Posted on by BlackMask Financial

Oil set for sixth monthly decline…..Novak: OPEC+ sees no need for more oil production cuts

West Texas Intermediate steadied near $75 a barrel after closing 0.6 percent higher on Thursday. Investors see US inflation continuing to accelerate, bolstering expectations the Federal Reserve will be forced to keep raising rates, making a recession more likely. Falling refiner profit margins in Asia are also signaling demand weakness in the biggest oil-importing region. Crude has been whipsawed in April, rising sharply after the Organization of Petroleum Exporting Countries and its allies announced an output cut, but then giving up all those gains as the outlook deteriorated. A hoped-for major rebound in China is still yet to eventuate, while supply from Russia has remained surprisingly resilient despite sanctions and a price cap.
 Traders will be on the lookout for first-quarter earnings from oil majors including Exxon Mobil Corp. and Chevron Corp. — due later Friday — which could provide commentary on the outlook for the global market.
Novak: OPEC+ sees no need for more oil production cuts

Russian Deputy Prime Minister Alexander Novak told reporters on Thursday that, at the moment, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) don’t see a need for further slashes in the oil output. “We only made a decision [to cut the output] a month ago, and it will come into force from May for those countries that have joined,” Novak said answering one of the journalist’s questions and adding that OPEC+ can always adjust the volume of oil production if necessary. Previously, Saudi Arabia and other major oil suppliers announced surprise cuts that will start in May and last throughout the end of the year, slashing the output by roughly 1.15 million barrels per day. In addition, Russia revealed it would be extending its own cuts. BlackMask Pod Cast:

What Fucking Recession?