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 …
WASHINGTON – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said …
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 …
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 …
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 …
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 …
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 …
The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.
In such places, mom-and-pop outfits run so-called …
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 …
The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.
Secretary of State …
LONDON – Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package.
Brent crude LCOc1 was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 …
The Trump administration moved ahead with oil and gas lease sales in four Western states on Tuesday, bucking criticism from taxpayer advocates who say the auctions should be postponed because of a meltdown in energy prices.
The Bureau of …
LONDON – Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid …
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.
Futures in London fell around …
Midland exploration and production company Diamondback Energy is cutting its 2020 drilling budget for a second time this month as crude oil continue to fall to nearly 20-year lows.
In a statement issued late last week, Diamondback has …
LONDON – Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect …
LONDON – Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.
Countries …
Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers …
As markets for energy companies’ bonds crater on lower crude oil prices, bond analysts offer one big piece of comforting news amid the chaos: Very few major energy companies have any debt due before next year, when the crisis …
DENVER, March 12, 2020 (GLOBE NEWSWIRE) — HighPoint Resources Corporation (“we”, “us”, or the “Company”)
Devon Energy, Apache Corp and Murphy Oil Corp on Thursday became the latest in a string of North American oil producers to slash their capital spending and drilling plans as crude prices tumble.
Oil producers have been scaling back …
LONDON – Oil prices fell more than 6% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak …
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.…
HOUSTON – March 10, 2020 – Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors approved a reduction in the company’s quarterly dividend to $0.11 per share from $0.79 per share, effective July 2020. The company also
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 …
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 …
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 …
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.
