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 …
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 …
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 …
The price of oil collapsed Wednesday to about $24 a barrel, past the trough of the most recent oil bust and to its lowest level in nearly two decades.
West Texas Intermediate crude was trading at $24.43 a …
Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement.
IEA Executive Director Fatih Birol
Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on
A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it.
With some of the world’s lowest production costs, a flexible tax system …
LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.…
WASHINGTON – The U.S. Department of Energy said on Tuesday it has suspended a sale of up to 12 million barrels of oil from the government’s emergency crude reserve due to the petroleum price drop.
The DOE had announced …
A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday.
“These attempts by state actors …
WASHINGTON – U.S. President Donald Trump blamed a fight for oil market share between Saudi Arabia and Russia, as well as unspecified “Fake News,” for a precipitous drop in U.S. stock prices on Monday, amid sliding demand for crude …
LONDON – Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already …
MOSCOW (Bloomberg) –Vladimir Putin’s resistance to further output cuts has pushed Russia’s accord with the OPEC cartel that controls more than half of the world’s oil production toward breakdown. Some key metrics guiding the Russian economy help explain …
SYDNEY (Reuters)
Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
The world’s …
An effort by the Organization of the Petroleum Exporting Countries to stabilize the oil market ended in failure on Friday, with Russia rejecting a plan for addition output cuts and sending prices for the commodity plummeting to their lowest levels …
Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.
U.S. West Texas Intermediate crude slid more than 8.8% to a session low of $41.77, its …
NEW YORK – Oil prices tanked more than 8% on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC’s proposed steep production cuts to stabilize prices.
OPEC’s plans for deep and prolonged output …
VIENNA – OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its …
VIENNA (R- Saudi Arabia and other OPEC members were seeking to win support from Russia on Wednesday to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this …
LONDON – Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.
Brent crude LCOc1 …
BRUSSELS – OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, …
WorldOil
CAIRO (Bloomberg) – OPEC and its allies have started reviewing their estimate of the damage to oil demand from the coronavirus, laying the ground for ministers to discuss production cuts at a crucial meeting later this week.
The Organization …
OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank.
Oil prices have been under pressure since the outbreak of the coronavirus in January dampened the demand outlook for the year.
Russia is ready to cooperate with its OPEC+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The OPEC+ mechanism “has already established itself as an effective tool …
Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilize financial markets, while hopes grew that OPEC+ will deepen output cuts following the coronavirus outbreak.
Futures rose as much as 4.4% in …
LONDON – Oil prices rose on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.…
LONDON – Several key OPEC members are leaning towards a bigger than previously expected oil output cut, four sources with knowledge of the talks said, as oil prices fell to $50 per barrel on fears the coronavirus outbreak will …
LONDON – Oil slipped towards $56 a barrel on Tuesday, falling for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.
Crude fell …
