LONDON – Oil futures steadied on Thursday as the market awaited confirmation of industry data that showed a surprise increase in U.S. crude stocks, which offset hopes for a demand recovery as coronavirus lockdowns ease.
After tumbling on Wednesday, …
Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong.
A potential deterioration in relations between the world’s two biggest economies could ratchet …
LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy.
But …
Reuters
LONDON/LAGOS – The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer.
The consequences could be grave …
Oil prices rose on Thursday to their highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis.
Crude prices have slumped …
LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks.
Front-month Brent futures …
LONDON – Oil prices were steady on Tuesday amid signs that producers are cutting output as promised while traders awaited more clarity on the demand picture as some countries ease out of lockdowns.
Benchmark Brent crude was up 4 …
Barclays Commodities Research on Friday raised its oil price forecasts for this year and 2021, buoyed by supply cuts to balance the demand erosion caused by conrovirus-led restrictions.
In recent days, several OPEC nations including Saudi Arabia said they …
Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.
“There are good signs
In its May Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $34 per barrel (b) in 2020 and $48/b in 2021. Although market outlooks are subject to many risks, the …
DUBAI – Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting a rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday.
Saudi energy minister Prince …
LONDON – Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus …
LONDON – Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown.
Futures prices and swaps linked to …
Voluntary production cuts by OPEC members show that oil producing countries are doing what they can to stabilize the market during the ongoing coronavirus outbreak, one strategist told CNBC this week.
Saudi Arabia on Monday said it will reduce …
Oil & Gas
Saudi Aramco saw a 25% plunge in profit in the first quarter of 2020 to $16.6 billion (62.48 billion Saudi riyals), but was able to retain its …
ZHANJIANG, China, May 9, 2020 /PRNewswire/ — Sinopec Corp (HKG: 0386), China’s leading energy and chemical company, has put China’s largest petrochemical port into operation with the successful docking and unloading of the New Renown, Crude Oil Tanker (VLCC) …
The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to …
NEW YORK – U.S. oil prices were 4% higher while the front month Brent crude futures rose above $26 per barrel on Friday, with both benchmarks on track for their first weekly gain in four weeks as OPEC and …
LONDON – Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market.
The …
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.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman …
Oil&Gas
Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the …
Oil prices moved between gains and losses on Friday, following a two-day winning streak that saw West Texas Intermediate gain more than 40%. The turn lower game despite some producers like Kuwait said they would move to cut output …
Rare Petro
Abstract:
The dual black swan events of the COVID-19 pandemic and oil price war have created a unique analytical opportunity within petroleum products. As oil prices crash, the natural gas prices have largely remained unchanged. This is due …
LONDON – Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more.
With crude consumption collapsing, the Organization …
Saudi Arabia will be best positioned to weather the impact of an unprecedented collapse in U.S. oil prices, energy analysts told CNBC on Tuesday.
It comes at a time when the market is awash with crude, storage tanks …
MOSCOW – Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market.
It is here, rather than in the world of …
A Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the U.S. dramatically increased in the last month.
TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the …
LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.
The Organization of the Petroleum Exporting …
The historic deal reached by OPEC and its oil-producing allies to cut production has worked to “stem the tide, stem the damage that was being done to the market,” since the onset of the coronavirus pandemic and the Saudi
LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.
The …
