CNBC Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had to guide our respective organizations through these difficult times,” said UAE Minister of State Dr. Sultan Ahmed Al Jaber, who
Reuters LONDON – Oil prices fell on Wednesday on fears about fresh outbreaks of COVID-19 but prices drew some support from stimulus measures and positive tests of a drug that could save some critically ill patients. Brent crude LCOc1 was down 38 cents, or 0.9%, at $40.58 a barrel at 1335 GMT. U.S. West Texas Intermediate (WTI) CLc1 fell 56
Weekly Crude Oil Storage as of June 12, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 539.3 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year, according to the EIA crude oil and petroleum
Bloomberg Oil & Gas 360 Publishers Note: We have been covering this story for weeks in our news desk and stories. This is one to watch. BEIJING (Bloomberg) – Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially,
CNBC A historic drop occurred on April 20, when the price of West Texas Intermediate crude dropped by almost 300%, trading at around negative $37 per barrel. The price of oil has steadily recovered, jumping by nearly 90% in May and registered the best month on record for WTI. However, the petroleum industry is still reeling from the effects of the coronavirus pandemic. Major companies like
Reuters LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of June averaged 2.93 million bpd, according to
Oil & Gas The national oil company purchased 2.1 billion shares of SABIC Saudi Aramco has completed its acquisition of Saudi chemicals giant SABIC, Reuters reported. The national oil company purchased 2.1 billion shares (70%) of SABIC on Sunday, completing the deal. Tadawul data showed four transactions for SABIC shares worth $69.1 billion, but did not name the buyer. Reuters’ sources
CNBC The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming months. International benchmark Brent crude futures traded at $40.53 on Tuesday afternoon, more than 2% higher, while U.S. West Texas Intermediate futures stood at
Reuters LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support. Brent crude LCOc1 prices were up $1.62, or 4.08%, to $41.34 a barrel at 1347 GMT. U.S. oil CLc1 rose $1.67, or 4.5% to $38.79 a barrel. In its monthly
VANCOUVER, British Columbia and ANKARA, Turkey, June 16, 2020 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to report that the Cendere Oil field has regained positive economics as oil prices have rebounded up 90% during May 2020 to over $35 USD/barrel.
Reuters NEW YORK – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy. U.S. West Texas Intermediate crude rose 44 cents, or 1.2%, to $36.70 a barrel by 1:22 p.m. EDT (1722 GMT). Brent crude rose
CNBC Repsol has announced plans to develop a facility that will use carbon dioxide and green hydrogen to generate net-zero emission fuels for use in the transportation sector. The Spanish oil and gas firm also announced Monday that it would be involved in a project to produce gas from “urban waste.” Both projects will be located in the north of
