Reuters LONDON/NEW YORK/MOSCOW – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the United States and due to arrive in
CNBC Saudi Arabia will be best positioned to weather the impact of an unprecedented collapse in U.S. oil prices, energy analysts told CNBC on Tuesday. It comes at a time when the market is awash with crude, storage tanks are being filled and the coronavirus crisis continues to ravage global demand. On Monday, the May contract for U.S. West Texas Intermediate futures
Reuters MOSCOW – Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. It is here, rather than in the world of futures prices, that a long-standing battle for market share carries on, particularly in Asia, shipping data analysed on Monday by
Reuters An extreme situation has developed in the U.S. crude oil futures markets, as the current front-month May contract expiring on Tuesday has dropped by a whopping 40%, opening up the widest gap ever between it and the next contract, nearly $11 a barrel. That gigantic spread CLc1-CLc2 is the result of the shocking fall in demand due to the
CNBC As the Organization of the Petroleum Exporting Countries and its allies came to an agreement on a record cut in oil production, U.S. President Donald Trump may have struck his “biggest and most complex deal,” according to oil expert Dan Yergin. “What was so interesting — among many, very interesting things in this unprecedented event — was the turnaround, the pivot
Reuters MOSCOW – The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday. Having been in a stand-off with western nations – most notably the United States – from 2014 on everything from Crimea’s annexation from Ukraine
Reuters DUBAI/MOSCOW – Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies and will push the United States and other producers to remove a further 5%. The plan for cuts top the agenda for Friday’s video conference of energy ministers from the Group
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 barrels, although the cut could be as high as 15 million barrels. U.S. West Texas Intermediate crude surged more than 30% to
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 industry. Oil prices LCOc1 fell nearly 70% from January highs as lockdowns due to the coronavirus hammered demand and as
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. crude was up by 39 cents, or 1.9%, to trade at $20.48 per barrel. Earlier in the session WTI traded as high as $21.89
CNBC Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices. The sum includes Riyadh’s 50 billion riyals package announced last week to support small and medium-sized businesses. Friday’s announcement introduces a further 70 billion riyals
Reuters NEW DELHI/SINGAPORE/MOSCOW – Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday. Changes in supply terms may lead to cancellations of April cargoes by buyers across the world as they weren’t expecting
