

Ammar AlKhudairy

We have two major themes going on, which is the drop of the oil price - that's the bad news and then we have the national transformation plan, which is the good news. We need to pick the interest of multinational companies to come and invest in Saudi Arabia…in various fields. So this visit, the economic or the business aspect of it, is very exciting because we hope that it will raise the awareness of many more U.S. corporations into Saudi Arabia.feedback

Andrew Harwood

Indonesia has to compete well for capital or they'll go somewhere else.feedback

Arcandra Tahar

If you can show us in your analysis and data that the split is not good enough, let's talk. If the result is not enough, we have 5 percent discretion from the minister. If that's still not enough, now we have a problem. It wasn't the (investment) climate, but there was a combination of what investors' strategies were like (and) oil prices were down. In fact we are now more open to change things that never used to be changed. We have opened everything now. When oil prices pick up (investment) doesn't necessarily go up. It's slow - there's a lag.feedback

Andrew Harwood

In Indonesia at the moment, the returns are difficult, the time to get a return is too long, and the risk of political involvement is quite high. So it's difficult for Indonesia at the current stage to get the gross split to be attractive against other opportunities oil and gas companies have elsewhere.feedback

Donald J. Trump

Four years ago, I said bomb the oil and take the oil. And if we did that, [ISIS] wouldn't have the wealth they have right now.feedback

Rodrigo Duterte

We intend to drill [for] oil there. If it's yours, well, that's your view; but my view is, I can drill the oil, if there is some inside the bowels of the Earth, because it's ours. His response to me [was], We're friends. We don't want to quarrel with you. We want to maintain the present warm relationship. But if you force the issue, we'll go to war.feedback

Amrita Sen

People were impatient and thought we'd start drawing 10 million barrels a day since the first week of January. We're still in excess, and there's lots of inventory around.feedback

Ric Spooner - CMC Markets

The problem is BHP management has a dissenting view. They don't agree that they would be better off by selling the oil assets. BHP believes that the advantage of oil is that it allows diversification and that it does well when other commodities do badly.feedback

Chris Bake - Vitol

This 550 million barrel-plus inventory build of crude and products that started in 2014 is still very much there. How much is going to come out? That is an ongoing debate among all of us.feedback

Milton Love

They are more productive than coral reefs, more productive than estuaries. It just turns out by chance that platforms have a lot of animals that are growing really quickly. For some of these major economic species like the rockfishes, there's no question that there are more of them out in Southern California waters because the platform is there.feedback

Chad Morganlander

We think that potentially oil can roll over again, and you can start to see selling pressure going into not only Friday but next week and the following week. We'd stay clear of oil.feedback

Donald J. Trump

When you look at the oil reserves that they have, when you look at the potential wealth that Venezuela has, you sort of have to wonder, why is that happening? How is that possible? But it's been unbelievably poorly run for a long period of time. And hopefully that will change.feedback

Geoff Dennis - UBS

After being the best-performing EM sector in 2016 (up 32.5 percent versus up 8.5 percent for MSCI GEMs), Energy has fallen right to the bottom of the EM sector performance rankings this year, with a gain of only 4.9 percent, while MSCI GEMs is up 16.2 percent. We would not lose faith in the EM Energy sector. We stay overweight and advise investors to selectively re-build positions in the sector.feedback

Neil Atkinson - Lloyds Bank

If, as a scenario and not a forecast, the current (OPEC) output cuts were to be extended for the rest of 2017, oil stocks would start to fall quite sharply… but because they are falling from such a great height, they won't get down to the five-year average until much later in the year and possibly not then.feedback

Greg McKenna

The fall in stockpiles undershot the expectation of a 2.36-million draw.feedback

Jason Gammel - Jefferies

COP has recast its business model since the oil price downturn and is now focusing on returns rather than chasing growth. The company has aggressively cut both capital spending and operating expenses. Management has expressed a commitment to returning cash to shareholders.feedback

Yemi Osinbajo

At the moment it would be very difficult, but not impossible. I can't see a path to that kind of outcome, but this is Nigeria.feedback

