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Breaking News:

Asian Oil Imports Dropped in April

Energy / Crude Oil

Is Saudi Arabia To Blame For The Looming Economic Recession?

Mar 17, 2020 at 18:11 | Arthur Berman

Saudi Arabia has repeated the blunder it made in November 2014 by increasing oil production during an oil-price collapse. In 2014, it led to a depression in the oil industry.…

Oil Nations Could See Income Crash By Up To 85 Percent In 2020

Mar 17, 2020 at 11:17 | Tsvetana Paraskova

The coronavirus pandemic and collapsing oil prices will slash the oil and gas revenues of vulnerable oil-reliant developing economies by up to 85 percent, the heads of OPEC and the…

Russia Makes Move On Antarctica’s 513 Billion Barrels Of Oil

Mar 16, 2020 at 14:45 | Simon Watkins

Rosgeologia’s seismic surveys and other related work since the 70s to now indicate that there is at least 513 billion barrels of oil and gas equivalent in Antarctica,…

OPEC+ Scraps Meeting As Oil War Heats Up

Mar 16, 2020 at 11:06 | Tsvetana Paraskova

Attempts by some OPEC members to mediate between the cartel’s leader, Saudi Arabia, and Russia have failed and this Wednesday’s meeting of an OPEC+ technical committee has been scrapped amid…

Largest Oil Glut In History Could Force Crude Prices Even Lower

Mar 16, 2020 at 09:13 | Tsvetana Paraskova

The oil market is heading for the largest ever crude glut in the first half of 2020, which could be two to nearly four times bigger than the biggest surplus…

Why Didn’t Russia Just Cut Oil Production?

Mar 13, 2020 at 18:24 | Robert Rapier

Last week OPEC conducted meetings with a coalition of partners that have worked together to limit oil production since 2016. It was widely reported that the group hoped to come…

Big Oil Is Burning Cash In The Permian

Mar 13, 2020 at 18:19 | Alex Kimani

Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico…

U.S. Looks To Snag Market Share From Russia In Its Own Backyard

Mar 13, 2020 at 18:09 | RFE/RL staff

The U.S. State Department has announced "the willingness of U.S. companies to begin immediately selling oil to Belarus at competitive market prices" in a clear signal to Minsk -- and…

How Long Will The Oil Price War Actually Last?

Mar 12, 2020 at 16:58 | David Messler

The last few weeks have been humbling for those of us who make prognostications about the direction the oil markets may take. Especially so for the bulls, folks who think…

Saudi Arabia Strikes Back At Russia In Key Oil Market

Mar 12, 2020 at 12:38 | Tsvetana Paraskova

The world’s top oil exporter Saudi Arabia is going after Russia’s oil market share in Europe with deeply discounted Arab Light crude at up to three times the usual volumes, people…

Why Fracking Will Never Be Banned In The U.S.

Mar 11, 2020 at 17:43 | Julianne Geiger

Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of…

OPEC Now Sees Zero Growth In Global Oil Demand In 2020

Mar 11, 2020 at 14:32 | Tsvetana Paraskova

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…

Mexico’s Oil Hedge Just Saved Its Economy

Mar 11, 2020 at 13:51 | Haley Zaremba

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…

Saudi Arabia Prepares To Flood The Market With Even More Oil

Mar 11, 2020 at 11:17 | Irina Slav

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…

Oil Price War Escalates As OPEC's No.3 Boosts Production

Mar 11, 2020 at 10:46 | Tsvetana Paraskova

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…

Oil Falls Further On Soaring Crude Inventories

Mar 11, 2020 at 10:09 | Irina Slav

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…

Saudi Arabia Books Supertankers To Flood U.S. Markets With Oil

Mar 10, 2020 at 13:41 | Julianne Geiger

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…

Russia Might Not Be Done With OPEC Just Yet

Mar 10, 2020 at 13:17 | Tsvetana Paraskova

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

Russia Fires Back: Could Boost Oil Production By 500,000 Bpd

Mar 10, 2020 at 11:57 | Tsvetana Paraskova

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…

Oil Price Crash: 50% Of U.S. Shale Could Go Bankrupt

Mar 09, 2020 at 18:41 | Nick Cunningham

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…

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