CNBC Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis. The board at Shell said it had decided to reduce the oil major’s first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019. That’s a reduction of
CNBC The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II. With roughly 4.2 billion people around the world subject to some form of lockdown in an effort to slow the spread of the coronavirus, the IEA is forecasting a 6% decline
Reuters WASHINGTON/LONDON/DUBAI – As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. Source: Reuters In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless
World Oil RIO DE JANEIRO (Bloomberg) –Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Demand destruction from the Covid-19 pandemic has prompted producers globally to shut in barrels nobody wants. While there’s no real winners with oil
Oil and Gas 360 CALGARY, Alberta, April 29, 2020 (GLOBE NEWSWIRE) — Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) (www.razor-energy.com) is pleased to announce its fourth quarter and year end 2019 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor’s audited consolidated financial statements, management’s discussion
Rystad Energy US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers. It is unclear how much of this is due to the Covid-19 pandemic and the related drop in demand, but one thing is certain: more production
CNBC Oil prices jumped more than 20% on Wednesday following a report that showed a smaller-than-expected build in U.S. inventories, as well as on the hope that economies will reopen sooner than expected. West Texas Intermediate for June delivery surged 25%, or $3.08, to trade at $15.41 per barrel, while international benchmark Brent crude traded 9.2% higher at $22.34. Earlier in the session
Reuters LONDON – U.S. buyers of Saudi Arabian crude oil cancelled at least seven April-loading tankers after a jump in freight costs, two industry sources said, likely to result in lower-than-expected shipments from the world’s top exporter. The move shows how some buyers are not rushing to take extra oil despite a slide in prices this month to below $16
CNBC U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world’s number one oil producer. Six major U.S. shale producers are expected to shut some 300,000 barrels per day (bpd) of crude for the months of May and June, according to an
Reuters BOSTON – The United States Oil Fund(USO), the share price of which has been crushed this month by big bets on front-month oil contracts, revealed on Tuesday that it was sitting on more than $700 million in unrealized losses heading into April. The $3 billion exchange-traded product booked actual realized losses of $466.4 million during March, the fund disclosed
Reuters Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude LCOc1 futures were up 11.88%, or $2.43, at $22.89 a barrel by 1340 GMT. The more active July
Weekly Crude Oil Storage as of April 24, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.0 million barrels from the previous week. At 527.6 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year, according to the EIA crude oil and petroleum
