Article Archive | Page 705

Mar 11, 2020 at 14:32

Due to the coronavirus outbreak weighing on economic growth, OPEC now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed its forecasts by 920,000…

Mar 11, 2020 at 14:09

Oil prices crashed after Russia and Saudi Arabia announced that they will abandon OPEC production quotas and open the taps, and while drillers and oilfield service companies are feeling the…

Mar 11, 2020 at 13:51

Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last…

Mar 11, 2020 at 13:39

On the 8th of August 2019 a major oil company completed an acquisition that could well be looked back on as the worst oil deal of the decade. Since that…

Mar 11, 2020 at 13:00

The stock markets have a new and even more vengeful bogeyman, and this time, it’s not coronavirus. The U.S. bear market crashed to new lows on Wednesday, and the China…

Mar 11, 2020 at 11:17

The Saudi Energy Ministry has told Aramco to increase its oil production capacity to 13 from 12 million bpd, the company’s chief executive Amin Nasser said in a statement as…

Mar 11, 2020 at 10:46

OPEC’s third biggest producer, the United Arab Emirates (UAE), is entering the oil price war as the Abu Dhabi National Oil Company (ADNOC) said on Wednesday it was positioned…

Mar 11, 2020 at 10:09

Amid a new oil price rout sparked by the breakdown of the OPEC+ alliance the Energy Information Administration reported a crude oil inventory build of 7.7 million barrels for…

Mar 10, 2020 at 19:01

U.S. shale growth is about to decline, becoming an immediate victim of the Saudi-Russian price war. Saudi Aramco said that it would increase oil production to 12.3 million barrels per…

Mar 10, 2020 at 18:24

When Rystad Energy analysts last November told Bloomberg that Big Oil investors were in for a windfall of dividends and share buybacks as the companies shifted into renewables, they…

Mar 10, 2020 at 17:29

A mild winter in the northern hemisphere, the COVID-19 outbreak, and now the price war that Saudi Arabia declared last weekend have combined to produce an all-new oil price crisis…

Mar 10, 2020 at 14:55

The U.S. sanctions on Iran’s oil sector are impacting the Islamic Republic’s ability to potentially increase production in the long term if the U.S.-Iran tensions subside and sanctions ease.  …

Mar 10, 2020 at 14:27

Ratings Agency Fitch warned on Tuesday that a new wave of sovereign rating downgrades could be in the works if the oil slump continues, according to Reuters. In additional,…

Mar 10, 2020 at 13:41

Saudi Arabia’s state-run shipping company has hired multiple very large crude carriers to carry all the extra oil it plans on exporting next month—a rare move indeed…

Mar 10, 2020 at 13:24

Oil is climbing back up after falling over 25% on Sunday, but will the rally last?  (Click to enlarge)

Mar 10, 2020 at 13:17

Despite the break-up of the OPEC+ production cut agreement, “the doors aren’t closed” to future cooperation between Russia and OPEC, Russia’s Energy Minister Alexander Novak told local news channel

Mar 10, 2020 at 11:57

Russia can raise its oil production by 200,000 bpd to 300,000 bpd in the short term, with a potential for up to a total increase of 500,000 bpd, Russian Energy…

Mar 10, 2020 at 10:59

Hopes of economic stimulus amid the coronavirus outbreak helped oil prices to rebound on Tuesday and rise by 9 percent, recouping some of the massive losses from Monday, when prices…

Mar 10, 2020 at 10:18

Saudi Arabia plans to increase its crude oil production from below 10 million bpd currently to 12.3 million bpd next month, the company said in a filing with the…

Mar 09, 2020 at 18:41

It’s one for the history books. Oil opened on Monday down roughly 25 percent, the sharpest decline in decades, and broader financial markets fell so precipitously that the circuit breakers…