Reuters LONDON – Oil prices fell on Monday on a record daily rise in global coronavirus cases, with big spikes in infections over the weekend in the United States, while traders await an OPEC meeting expected to recommend an easing of supply cuts. Brent crude LCOc1 fell 22 cents, or 0.5%, to $43.02 a barrel by 1340 GMT, though prices
Fox Business Oil & Gas Publishers Note: Key Point: “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the Saudis’s thinking. “There’s going to be a scramble for market share, and the trick is how the low cost producers assert themselves without crashing the oil price.” An alliance of
Oil and Gas 360 This week’s Baker Hughes rig count shows that U.S. had a decrease of 5 over last week, resulting in a total count of 258 rigs. Canada had an increase of 8 over last week, resulting in a total Canadian count of 18–26 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions saw
Reuters TUNIS/LONDON – Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a Vitol tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low. “The increase in production will take a long time due to the significant damage to reservoirs
Reuters LONDON – Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was up by 1 cent, or 0.02%, at $42.36 a barrel by 1338 GMT, and U.S. oil was up 4
Reuters LONDON – The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline. “While the oil market
HOUSTON , July 9, 2020 /PRNewswire/ — Talos Energy Inc. (“Talos,” or the “Company”) (NYS…
BIC Noble Energy Inc said on Thursday it expected to bring back online majority of curtailed oil production volume by the end of July, as oil prices have recovered from their historic lows, as reported by Reuters. Shares of the company, down 64% so far this year, were up 2% at $9 in premarket trade. U.S. shale drillers had to cut
Forbes The oil and gas industry has always been an easy target for ambitious politicians. Jimmy Carter based much of his 1976 presidential campaign on using the industry as a boogeyman, blaming it for embargoes and price shocks that it had had nothing to do with. Barack Obama made the industry a target in every one of his State of
EIA The disruptions to global petroleum supply and consumption as a result of the 2019 novel coronavirus disease (COVID-19) and associated mitigation efforts have been significant. As road and air travel fell sharply when economies around the world went into lockdown in the first quarter and early second quarter of 2020, global liquid fuels consumption fell more quickly than production.
Reuters MOSCOW – Russian mining giant Norilsk Nickel (Nornickel) is disputing more than $2 billion in damages after a fuel spill which Russia’s environmental watchdog has said threatens unprecedented damage to the Arctic. Watchdog Rosprirodnadzor sent a request for “voluntary compensation” of almost 148 billion roubles ($2.1 billion) to Nornickel power subsidiary NTEK this week. Nornickel disagrees with both the
Forbes Quantitative easing (QE) was a response to the financial crisis. Under this policy the central bank buys government assets, and increasingly any assets, to support the economy. Previously in order to source funding, a government could sell bonds to foreign buyers, who may not have sufficient demand, or sell bonds to local institutions. Both approaches pull money out of