Regis Chatellier - Societe Generale

There is less and less clarity on what is going to happen in the United States, what the political landscape is going to be and what is going to be the agenda ... The two risks are if Donald Trump is under impeachment and a big retracement down on oil. Overall emerging markets have had very good momentum. (But) the fact that oil is trending down doesn't help. That clearly shows there is an interest in emerging markets.feedback

Will Steffen

If I were a betting person, I'd say it's better than 50-50 now that this is not going to go ahead and that [chance] will even increase. Basically, the story is we can still burn over half the conventional oil reserves, less than half the conventional gas reserves, but very little of the coal reserves, because coal emits a lot more CO2 per unit of energy.feedback

Andrew Hopkins

They should release the names of companies concerned because one of the values of this is the naming and shaming approach – that companies that know they will be named in the case of an incident like this, they are going to be less likely to do it. It's not as if this is an unpredictable unforeseeable event.feedback

Nathaniel Pelle

Nopsema's performance report should be a wake-up call to the government and to anyone who has the bad luck of sharing the marine environment with the oil industry.feedback

Nathaniel Pelle

Australians, and especially those who rely on the ocean for their livelihood, should be deeply concerned by reports that the national oil regulator has withheld information from the public about a 10,500-litre oil leak for over 12 months. There's absolutely no justification for continuing to keep the company involved or the location of the oil spill a secret. Any spilled oil is unacceptable but the US oil industry suffered three spills over 8,000 litres in 2016, despite producing 30 times the oil that Australia does. It's farcical that the industry claims to have a safe record in Australia.feedback

Tevin Vongvanich

Globally, we have surplus capacity in both LNG and crude oil. We don't see a drastic change in the LNG price for the next two or three years on the spot market because of this oversupply situation. Apart from growth in the natural gas demand, we also have the potential depletion in the domestic resource in Thailand as well as the expiring of the contracts for buying gas from Myanmar. So we will rely more and more on imported LNG. That's why PTT is investing in LNG importing terminals.feedback

Carsten Fritsch - Commerzbank

The numbers beneath the surface were rather mixed with gasoline stocks falling only slightly on weaker demand and sharply higher imports suggesting sufficient availability of crude oil internationally despite OPEC cuts.feedback

Jordan Garrett

This will strip it of its natural oils, making hair more frizzy. Over-drying hair is going to damage it so dry on a low heat and don't put texture into it with texturising sprays, as this will emphasise frizziness. It's better to use oil-based products when styling to counteract fluffiness and frizziness – Kiehl's Creme with Silk Groom, £18, is good to use on hair after blow-drying as a finishing product due to its non-greasy texture.feedback

Mike Wittner - Société Générale

It's something they've been thinking about - these two countries, and others - all along. They knew they needed to support prices but then the U.S. producers would see that and there would be an investment and supply response. The bottom line - these two countries are acting in their own self-interest. Their own self interest is higher prices , and their own self-interests coincide.feedback

Daniel Yergin

You can certainly say a lot of shale today will be competitive between $40 and $50 a barrel. The question mark is what's going to happen to costs. We do think the costs this year in the Permian will go up 15 to 20 percent. Rising costs will temper activity somewhat.feedback

Mike Wittner - Société Générale

We expected big stock draw downs in the second half and we still expected big stock draws in the second half. We think we get to around $60 [WTI] in the fourth quarter…There may be a little downside on the fact that draws are happening more slowly than we thought.feedback

Francisco Blanch - Bank of America Merrill Lynch

Basically U.S. supply is coming on faster than we anticipated. Now you have a higher inventory level to begin with, and a slower decline. That means in our view, prices are likely to be lower on average. I think it's pretty risky to deepen the cuts when they'll be losing market share to shale. It feels to me that Saudi, Russia, and even the U.S., everyone needs $60 oil. The problem is you can't have the quantities and the prices.feedback

Edward Morse - Citigroup Global Markets

We don't think U.S. production is going to stop the re-balancing of the market this year. We think next year will be more problematic.feedback

Helima Croft - BC Capital

Other plays still remain on the sidelines in this $50 environment. When we were growing at a million barrels in the U.S., it wasn't Permian. It was Bakken and Eagle Ford. The other thing about shale is it has a very high decline rate. The shale did come back stronger. Rigs are returning and for now it remains largely a Permian story.feedback

