<\/p>\n
Brent futures rose as much as 13% as Beijing\u00a0instructed\u00a0government agencies to start filling state stockpiles after oil plunged 66% in the first quarter. Meanwhile, Donald Trump said the Saudis and Russians were negotiating and he believes \u201cthere\u2019s a way that that can be solved, or pretty well solved.\u201d<\/p>\n
<\/p>\n
Despite the president\u2019s optimism, Saudi Arabia has shown few signs of relenting in its bid to flood the market. On Wednesday, the kingdom said it was pumping at a record and had this week loaded almost 19 million barrels of oil in a single day. Riyadh insists it will only back down if all the top producers \u2014 including the U.S. \u2014 agree to cut production. But Russia\u2019s Vladimir Putin doesn\u2019t plan to speak with Saudi Arabia in the coming days, the Kremlin said.<\/p>\n
<\/p>\n
\u201cWhen it comes to potential cuts, an OPEC+ deal would likely not be enough; we would need to see action which includes the likes of the U.S.,\u201d said Warren Patterson, head of commodities strategy at ING Bank NV. \u201cThe sheer size of the surplus should put downward pressure on the market as we move through the quarter.\u201d<\/p>\n
<\/p>\n
China\u2019s move to purchase oil for its strategic reserves comes as the physical crude market shows deepening signs of strain. Dated Brent, the benchmark for two-thirds of the world\u2019s physical supply, was assessed at $15.135 on Wednesday, the lowest since at least 1999. Crude has slipped\u00a0below $10 in some areas including Canada and shale regions in the U.S., Belarus wants to buy Russian oil for $4, while some grades have posted negative prices.<\/p>\n
<\/p>\n
As supply balloons, there are growing signs that the world is running out of places to store the glut.\u00a0Tanks\u00a0at one of the largest storage hubs, at South Africa\u2019s Saldanha Bay, are already almost full.<\/p>\n
<\/p>\n
\u2013With assistance from\u00a0James Thornhill.<\/p>\n
gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":"
Brent futures rose as much as 13% as Beijing\u00a0instructed\u00a0government agencies to start filling state stockpiles after oil plunged 66% in the first quarter. Meanwhile, Donald Trump said the Saudis and Russians were negotiating and he believes \u201cthere\u2019s a way that that can be solved, or pretty well solved.\u201d Despite the president\u2019s optimism, Saudi Arabia has …<\/p>\n","protected":false},"author":1,"featured_media":7350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[2998,3290,166,177,947,4178,1250,3164],"class_list":["post-7349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-arabia","tag-cut","tag-oil","tag-russia","tag-saudi","tag-soars","tag-supply","tag-trump"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/7349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=7349"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/7349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/7350"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=7349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=7349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=7349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}