Crude Oil News

Source: Reuters

Oilfield spending to fall 21% as producers slash outlays: report

Reuters


Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and …

Source: CNBC

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

CNBC


Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic …

Source: CNBC

5 charts that explain the Saudi Arabia-Russia oil price war so far

CNBC


Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March.

OPEC+

Source: Reuters

Oil falls towards $25 as oversupply fears mount with U.S. inventory rise

Reuters


LONDON – Oil fell towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.

Pledges of …

Whiting Petroleum Corporation reaches agreement in principle with certain of its noteholders to pursue consensual financial restructuring

Whiting Petroleum Corporation reaches agreement in principle with certain of its noteholders to pursue consensual financial restructuring

Whiting Petroleum


Commences Chapter 11 Reorganizational Process to Right-Size Capital Structure

DENVER–(BUSINESS WIRE)–Apr. 1, 2020– Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they had commenced voluntary Chapter 11 cases …

Source:Reuters

U.S.-Saudi oil alliance idea born at White House, put on back burner for now

Reuters


WASHINGTON  – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said …

Source: Reuters

Oil retreats from session highs, one day after sinking to 18-year lows

CNBC


Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

U.S.

Source: Reuters

TC Energy to start work on Keystone XL pipeline after Alberta commits $1.1 billion

Reuters


TC Energy Corp said on Tuesday it would proceed with the construction of the long-delayed $8 billion Keystone XL pipeline project after securing a $1.1 billion equity investment from the Alberta government, extending a lifeline to Canada’s oil sands …

March 31, 2020 - 12:30 pm Canada News, Crude Oil News, Energy News, Pipeline News
Source: Houston Chronicle

Parsley, Pioneer ask state regulators for emergency meeting on production cuts

Houston Chronicle


Parsley Energy and Pioneer Natural Resources, two of the most active oil companies in Texas, on Monday asked the Railroad Commission to hold an emergency meeting and order production cuts at a time when record low crude prices …

Source: CNBC

Goldman on how the ‘largest economic shock of our lifetimes’ will permanently alter energy markets

CNBC


The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.”

A global health crisis has meant countries around …

Source: Reuters

Column: Hedge funds trim short oil positions as prices hit crisis point

Reuters


LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries.

Extreme high and low …

Source:
CNBC

Ted Cruz, other senators, warn Saudis to stop using oil in ‘economic warfare’ against the US

CNBC


Sen. Ted Cruz told CNBC on Monday he and eight other GOP senators recently ripped into the Saudi ambassador in a conference call over the oil price war with Russia that has threatened to put American producers out of …

Source: Houston Chronicle

Pipeline operators ask oil companies to stop production as storage fills up

Houston Chronicle


A new problem attributed to the coronavirus pandemic is slowly brewing out in the oil patch.

Pipeline operators with full storage tanks are asking some Texas oil companies to stop production as the ongoing price war between Russia …

Source: Reuters

Trump to speak with Putin, criticizes Russian-Saudi oil price war as ‘crazy’

Reuters


WASHINGTON – President Donald Trump said on Monday he planned to speak with Russian President Vladimir Putin and said Saudi Arabia and Russia “both went crazy” in their oil-price war, a battle begun just as the spread of the …

Source: Reuters

U.S. crude dips below $20 as lockdowns wipe out demand

Reuters


LONDON – Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could …

The 360 Digital Closing Bell Week Ahead – 3/30/2020

The 360 Digital Closing Bell Week Ahead – 3/30/2020

The 360 Digital Bell Week Ahead Report. Michael Tanner, the Host of the closing bell, covers what to look for during this week; the good the bad and the homely.

Some of the key takeaways this week:

 

The oil

Exxon May Crush Bailout Hopes for Suffering Fracking Companies

Exxon May Crush Bailout Hopes for Suffering Fracking Companies

DESMOG


Oil & Gas 360 Publishers Note: Justin Mikulka has written an outstanding opinion piece of current issues surrounding the oil companies dire straights. The key takeaway:” “What happens?” Sheffield said. “As you know there’s about 74 public independents, there’s

Nigeria likely to suffer $15.4bn loss in crude oil earnings

Nigeria likely to suffer $15.4bn loss in crude oil earnings

Energy Mix Report


Nigeria and other African economies are projected to record substantial revenue losses, particularly from the oil and gas sector, as the devastating effects of the Coronavirus pandemic continues its devastating toll on the various economies.

Giving the …

March 28, 2020 - 12:29 pm Closing Bell Story‎, Crude Oil News, International
Exploration firm Block Energy agrees to acquire Schlumberger subsidiary

Exploration firm Block Energy agrees to acquire Schlumberger subsidiary

Offshore Technology

 

Oil and gas exploration firm Block Energy has reached a sale and purchase agreement for a Schlumberger subsidiary.

The oilfield services giant owns Schlumberger Rustaveli Company Limited (SRCL), which in turn holds three production sharing contracts (PSCs). …

Source: Houston Chronicle

Apache makes deeper cuts while its Permian Basin rig count goes to zero

Houston Chronicle


Houston oil company Apache Corp. is making deeper budget cuts while its Permian Basin rig count has declined to zero.

Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the …

Source: Reuters

Falling Latam demand deprives U.S. refiners of top customers

Reuters


MEXICO CITY/NEW YORK  – Latin American demand for refined products is rapidly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their main export destination.

The crisis has nearly shut down worldwide air travel and fuel demand, …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Houston Chronicle

The oil glut is filling up the world’s supertankers fast

Houston Chronicle


The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said.

A combination of surging production from key …

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Reuters


LONDON  – Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output.

No comprehensive data …

Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

U.S. rig count decreased by 44 this week, at 728

U.S. rig count decreased by 44 this week, at 728

This week’s Baker Hughes rig count shows that U.S. had a decrease of 44 over last week, resulting in a total count of 728 rigs. Canada had a decrease of 44 over last week, resulting in a total Canadian count …

Source: Reuters

Calls mount for new OPEC+ deal as oil prices and demand slide

Reuters


MOSCOW/DUBAI/LONDON  – Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging …

Centennial resource development announces leadership changes

Centennial resource development announces leadership changes

Centennial Resource Development


DENVER, March 27, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced it is implementing its previously announced leadership transition plan in light of the fact that Mark G. Papa …

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Bell Week Lookback Report. Michael Tanner, the Host of the closing bell, Covers what happened during this week; the good the bad and the homely. 

Some of the key takeaways this week: 

  • 10 Million reduction in demand 
Offshore workforce cut by 40% due to Covid-19.

Almost 40% of the North Sea workforce has been cut as operators attempt to wrestle with the growing coronavirus crisis.

EnergyVoice

 


Trevor Stapleton, Oil and Gas UK’s HSE director, said more than 4,000 crew and staff have been stood down over the last few weeks as offshore firms look to move to a skeleton staff. The North Sea averaged …

March 27, 2020 - 6:53 am Crude Oil News, Energy News, International, Offshore