International

Source: Reuters

Benchmark Brent’s record $10 discount gives oil market reality check

Reuters


LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.

But he cannot talk up the underlying physical market that shows the full extent of …

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters


DUBAI/MOSCOW  – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a …

Source: CNBC

GOP senator calls on Saudis to end its oil price war, says ‘Americans died’ protecting the kingdom

CNBC


America’s strategic relationship with Saudi Arabia may permanently change if Riyadh does not end its latest oil price war, Sen. Dan Sullivan told CNBC on Wednesday.

“The Saudis have really brought in a supply shock at exactly the wrong

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

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:
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 …

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
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 …

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
Source: Reuters

Global oil refiners to deepen output cuts as coronavirus destroys demand

Reuters


SINGAPORE/NEW DELHI/SEOUL/HOUSTON – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.

Global fuel demand …

Source: Reuters

Shell, other oil companies seek less Saudi crude in April due to weaker demand -sources

Reuters


Several European and Nordic oil refiners are taking less crude from Saudi Arabia in April, industry sources said, suggesting a lack of demand for the extra supplies the country has offered as it seeks to boost market share.

The …

Source: Houston Chronicle

U.S. calls on Saudis to halt plan to unleash record oil supply

Houston Chronicle


The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades.

While its status …

Exclusive 360 Energy Expert Network Video Interview: The Port of Corpus Christi seen trouble before, and is open for business.

Exclusive 360 Energy Expert Network Video Interview: The Port of Corpus Christi seen trouble before, and is open for business.

The Port of Corpus Christi in the western Gulf of Mexico is one of key components in the life blood for imports and exports in the United States. They the 2nd in tonnage,  and the largest port in revenue in

Falcon Oil &; Gas Ltd. – COVID-19 – Beetaloo Project Update

Falcon Oil &; Gas Ltd. – COVID-19 – Beetaloo Project Update

26 March 2020 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (“Falcon”) provides the following operational update on the Beetaloo project in the Northern Territory, Australia in light of COVID-19.

Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

VANCOUVERMarch 25, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 21, 2020

Covid-19 and oil price war could derail two-thirds of the world’s oil & gas project sanctioning in 2020

Covid-19 and oil price war could derail two-thirds of the world’s oil & gas project sanctioning in 2020


The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development

March 25, 2020 - 2:30 pm Closing Bell Story‎, Energy News, International
Source: Houston Chronicle

U.S. intervenes in Saudi-Russia oil war with call for restraint

Houston Chronicle


The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State …

Source: Reuters

Shell cuts 2020 spending by $5 billion, suspends share buyback

Reuters


LONDON – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.

The …

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Journal of Petroleum Technology


Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is

Source: Houston Chronicle

US seeks $3 billion to boost oil producers as prices plunge

Houston Chronicle


WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.

President Donald Trump …

Canada to Spend $10 Billion to Bail Out its Oil Industry

Canada to Spend $10 Billion to Bail Out its Oil Industry

A major Canadian crude oil benchmark fell sharply on March 19. Western Canadian Select lost half of its already severely depressed price to close at $5.43 per barrel.

March 20, 2020 - 1:28 pm Canada, Crude Oil News, International, Press Releases
Source: CNBC

Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact

CNBC


Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices.

The sum includes Riyadh’s 50

March 20, 2020 - 1:00 pm Crude Oil News, Economy, Energy News, International
Source: Houston Chronicle

Exxon, Guyana head toward uncertain future

Houston Chronicle


GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company.

They came to depend on each other after a series …

Source: Reuters

Oil falls back as Russia rejects Trump’s intervention in price war

Reuters


LONDON – Oil prices fell on Friday after rising 10% in the session as the coronavirus epidemic knocked the outlook for demand and Moscow rejected an intervention by U.S. President Donald Trump in Russia’s price war with Saudi Arabia.…

Source: Reuters

Saudi Arabia, Iraq say they won’t compensate for oil freight rate jump: documents

Reuters


NEW DELHI/SINGAPORE/MOSCOW  – Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday.…

Source: Houston Chronicle

Oil rollercoaster has crude rebounding after 18-year low

Houston Chronicle


Oil rebounded after plunging to the lowest level in 18 years as policy makers across the globe try to strengthen economies against the impact of the coronavirus pandemic.

Futures rose as much as 18% in New York, the …

Jadestone Energy Inc. Announces Revised 2020 Capex Guidance and Update on Vietnam

Jadestone Energy Inc. Announces Revised 2020 Capex Guidance and Update on Vietnam

SINGAPORE / ACCESSWIRE / March 19, 2020 / Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, provides an update on its 2020 capital expenditure guidance.

SDX Energy PLC Announces Update on drilling operations in Morocco and Egypt

SDX Energy PLC Announces Update on drilling operations in Morocco and Egypt

LONDON, UK / ACCESSIWRE / March 18, 2020 / SDX Energy Plc (AIM:SDX)(OTCPINK:SDXEF), the MENA-focused oil and gas company, is pleased to provide the following update on its drilling operations in Morocco and Egypt.

Source: CNBC

An oil price war is here to stay, analysts warn — even as prices tumble to nearly two-decade lows

CNBC


An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest.

International benchmark Brent crude traded