Sunday, July 6, 2025
Goldman slashes oil forecast, sees US crude at $22 per barrel- oil and gas 360

Goldman slashes oil forecast, sees US crude at $22 per barrel

CNBC Goldman Sachs slashed its oil forecast on Tuesday as the COVID-19 outbreak continues to pressure demand. “Demand losses across the complex are now unprecedented,” Goldman’s global head of commodities research Jeffrey Currie wrote in a note to clients Tuesday. The firm said that oil use has fallen by eight million barrels per day as the coronavirus has led to

Pioneer Natural Resources cuts budget nearly in half as oil falls below $30- oil and gas 360

Pioneer Natural Resources cuts budget nearly in half as oil falls below $30

Houston Chronicle Irving oil company Pioneer Natural Resources is cutting its 2020 budget in nearly half as crude prices slipped below $30 per barrel. The exploration and production company said late Monday afternoon that it plans to spend between $1.7 billion to $1.9 billion on drilling, hydraulic fracturing and other capital projects in 2020. The figure marks a 45 percent

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year- oil and gas 360

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

CNBC Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement. IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday, warning it could have “potentially

Oil plunge sets off search for tanks on land and at sea- oil and gas 360

Oil plunge sets off search for tanks on land and at sea

Reuters NEW YORK/LONDON – Traders are scrambling to secure oil storage tanks on land and at sea to cope with slumping demand resulting from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. Rates to store oil at the world’s main trading hubs from Japan to South Africa and the United States are surging as millions