LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.
In a monthly …
Oil prices have quickly climbed to levels that raise the risk of price falls as demand is fragile, Morgan Stanley said on Monday, as benchmark crude hit its highest in three months.
Oil climbed on Monday after major producers …
Working from home has become the norm, and if the trend continues even after the pandemic abates, it could pose a big risk for oil, analysts are warning.
“The biggest threat to oil demand is the rise of remote …
LONDON – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.
“Bullish sentiment continues to gather momentum as we move closer …
LONDON – Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.
Brent crude LCOc1 futures were up 0.8%, or …
LONDON – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…
Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.
U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel …
The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs.
The Covid-19 pandemic …
HIGHLIGHTS
Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic.
Reuters reported last month …
LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears …
Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.
The E&P industry, which includes oil majors, made $2.47 …
The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II.
With roughly 4.2 billion people around the world subject to some …
The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.
And with only guesswork as
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 …
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 …
LISBON (Reuters) – The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically push up oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan …
Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude.
Demand is …
(Bloomberg) — Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply.
Futures plunged more than 3% as China reported an increase …
From the Houston Chronicle
The U.S. energy sector, while not entering a downturn, is facing an extended period of lower oil prices, lower profits and tighter spending, ultimately leading to slower growth, fewer companies and fewer jobs in Houston and …
From Reuters
CAPE TOWN (Reuters) – World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC’s secretary-general said on Wednesday.
Mohammad Barkindo also told an energy conference …
The latest Oil Market Report by IEA suggests that the global demand growth for oil has been revised upwards to 1.6 million BOPD. This number has already included the effects of Hurricanes Irma and Harvey on the U.S. energy demand.…
The implementation of electric vehicles and ride-sharing may have long-term effects on oil demand, but the speed at which changes to the vehicle fleet takes place are likely to ensure …
While the oil industry was watching OPEC, U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy has issued a final …
In this second and final part of our exclusive interview, NAPIA and Energy Directions President Mike Smolinski talks about the effect of growing U.S. crude oil and LNG exports on global markets and refining, the effect of $2.50 natural gas …
In this multi-part interview, NAPIA and Energy Directions President Mike Smolinski talks about oil demand, supply, price shocks, and a coming rebalance, with a detailed look at how today’s oil market fundamentals will affect U.S. oil and gas producers, oilservice …
OPEC Secretary General Abdalla Salem El-Badri said the organization does not expect prices to fall any lower as demand picks up in 2016 and continues to grow through the end of the decade. “The …
The Organization of Petroleum Exporting Countries (OPEC) released its Oil Monthly Report (OMR) for July, predicting economic growth would continue to drive oil …
