Latest news with #Blanch
Yahoo
5 hours ago
- Business
- Yahoo
BofA Sees Saudis Embarking on Long But Shallow Oil-Price War
(Bloomberg) -- OPEC+'s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.'s head of commodities research said. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The producer group, of which Saudi Arabia is the de-facto leader, announced a third output increase of more than 400,000 barrels a day last month, bigger than previously planned. The additions are reversing years of supply curbs that were aimed at keeping prices higher. 'It's not a price war that is going to be short and steep; rather it's going to be a price war that is long and shallow,' BofA's Francisco Blanch said in a Bloomberg Television interview. That reflects a desire to take market share from US shale, which is in relatively good health but faces higher costs of production, he said. The kingdom is also working to regain market share from fellow OPEC+ members, according to Blanch. 'They've done this price support already by themselves for three-plus years,' which has allowed competitors' output to rise, he said. 'They're done with that.' Blanch noted that the change in strategy is already producing results, with the latest US oil-drilling data from Baker Hughes Co. showing the lowest rig count in about four years. --With assistance from Jonathan Ferro and Lisa Abramowicz. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.
Perth Now
28-05-2025
- Perth Now
Young boy dies in horrific accident in the Perth Hills
An eight-year-old boy has died in a horrific accident after he fell from a ute, which then hit him, in the Perth Hills. Major crash officers are probing the incident, which happened in the vicinity of Baldock Road and Whitlam Street in Mt Helena about 4pm on Tuesday. Police said the boy was travelling in a ute before he fell from the vehicle. He was then hit by the same vehicle. The child was taken to a nearby home by first responders before police and paramedics met the boy. He was taken to St John of God Midland hospital with serious injuries. He was then taken to Perth Children's Hospital. Police said that the boy died at the hospital. An eight-year-old boy has died in an horrific accident in Mt Helena bushland. Credit: Unknown / The West Australian Police Commissioner Col Blanch said one of the boy's family members was in the car. 'It's obviously still subject to a significant investigation,' he said. 'It's a terribly sad story, the eight-year-old boy has passed away and we understand he fell from a moving vehicle and has later pronounced deceased. 'I understand there's a family member in the car but I don't have any further details.' Mr Blanch said the vehicle was a 'normal ute'. When asked if there was any criminality involved, he said early indications suggested the incident was a tragic accident. 'I think it's too early to tell, I don't believe (there is any criminality involved) … let's keep an open mind on the investigation,' he said. While it is not clear exactly where the incident occurred, the area is surrounded by multiple gravel and sand tracks. It is understood the RAC Rescue chopper was due to land in a nearby paddock before the child was rushed away in an ambulance. A nearby resident, who did not want to be named, said that she saw police and paramedics at a home across the street late on Tuesday afternoon. 'I came back into the house because I didn't want to know really what happened, because I don't want to be upset,' she said. Police cordoned off part of Cook Street after the boy was taken to the nearby home. Multiple neighbours said they have previously seen a white ute parked and children playing at the property.
CNBC
08-05-2025
- Business
- CNBC
OPEC+ is waging an oil price war — what the cartel wants and how long the fight might last
OPEC+ producers led by Saudi Arabia have launched a "slow grind" oil price war that could last for more than a year, according to Bank of America. OPEC+ has agreed to surge oil supply by 411,000 barrels per day for two consecutive months, after cutting production for years. Oil prices fell to the lowest level in four years earlier this week in response, as the supply increase has coincided with President Donald Trump's trade war. "The question is not so much whether OPEC+ is in the midst of a price war but rather what kind of price war it is and what the objectives are," Francisco Blanch, head of global commodities and derivatives research at Bank of America, told clients in a Wednesday note. The Saudis have three central goals, the strategist said. Long war for market share The Kingdom wants to claw back market share from surging U.S. shale production, Blanch said. It also wants to punish OPEC+ members who have cheated on their production cuts. And low oil prices would soften the inflationary impact of Trump's tariffs. "There is little doubt that OPEC+ needs a plan to recover some market share after the spectacular increase in US oil output during the past 15 years," Blanch told clients. Goldman Sachs also sees the Saudis shifting OPEC+ strategy away from a focus on stabilizing prices to "strategically disciplining US shale supply and on supporting internal cohesion and oil demand." The firm expects the group to boost supply by another 411,000 barrels in July. OPEC+ has waged three price wars in the over the past 30 years with Brent prices averaging $45 per barrel during the two most recent conflicts in the past decade, Blanch said. The most recent price war in 2020 lasted just four months as the Saudis sought to force Russia into agreeing to production cuts. This time around, however, the oil market is likely facing a protracted battle over prices that could drag on for 12 to 18 months, Blanch said. "This latest OPEC+ action appears to us more as a 'slow burn' than a 'fast and furious' price war," Blanch said. "Because the price war has a market share element, a political element, and a group discipline element, we believe it is likely going to be long." U.S. shale already taking a hit Low oil prices combined with tariffs and recession fears are already "beginning to impact supply, with US shale producers signaling the beginning of a pullback in activity," Citi analysts told clients on Thursday. Diamondback Energy CEO Travis Stice warned shareholders this week that U.S. shale production is likely to peak and start to decline to due to tumbling oil prices. Diamondback is the sixth largest oil producer in the lower 48 states and the third biggest in the prolific Permian Basin, according to data from Enverus. Adjusted for inflation, there have only been two quarters since 2004 when front-month oil prices have been as cheap as they are now, excluding 2020 when the Covid-19 pandemic swept the world, Stice told investors in his Monday letter. The operators that Diamondback is speaking with all agree that "this oil price doesn't work," the company's President Matthew Kaes Van't Hof told analysts on the company's first-quarter earnings call on Tuesday. Bank of America sees Brent prices potentially hitting $58 per barrel in the second quarter, though the firm is maintaining a price forecast of $62 for 2025. Goldman Sachs has cut its forecast by $2 to $3 this year: It now sees Brent and U.S. crude averaging $60 and $56, respectively, for the remainder of 2025. Diamondback would halt production growth with U.S. crude prices in the $40s and output would slow with prices in the $50s, Van't Hof said. Oil prices need to be in the mid to high $60s and on a path to $70 for production to grow, he said.