Edward Morse - Citigroup Global Markets

I think this market will re-balance itself very quickly. The extension alone should result in deeper cuts.feedback

Helima Croft - BC Capital

Raisi would likely support the provocative military and regional policies that are already imperiling the nuclear agreement and are leading to increasing calls in Washington to reinstate extra-territorial sanctions.feedback

Neil Atkinson - Lloyds Bank

We think the rebalancing is here and the rebalancing will continue.feedback

Lumumba Okugbara

Production activities are still on and our members on essential duties are working. Only those in administrative duties are not working in the various multi-national oil companies since yesterday.feedback

James Woods - Rivkin Securities

The pressure is now on officials to deliver on these pledges. As we have seen over the past six months, rising U.S. production and record inventories have kept upside limited and a nine month extension at this stage is unlikely to break that.feedback

Scott Redler

A lot of technicians are talking about [S&P 500] 2,440. It would be nice to see a little power come back to the small caps and the banks to validate this move. That's what's missing.feedback

Thomas Simons - Jefferies

I'm not overly shaken by that Empire number. I think [industrial production is] going to be a fair-to-middling number.feedback

Michael Mears - Magellan Midstream Partners

As light oil production grows in this country, it's going to overwhelm the capacity of U.S. refiners to consumer light oil. And the oil coming out of the Permian [Basin] in particular is getting lighter and lighter. That oil has to go to the export market, so it's giving us opportunities to build infrastructure.feedback

Michael Mears - Magellan Midstream Partners

One of those is additional crude oil pipelines. We're looking at expanding out of the Permian [Basin] down to Corpus Christi. The other area is crude oil exports. We're building a facility in the Houston area called Seabrook Logistics for crude oil exports and we're looking to grow that in Corpus Christi. And the third is really refined products exports, which we don't talk about as much, but as we have so much abundance of cheap crude in this country, refiners are going to continue to run and they're going to export that.feedback

Helima Croft - BC Capital

I think people will wait to see what happens at the May 25 meeting, because there could be some countries like Iraq that could say, We want to bring on more production. We may extend until the end of the year, but we're not signing up going into 2018. So the details are not finalized yet. This has been a long time coming, and what's interesting is I think the Russians have friends on all sides in the Middle East.feedback

Edward Morse - Citigroup Global Markets

It's not an accident that the two countries [Russia and Saudi Arabia] were moving together at a time when maybe their relations with the United States and the Saudi Arabia was problematic, and it's become a lot less problematic since President Trump was elected.feedback

Chris Weafer - Eurasia Group

I think what greatly concerned the Kremlin was that ordinary people protested…The idea of real people in the streets with some real issue, they freak and they address it very quickly. Both leaders, both governments are concerned about social issues on the back of tighter budgets. For Saudi, the deputy crown prince has really staked a lot om the budget revisions, on the 2030 program, and also getting a Aramco away at a very high rate.feedback

Helima Croft - BC Capital

Think about what they get from Trump and the Republicans. They want to get a whole lot of precision guided missiles. Fully has their back and we will do what it takes to roll back Iranian influence. What they want to hear is the reset with Iran is over. Good bye to all of that. I don't think anyone thinks Putin will lose. He doesn't want protesters. I don't' think Putin wants to risk a significant uptick in discontent going into those elections.feedback

Daniel Yergin

For the Saudis, as for all the other exporters, low prices could really create enormous stress. They really want to solve this issue. For the Russians, they've seen their sovereign wealth fund deplete quickly and the oil revenues are a big part of the government budget.feedback

Helima Croft - BC Capital

You have this new world order with Saudi and Russia. This is not a one off that Russia got involved in OPEC…It's not like Russia joined OPEC but you have this new framework. Putin's influence in the Middle East has done nothing but soar, as [the U.S.] pulled back.feedback

Chris Weafer - Eurasia Group

We have the Russians supporting not just OPEC but mainly Saudi Arabia. To extend the production cuts is being pushed by Deputy Crown Prince Mohammed Bin Salman. For him, he wants the Aramco IPO to be successful and for that he needs $55 oil. I think that's why this deal has been pushed. For Russia, It's good politics.feedback

