Houston Chronicle Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the coronavirus and a price feud between major producers. Futures climbed 10% in New York, advancing in tandem with equities after President Donald Trump said his administration will discuss a possible payroll tax cut with Congress. Prices mostly
Reuters LONDON – Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after
Reuters OSLO – The coronavirus outbreak will cut growth in global oil demand by more than half this year compared to earlier forecasts, Norway’s biggest independent energy consultancy Rystad Energy predicted on Thursday. Oslo-based Rystad now predicts global oil demand will grow by 500,000 barrels per day (bpd) in 2020, down from a February forecast of 820,000 barrels per day
Houston Chronicle Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices. The U.S. energy giant will cut Permian production growth by about 10% over the next two years, the company said
Houston Chronicle Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed. During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning
Reuters 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, told Reuters. The comments from Fedun, who was talking on the sidelines of the company’s presentation of its low-carbon energy
Houston Chronicle 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 in ensuring long-term stability in global energy markets,” Putin told a meeting with ministers in Moscow on Sunday. The fact
Reuters LONDON – Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in four years as the global spread of the coronavirus stokes demand fears. Investors are increasingly worried about an economic slowdown weighing on oil demand as the virus spreads beyond its epicentre in China to more
Reuters 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 hit oil demand badly. Saudi Arabia, the biggest producer in OPEC, and some other members are considering agreeing an output
Houston Chronicle Costs related to Occidental Petroleum’s acquisition of Anadarko Petroleum last year drove losses for the Houston oil and gas producer in 2019, the company said Friday. Oxy said it lost $965 million or $1.22 per share in 2019, compared with a $4.1 billion profit or $5.39 per share in the previous year. The company said it took on
Reuters NEW YORK – Oil prices plunged more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude LCOc1 was down $2.29, or 4.3%, at $51.14 a barrel at 10:31
