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Energy / Crude Oil

Extending Production Cuts Would Be ‘Suicidal’ For OPEC

Jul 13, 2020 at 17:07 | Nick Cunningham

OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready…

Tighter Oil Market Could Trigger Supply Surge

Jul 13, 2020 at 14:46 | Yousef Alshammari

Despite a reported rise in oil inventories last week, bullish trading returned to oil markets with Brent closing at $43.24, up by 10.02…

OPEC Looks To Boost Production By 2 Million Bpd

Jul 13, 2020 at 13:54 | ZeroHedge

In retrospect, it's impressive that it lasted as long as it did. Four months after OPEC cobbled together a record production cut to offset the demand…

Saudi Arabia Has No Plans To Increase Oil Exports Just Yet

Jul 13, 2020 at 11:29 | Charles Kennedy

Saudi Arabia is set to keep its crude oil exports in August at the levels from July, although the OPEC+ group is expected to…

Libya Declares Force Majeure On Oil Exports Again

Jul 13, 2020 at 11:06 | Charles Kennedy

Just two days after it lifted the force majeure on all oil exports, Libya’s National Oil Corporation has declared force majeure again, citing a renewed blockade on its oil export terminals and…

Houthi Rebels Target ‘Giant Oil Facility’ In Saudi Arabia

Jul 13, 2020 at 10:05 | Tsvetana Paraskova

The Iran-aligned Houthi rebels in Yemen said on Monday that they had hit a large oil facility in Saudi Arabia’s southern city of Jizan…

Oil Price Crash Sparks A Wave Of Banking Mergers In The Middle East

Jul 10, 2020 at 17:00 | Alex Kimani

The historic oil price crash and Covid-19 pandemic have left major producers of the commodity in a deep economic crisis. Dramatic production cuts by OPEC+ has exacerbated the…

Oil Market Tightens But COVID-19 Could Spoil The Rally

Jul 10, 2020 at 16:49 | Nick Cunningham

Global oil demand has rebounded somewhat faster than previously thought, although the spread of the coronavirus in the United States and Latin America is “casting a shadow over…

Libya Lifts Force Majeure On All Oil Exports

Jul 10, 2020 at 09:57 | Charles Kennedy

After six months of port blockades and no exports, Libya’s National Oil Corporation (NOC) said on Friday that it lifted force majeure on all oil exports from Libya, potentially giving OPEC+…

The Oil Bulls Betting On $150 Crude

Jul 10, 2020 at 09:20 | Tsvetana Paraskova

The current oil crisis will severely depress investments in new oil production, setting the stage for oil prices hitting $100 or even $150 a barrel over the next five years,…

Crude Oil Shortages Beginning To Bite In Key Markets

Jul 09, 2020 at 17:08 | Alex Kimani

Last month, OPEC and its non-OPEC allies, known as OPEC+, agreed to extend their deep production cuts through July in an effort to rebalance oversupplied markets in the face of pandemic-hit demand.…

More Curtailed US Oil Production Coming Back Online

Jul 09, 2020 at 16:09 | Tsvetana Paraskova

Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter in response to the plunge in…

Iran’s Oil Storage Ready To Burst

Jul 09, 2020 at 14:55 | Julianne Geiger

The amount of oil that Iran currently has in storage may have come off its May peak, according to industry sources, but it is still forcing the oil producer to…

China Set To Fall Short On U.S. Energy Purchases

Jul 08, 2020 at 16:06 | Tsvetana Paraskova

Even before the coronavirus pandemic upended all forecasts for global trade and energy demand, analysts had doubted that China would be able to fulfill its pledge in the…

Colombia’s Gamble On Oil Could End In Disaster

Jul 08, 2020 at 13:29 | Matthew Smith

The latest oil price collapse coupled with the considerable economic fallout from the coronavirus pandemic has battered Colombia’s fragile economy. As the strife-torn Latin American country emerged from…

Canada’s Oil Patch Is Bringing Production Back Online

Jul 08, 2020 at 10:54 | Tsvetana Paraskova

Encouraged by higher oil prices, Canadian oil companies are bringing back some of the crude oil production they had curtailed, the top executives of some of the largest firms said…

Oil Falls After EIA Confirms Large Crude Inventory Build

Jul 08, 2020 at 09:43 | Julianne Geiger

Crude oil inventories in the United States swelled by 5.7 million barrels in the week to July 3, the Energy Information Administration reported, but gasoline inventories drew down. Analysts had 

North Dakota Will Not Impose Oil Production Cuts

Jul 08, 2020 at 09:12 | Tsvetana Paraskova

North Dakota’s oil regulators decided on Tuesday not to impose any oil production restrictions amid the coronavirus pandemic, The Bismarck Tribune reported. North Dakota follows Texas and Oklahoma in deciding…

World’s Biggest Oil Importer Is Running Out Of Storage

Jul 07, 2020 at 17:48 | Haley Zaremba

When the bottom fell out of international crude oil markets earlier this year, global oil storage was at a premium. In the United States, finding sufficient crude oil…

Why The Bakken May Not Come Back

Jul 07, 2020 at 17:10 | Nick Cunningham

The Bakken shale is already declining because of financial struggles and the oil market downturn, but the potential shuttering of the Dakota Access pipeline could close off the possibility of…

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