Helima Croft - BC Capital

This is the first year, they were out of recession… What was the only good news for Russia? The oil price. I don't think it's a coincidence they're extending it to March.feedback

Edward Morse - Citigroup Global Markets

There are three giant oil producers in the world. Two of them are petro states, demonstrably dependent on oil revenues for government budget purposes. One of them is not, in the U.S. They have common interests in increasing their revenues. They can do it at the margin. This is impactful.feedback

Naeem Aslam - AvaTrade

On the one hand, this is good news because we are looking at a situation where we would not have to worry oil production and its baggage for some time. On the negative side, we think that traders are reading too much into this situation and ... the current production cut has not been able to produce any substantial results so far.feedback

John Kilduff - Again Capital

For the bulls to regain the full upper hand, a close over $50 is what we need.feedback

Carsten Fritsch - Commerzbank

Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons. That said, we are skeptical about Russia's willingness to actively participate in any extended cuts.feedback

Alexander Novak

We believe that the extension at least until the first of April next year, is reasonable in order to continue our joint efforts to stabilise the market.feedback

Khalid al-Falih

We've come to the conclusion that the agreement needs to be extended, we will not reach the desired inventory level by end of June.feedback

James Butterfill

Every time oil tests that level…you see clients trading around it. Every time it goes below that $50 a barrel level, it's a buying opportunity and roughly when it hits about $50, we see a lot of selling at that point. Every time Saudi Arabia or OPEC try to manipulate oil prices they're being undermined by the United States.feedback

Sam Wahab - Cantor Fitzgerald Europe

It's also worth noting that the Saudi Arabians are in the process of listing Aramco [Saudi Arabia's national oil and gas company], and therefore will require a stable oil price to support their $2 trillion valuation of the company. A further nine U.S. oil rigs were added last week, bringing the total count up to 712 - the most since April 2015. It is very likely this trend will continue at current oil prices.feedback

Dean Turner - UBS

What we're seeing in current oil prices is probably sustainable in terms of where projections for the earnings stream are going.feedback

Vladimir Putin

I have met with the heads of the companies ... and we support the proposal.feedback

Valdenira Ferreira

In terms of environmentally sensitive environments, this is the biggest in Brazil.feedback

William Jackson - Capital Economics

The news that there's been a consensus on extending the OPEC cuts has provided some support to oil prices and some of the oil currencies such as the rouble. Maybe that has spread through to a more general improvement in sentiment towards emerging markets.feedback

Khalid al-Falih

There has been a marked reduction to the inventories, but we're not where we want to be in reaching the five-year average. We've come to the conclusion that the agreement needs to be extended.feedback

Virendra Chauhan

I think OPEC and Russia recognise that in order to get the market back on their side they will need 'shock and awe' tactics where they need to go above and beyond a simple extension of the deal. The market will also be looking at export cuts and not just production cuts, which is what is required to rebalance the market.feedback

Chuck Schumer

The fact that they are bragging about these highlights how little else they have accomplished legislatively. They are giveaways to Big Oil, Big Gas, Big Coal, Big Mining and wealthy special interests.feedback

Malcom Graham Wood

Little confirmation on the detail of the agreement has yet been announced but if this is a genuine agreement then I would expect the price to rise more as these two heavyweights will carry the rest of the group with them. Having said that, the usual large dose of cynicism will undoubtedly exist and proof of the pudding will be demanded by the market.feedback

Kathleen Brooks - GAIN Capital

This suggests that the Fed may normalise interest rates even if the economic data goes through a rough patch. It also suggests that the prospect of rate hikes to bring interest rates back to a normal level may not lead to a surge in the buck.feedback

Jane Foley - Rabobank International

The commodity currencies story is quite clear and it's very much linked around oil (prices). There had been quite a large selloff in currencies such as the Canadian dollar, Australian dollar, and they were probably quite ripe for some short covering on the news we had from Saudi and Russia over the weekend.feedback

Alvin Tan

They (commodities currencies) are being boosted as commodity prices are boosted, oil in parti