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Saudi Arabia, Russia raise stakes in oil standoff

March 10, 2020 admin Comments Off on Saudi Arabia, Russia raise stakes in oil standoff

DUBAI/MOSCOW (Reuters) – Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering panic selling and heavy losses on Wall Street’s main stock indexes, already hit badly by the coronavirus outbreak. On Tuesday, Amin Nasser, chief executive of Saudi Aramco said the oil giant would increase supply to 12.3 million barrels per day (bpd) in April for customers …read more […]

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Bogleheads Keep Calm and Carry On With Equities Whipsawed

March 10, 2020 admin Comments Off on Bogleheads Keep Calm and Carry On With Equities Whipsawed

(Bloomberg) — Anxiety? Yes. Panic? No.As the S&P 500 plunged Monday, calm reigned on the online forum of the Bogleheads, an investing group inspired by the late Vanguard Group founder Jack Bogle and famed for its cool-headed, long-term attitude toward passive index investing.“Feeling awesome! My annual bonus hits this week and goes directly into my 401k,” one contributor said in a post.Bogleheads are notoriously blase about market volatility, but a wider range of investors also seem to be carrying on, if not exactly keeping calm, and maintaining portfolio allocations. Advisers say that clients in passive investments, such as those invested …read more […]

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Saudi Arabia Escalates Price War With Huge Oil Output Hike

March 10, 2020 admin Comments Off on Saudi Arabia Escalates Price War With Huge Oil Output Hike

(Bloomberg) — Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.The output increase — more than 25% up from last month — puts Aramco supply above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories to dump as much crude, as quickly as possible, on the market. In February, Saudi Arabia produced about 9.7 million barrels a day.It’s the latest maneuver in what’s set to be a long and …read more […]