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BP Cuts Spending by Quarter, Lowers Oil production
BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the coronavirus outbreak.BP and other big oil and gas companies are having to rein in spending sharply following…
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Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak…
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Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record.
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OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday…
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Exxon Cuts Spending by $10B
Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by $10 billion as the coronavirus pandemic saps energy demand and oil prices.Oil companies are reversing 2020 spending…
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Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek…
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Oilfield Equipment and Services Spending to Fall to 2005-Low
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005…
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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…
Latest news
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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…
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Brent's Fall Creates Steepest Contango in 11 Years
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus…
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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…
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Origin Energy to Defer Shale Drilling in Australia
Origin Energy will defer shale exploration drilling in Australia's Northern Territory until the second half of this year…
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Libya says Probe of Seized Tanker to Start After Quarantine
Libya's internationally recognized government will start an investigation into a tanker over alleged sanctions-breaking after…
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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…
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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…
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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…
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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…
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Shell in Talks to Book Tankers for Crude Floating Storage
Royal Dutch Shell is in discussions to charter at least three supertankers to store around 6 million barrels of crude oil at sea…
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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…
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IEA Warns Oil Producers Against Playing 'Russian Roulette'
The International Energy Agency Executive Director Fatih Birol said that "playing Russian roulette in oil markets may well have grave consequences"…
Exploration
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Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico
Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration…
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Norway Offers 36 Offshore Blocks, None in Barents Sea
Norway is offering oil firms 36 offshore exploration blocks in this year's licensing round in mature areas and for the first…
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Murphy Oil CEO on Medical Leave Due to COVID-19
The CEO of Murphy Oil has taken a medical leave due to coronavirus concerns.The US-based exploration and production company…
Drilling
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ABS to Class Silver Eagle's New Jack-Ups
ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of…
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Lekoil 'in Process' of Paying $2M to Optimum
Nigerian oil company Lekoil has said it is in the process of paying $2 million to Optimum Petroleum, its partner in an offshore…
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U.S. Offshore Oil Lease Sale Weakest Since 2016
A major sale of oil and gas leases in the U.S. Gulf of Mexico on Wednesday generated $93 million in high bids, the lowest total for any U.S.
Production
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ABB Accelerates Remote Connectivity Rollout
Technology comany ABB said it has expedited the rollout of and access to its remote service tools and digital solutions across…
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Norway May Join OPEC Meeting
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output…
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Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia…
