Tag Archives: output

UPDATE 2-Boeing cuts 737 MAX output in wake of two deadly crashes

UPDATE 2-Boeing cuts 737 MAX output in wake of two deadly crashesCHICAGO/SEATTLE, April 5 (Reuters) – Boeing Co said on Friday it plans to cut its monthly 737 aircraft production by nearly 20 percent in the wake of two deadly crashes, signaling it does not expect aviation authorities to allow the plane back in the air anytime soon. Deliveries of Boeing’s best-selling aircraft were frozen after a global grounding of the narrowbody model following the crash of an Ethiopian Airlines jet on March 10, killing all 157 people onboard. Chief Executive Officer Dennis Muilenburg said on Friday said the company now knows that a chain of events caused both disasters, with erroneous activation of so-called MCAS anti-stall software “a common link” between the two.



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Global oil supply to swamp demand in 2019 despite output cuts: IEA

Global oil supply to swamp demand in 2019 despite output cuts: IEAThe IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. “It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside,” the agency said. The IEA raised its estimate of growth in crude supply from outside the Organization of the Petroleum Exporting Countries to 1.8 million bpd in 2019, from 1.6 million bpd previously.



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OPEC squeezes oil output to 4-year low, Russia compliance low

OPEC squeezes oil output to 4-year low, Russia compliance lowOPEC production fell to a four-year low in January as the cartel applied a new pact to boost global oil prices, the International Energy Agency said Wednesday, but Russia and other ex-Soviet states failed to cut back output as much as promised. The Paris-based organisation said that OPEC crude output dropped by 0.93 million barrels per day (mbd) to 30.83 mbd in January. OPEC members along with allies including Russia agreed in early December to trim production by 1.2 mbd from January 1, in a bid to eliminate a production glut and shore up prices.



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OPEC, Russia agree to slash oil output despite Trump pressure

OPEC, Russia agree to slash oil output despite Trump pressureThe producer club will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more than $ 63 a barrel as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected. Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from paring supplies.



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Oil prices surge on output cut pledge, US-China deal

Oil prices surge on output cut pledge, US-China dealOil prices soared on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity. Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman “have agreed to extend our agreement” to limit production as prices slump on global markets. An existing deal committing OPEC and non-members to cuts expires this year.



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Saudi minister calls for 1 mln bpd global oil output cut

Saudi minister calls for 1 mln bpd global oil output cutSaudi Arabia’s energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December. “The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market,” Khalid al-Falih told an energy conference in Abu Dhabi. The proposed reduction is from October production levels, Falih said.



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Saudi says to cut oil output as producers discuss price dip

Saudi says to cut oil output as producers discuss price dipSaudi Arabia, the world’s top crude exporter, said Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices. Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from December. Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.



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Toyota says parts plant preparing to resume output after Hokkaido quake

Toyota says parts plant preparing to resume output after Hokkaido quakeToyota Motor Corp <7203.T> said on Monday its transmission factory in northern Japan was preparing to resume production some time during the night shift starting at 8:30 p.m. (1130 GMT), after a powerful quake halted work last week. The shutdown of the transmissions factory in Tomakomai on the island of Hokkaido halted production at 16 of Toyota’s 18 domestic assembly plants on Monday. Toyota said it would decide in the next few hours on production plans for Tuesday.



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Exxon pulls offshore workers; Shell, Chevron cut output due to Alberto

Exxon pulls offshore workers; Shell, Chevron cut output due to AlbertoExxon Mobil Corp evacuated non-essential workers from the Lena production platform in the Gulf of Mexico ahead of Subtropical Storm Alberto, the company said on Sunday. Royal Dutch Shell Plc and Chevron Corp shut production on platforms in the eastern Gulf of Mexico due to Alberto and evacuated workers from those sites, the companies said. The U.S. National Hurricane Center said Alberto was transitioning to a tropical cyclone as its circulation became more focused around a central core located 135 miles (220 km) west of Tampa, Florida, with 50 mile per hour winds (85 kph).



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Oil output could return to October 2016 level, says Russia's Novak

Oil output could return to October 2016 level, says Russia's NovakBy Vladimir Soldatkin MOSCOW (Reuters) – A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday. Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production to ease 17 months of strict supply curbs amid concerns that a price rally has gone too far. “When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level),” Novak told reporters.



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