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☆ Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — made no changes to its planned oil production cuts for this year, but coalition chair — and de-factor leader — Saudi Arabia announced further voluntary declines. "The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision. "It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day. On April 3, several producers of the oil cartel OPEC+ revealed a combined 1.66 million barrels per day of production declines until the end of this year.

Persons: —, Rapidan Energy Bob McNally, McNally, Ruxandra Iordache Organizations: Saudi, Organization of, Petroleum, Brent, U.S, West Texas, Rapidan Energy, CNBC Locations: OPEC, — Saudi Arabia, Asia, Saudi, Saudi Arabia

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ US House committee to consider bill on pressuring OPEC oil group
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 10 (Reuters) - The House Judiciary Committee was set to consider a bill on Wednesday to pressure the OPEC oil production group to stop making output cuts that can result in higher fuel prices for U.S. drivers. The committee was expected to vote on the so-called No Oil Producing and Exporting Cartels, or NOPEC, bill, which would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. Analysts were skeptical that the NOPEC bill would pass Congress while oil prices were relatively low as the market fears a recession. "House Judiciary Committee passage of NOPEC is more a biennial tradition than a sign of momentum," Rapidan Energy Group said in a note to clients. The committee has passed the bill in 2018, 2019 and 2021, Rapidan said.

☆ The OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNally
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNallyHelima Croft, RBC Capital markets head of global commodity strategy, and Bob Mcnally, Rapidan Energy Group founder and president, join 'The Exchange' to discuss the OPEC+ decision to cut production, U.S. production of crude oil being catalysed by the OPEC+ cuts.

☆ Want to play higher oil prices? Analysts back these stocks, giving one over 160% upside
▼ + stars: | 2023-04-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.

☆ OPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy says
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy saysBob McNally of Rapidan Energy Group lays out two scenarios, which "[come] down to demand," that OPEC+'s oil production cut could lead to in the second half of the year.

☆ Reaction: OPEC output cuts to roil markets
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.

☆ 2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy says
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy saysBob McNally of Rapidan Energy Group says "we're in the foothills — that means we could go up or down as we did this year."

☆ China reopening the big story for oil in 2023: RBC's Helima Croft
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina reopening the big story for oil in 2023: RBC's Helima CroftRBC Capital's Helima Croft and Rapidan Energy's Bob McNally join Brian Sullivan and the 'CNBC Special: Taking Stock 2023' to discuss energy markets and what investors can look for in 2023.

☆ China will remain a 'big buyer' of crude oil, energy consulting firm says
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina will remain a 'big buyer' of crude oil, energy consulting firm saysBob McNally of Rapidan Energy Group says the country's imports are "quite robust," and demand for crude, including for Russian oil, will be "quite strong" even through the winter.

☆ We're gonna see a lot of nothing in bipartisan energy policy the next two years, says Rapidan's McNally
▼ + stars: | 2022-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're gonna see a lot of nothing in bipartisan energy policy the next two years, says Rapidan's McNallyRBC’s Helima Croft and Bob McNally of Rapidan Energy join ‘CNBC: Business on the Ballot’ to discuss the energy markets as gas prices head higher and utility bills have soared this year.

"That announcement was making it appear like he was throwing a bone to the oil industry," said Tricia Curtis, CEO of consultancy PetroNerds, who dismissed the offer. Register now for FREE unlimited access to Reuters.com Register"What if oil does not fall to that price: Do we just keep our reserves low?" U.S. oil prices hit $120 per barrel this year and did not trigger a production boom because of shortages and high costs for labor and equipment, said Hunter Kornfeind, oil market analyst at Rapidan Energy Group. Rebecca Babin, senior energy trader at CIBC Private Wealth, said tight oil supplies have pushed up price expectations into 2024. If the Biden administration wants to boost oil supplies, it "should change its policies around producing more oil and gas in the United States," said Frank Macchiarola, a senior vice president at trade group American Petroleum Institute.

☆ Fury at Saudi Arabia revives calls for US to throw the book at OPEC
▼ + stars: | 2022-10-07 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

New York CNN Business —OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response. And as Democratic Congressman Ro Khanna told CNN earlier this week, in some ways the United States is less dependent on Saudi Arabia and other OPEC nations than in the past. US oil production has skyrocketed over the past 15 years, driving down foreign oil imports. Last year, US crude oil imports from OPEC nations stood at just 798,000 barrels per day. OPEC nations are among the only countries with the firepower to fill any gap created by the potential loss of Russian supply.

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