Diamondback Sees No ‘Clear Signal’ to Boost Permian Output
Diamondback Energy Inc. CEO Travis Stice said until there’s a “clear signal” to increase oil output, there are no plans to expand volumes this year in the Permian Basin.
Stice and his management team discussed first quarter performance and the outlook for the oil and gas market during a conference call. The CEO pointed to the bump in global oil output underway by the Organization of the Petroleum Exporting Countries and its allies, better known as OPEC-plus. That’s reason enough to remain cautious, he said.
“Even though oil demand has shown signs of recovery from the depths of the global pandemic, oil supply is still purposely being withheld from the market primarily through the actions of OPEC-plus,” Stice said. “As a result, we continue to believe we do not need production growth and we’ll hold our pro forma fourth quarter 2020 oil production flat through 2021.”
FORWARD LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not statements of historical fact, including statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the outcome and timing of future events, including pending acquisitions and pipeline completions and our capital programs, are forward-looking statements. When used in this presentation, the words may, expect, estimate, project, plan, believe, intend, foresee, achievable, anticipate, will, continue, potential, should, would, could, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contai
Commodity currencies explained
City Index May 5, 2021 12:06 PM
There are certain currencies that are linked to the price movements of commodities. Once you get to grips with the relationship phenomenon, you can take advantage of these trading opportunities. Find out what commodity currencies are and how to get started trading. Share:
Commodity currency definition
A commodity currency is a currency that moves in a correlated step with the global price of primary commodities due to certain countries’ dependency on the export of raw materials for income.
The commodities include minerals like copper, iron ore and coal, energy products such as oil and gas, precious metals, and dairy products like milk.
Reuters Reuters
4 May, 2021, 9:05 am
FILE PHOTO: Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson
SINGAPORE (Reuters) -Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year.
Brent crude futures for July fell 15 cents, or 0.2%, to $66.61 a barrel by 0244 GMT while U.S. West Texas Intermediate for June was at $63.48 a barrel, down 10 cents, or 0.2%.