Post Tagged with: "OAG360"

Source: CNBC

Oil jumps as much as 12% a day after its best day on record as traders expect big production cuts

CNBC


Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly

Source: Reuters

Deep oil output cuts won’t offset unprecedented demand loss: IEA

Reuters


LONDON  – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to …

Source: nasdaq.com

Coronavirus could trigger biggest fall in carbon emissions since World War Two

Reuters


LONDON/WASHINGTON – Carbon dioxide emissions could fall by the largest amount since World War Two this year as the coronavirus outbreak brings economies to a virtual standstill, according to the chair of a network of scientists providing benchmark emissions …

April 3, 2020 - 1:30 pm Climate Change, Closing Bell Story‎, Energy News
Source: CNBC

Royal Dutch Shell reskills workers in artificial intelligence as part of huge energy transition

CNBC


Working at Royal Dutch Shell’s Deepwater division in New Orleans gives Barbara Waelde a front-row seat to how the right data can unlock crucial information for the oil giant. So when her supervisor asked her last year if …

April 3, 2020 - 1:30 pm Closing Bell Story‎, Energy News, Technology
Source: Reuters

Trump to host Big Oil execs at White House to discuss market slump

Reuters


WASHINGTON  – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war.…

April 3, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: CNBC

Brent crude could still drop to $10 a barrel and stay there in Q2: IHS Markit

CNBC


Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a …

Source: Reuters

OPEC+ debates biggest-ever oil cut as virus destroys demand

Reuters


DUBAI/LONDON/MOSCOW  – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market …

April 3, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Haynes & Boone

Replay: Weekly Energy Tracker Call (3/31/20)

Oil and Gas 360


Replay: Weekly Energy Tracker Call (3/31/20)

 

Haynes and Boone, AEGIS and EnerCom welcome you to a weekly series of webex meetings to discuss business and legal issues erupting in the oil and gas world, including …

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

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: Reuters

Shale-well frackers grind to a halt as oil prices collapse

Reuters


DENVER  – Once the fastest growing – and most controversial – oilfield services in the U.S. shale boom, fracking is getting hammered as oil prices near a two-decade low and producers stop completing new wells.

Fracking companies, which pump …

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

Whiting Petroleum is just the ‘first domino’ to fall in US shale wipeout, strategist says

CNBC


Wednesday’s Chapter 11 bankruptcy filing for Colorado-based Whiting Petroleum is a grim omen of things to come, experts say, as oil prices face historic collapse amid the coronavirus crisis and the Saudi-Russia oil price war.

The company is the …

Source: Haynes & Boone

Replay: Weekly Energy Tracker Call (3/31/20)

Oil and Gas 360


Replay: Weekly Energy Tracker Call (3/31/20)

Haynes and Boone, AEGIS and EnerCom welcome you to a weekly series of webex meetings to discuss business and legal issues erupting in the oil and gas world, including bankruptcy …

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: 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

Russia, U.S. hold energy talks, as Trump complains about oil cheaper than water

Reuters


WASHINGTON/MOSCOW (Reuters) – U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the …

April 1, 2020 - 11:30 am Closing Bell Story‎, Commodity Pricing
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 …

John Fox, Founder, former Chairman and CEO of MarkWest Energy Partners, issues open letter to the board of directors of Marathon Petroleum Corporation supporting recent decisions and the appointment of Michael Hennigan as CEO

John Fox, Founder, former Chairman and CEO of MarkWest Energy Partners, issues open letter to the board of directors of Marathon Petroleum Corporation supporting recent decisions and the appointment of Michael Hennigan as CEO

PR Newswire


DENVERMarch 30, 2020 /PRNewswire/ — John M. Fox, beneficial owner of 1,427,826 common units of MPLX LP and 62,583 shares of Marathon Petroleum Company, today released the following open letter to the board of directors of …

March 31, 2020 - 3:00 pm Closing Bell Story‎, Energy News, People
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: 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: Houston Chronicle

Energy Transfer to proceed with Lake Charles LNG alone after Shell exits project

Houston Chronicle


Dallas pipeline operator Energy Transfer will proceed with the proposed Lake Charles LNG export terminal alone after European oil major Shell has decided to exit the multibillion project.

Shell announced Monday that company will continue to support Energy …

March 30, 2020 - 10:30 am Closing Bell Story‎, Energy News, LNG