COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant
Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago, though it feels as long as a lifetime…
Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude was up by 30 cents, or 1.3%, at $23.06 a barrel by 0635 G5MT…
Yamal LNG Resumes Loading Operations in Norway
Yamal LNG, controlled by Russia's largest liquefied natural gas (LNG) producer Novatek, is resuming ship-to-ship transfers in Norway, Novatek said on Monday, after plans to shift the operations to Russia fell through due to coronavirus.Novatek suspended transfers in Norway in June last year due to what it termed "pressure from the West".According to Refinitiv Eikon data…
Brent Crude Drops to $26.35. Outlook Bleak
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT.
Oil Prices Fall as Demand Woes Eclipse U.S. Stimulus
Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%, at $26.70 per barrel at 1029 GMT after earlier rising to a high of $28.29.U.S. crude was down 10 cents, or 0.42%, at $23.91 after a high of $25.24 per barrel.U.S.
Oilfield Services Giant to Cut Spending by 30%
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects a rapid reduction in active drilling and hydraulic fracturing activity…
Oil Up 5% as U.S. Fed steps in to Prop Economy
Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S.
Saudi Arabia's Tanker Power Play Could Backfire
Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the coronavirus outbreak…
Shell Cuts Capex, Suspends Share Buyback
Oil major Shell lowered capital expenditure for 2020 by about $5 billion on Monday and suspended the next tranche of its share buyback plan, as the company tries to weather a hit from the recent oil price crash. The company said it would reduce 2020 cash capital expenditure to $20 billion or below from a planned level of around $25 billion…
Oil Facing Prolonged Period of Demand Destruction
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.Brent crude futures were up $1.14, or 4%, at $29.61 a barrel by 1133 GMT. U.S. crude futures for April rose $1.34, or 5.3%, to $26.56.
Oil Prices Bounce, But Gains Only Temporary, Analysts Say
Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent, which has lost half its value in less than two weeks, got some…
U.S. Crude Hits 18-year Low as Lockdowns Spread
Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand.U.S.
Brent, WTI Fall as Coronavirus Spreads
Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.Brent crude was down $3.58, or 10.6%, to $30.27 a barrel by 1231 GMT. The front-month price had risen $1 earlier in the session.U.S.
Belarus to Buy Two Tankers of Non-Russian Oil Per Month
Belarus will buy two tankers of non-Russian oil a month, Prime Minister Sergei Rumas was quoted as saying by state news agency Belta on Wednesday, irrespective of Belarus' agreements with Moscow on oil supply.Belarus and Russia have been locked in a dispute over oil supply and flows have slowed to a trickle since Jan.
Oil Falls, OPEC Backs Deeper Supply Cuts
Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S.
Oil up 3% on Hopes of OPEC Cut
Oil prices jumped more than 3% on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.Brent crude was at $51.91 a barrel, up $1.71 or 3.4%, by 0925 GMT, having earlier hit its lowest since July 2017 at $48.40.Across the Atlantic, U.S.
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States…
US Sanctions on Rosneft Trading Shifting Crude Flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S.
Gazprom Neft, Mubadala Sign Tech Pact
Gazprom Neft, is the third largest oil producer in Russia, and Mubadala Petroleum (Abu Dhabi, UAE) have entered into a memorandum of understanding in the field of technological cooperation.The partners agreed to work together to create new technologies that include the development of innovative solutions in oil production…
TWMA Appoints Aslaksen as New CEO
Specialist drilling waste management company, TWMA, has announced the appointment of Halle Aslaksen as its new CEO.Aslaksen joins the Aberdeen-headquartered company from the Norwegian hydropower operator Småkraft, where he served as CEO. He was previously CEO at TCO and president of ALTUS Intervention in Scandinavia.With more than 20 years’ experience in the oil and gas industry…