ABC News
02-05-2025
- Politics
- ABC News
WA Police Commissioner Col Blanch talks down severity of gaps in domestic violence offender GPS monitoring
WA's police commissioner has deflected blame for gaps in the monitoring of the most serious domestic violence offenders, saying he would put them "all behind bars" if it were up to him. WA Labor's flagship family and domestic violence laws mandated electronic bracelets for some serious, repeat perpetrators – but issues relating to the GPS tracking devices meant at least three offenders have been released on bail without them. The laws were designed to add an extra layer of security for victims, with the former attorney-general at the time saying the GPS monitoring would only be lifted in "exceptional circumstances" against a "very high threshold". But last month it was The state government pinned the blame on mobile phone black spots and "technical limitations" while saying the courts and Department of Justice (DOJ) needed time to acclimatise to the new rules. Commissioner faces questions Questioned about the tracking issues on Friday, WA Police Commissioner Col Blanch shifted the focus to the courts. Col Blanch speaks to ABC Radio Perth about the GPS tracking of serious and repeat FDV offenders. ( ABC News: Jake Sturmer ) "The entire conversation has been missed. If someone is carrying too much risk to be in a community, police have vigorously opposed bail at court," he told ABC Radio Perth. "The conversation needs to go back to … 'why is the court bailing high-risk people?' "I don't support high-risk people in our community … sex offenders or family violence offenders, they should be behind bars when there is a risk posed. "If an electronic monitor is taken off someone and they pose an immediate risk, they're probably too high risk for us, but that is a decision for the courts, not police." The commissioner's stance mirrors comments made by WA Premier Roger Cook in the wake of the revelations about issues with GPS tracking outside of Perth. "Quite frankly, if the courts cannot make an arrangement whereby an accused serial domestic violence offender cannot be properly monitored, they need to be put behind bars," he said on April 15. 'Just technical stuff' Documents seen by the ABC have revealed Photo shows Man in suit behind podium and microphone talking. A letter has revealed just how the implementation of WA's domestic violence strategy targeting repeat offenders went so badly wrong. It included a letter from Corrective Services Commissioner Brad Royce to the police commissioner stating the DOJ "will not recommend or support" GPS tracking outside of Perth. Commissioner Blanch said the issue boiled down to "administrative issues with the technology". "We need to fix the machine, there's something wrong, it's not charging properly, needs a better battery, whatever. Just technical stuff," he said. "Because of the increase in volume [of FDV offenders being required to wear the bracelets] and because of the increase in technical faults, albeit small, they've said 'we're struggling to get people into regional areas at times to fix these small technical faults'." "If there's a deliberate breach by the offender, police are rolling 24/7, we are out —we're capturing these people who breach. "But if there's something wrong from an IT perspective or administrative function that needs fixing, sometimes staff are not available after hours from Department of Corrections to do that, and Corrections saw that as a risk." Corrective Services Minister Paul Papalia said on Thursday there had been updated advice from the corrective services commissioner to the courts asking for "additional conditions" to be considered outside of GPS tracking. In the letter, which the minister provided to the ABC, Commissioner Royce stated electronic monitoring was only suitable for accused offenders who were eligible for bail in any case. Loading
The Age
01-05-2025
- The Age
WA prisons boss revoked support for GPS tracking in regional areas
The Commissioner of Corrective Services Brad Royce wrote to WA Police Commissioner Col Blanch, warning that his agency could no longer support GPS tracking of family and domestic violence offenders in regional WA because of 'unacceptable risks' with response times if the trackers fault. In the April 11 letter, obtained by the opposition, Royce said issues with GPS tracking in metro areas could be resolved promptly, but regional areas posed a risk to victims of the offenders. 'In regional and remote locations, delayed responses to these issues create an unacceptable risk, particularly critical in family and domestic violence cases, where immediate action can be necessary to prevent harm to victims,' he said. 'This is especially problematic at night or on weekends when [Adult Community Corrections] do not have the capacity to respond beyond the metropolitan area. 'In addition to responding to breach alerts, having the ability to address equipment failures, charging issues, or signal loss, are essential for effective monitoring. 'Accordingly, I am now providing formal advice that ACC will not recommend or support the use of electronic monitoring under the Family Violence Legislation Reform Act in any location other than the Perth metropolitan area.' The act, which came into effect in December last year, mandates GPS tracking of family violence offenders granted bail, but its effectiveness in regional areas have dogged the state government for several weeks. Royce said the advice he provided to Blanch had also been provided to the Chief Magistrate, District Court Judge Wager, the Prisoner's Review Board and the office of the Commissioner for Victims of Crime.
