• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 2 hours A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 7 mins Saudis to cut 4mm bbls. What a joke.
  • 2 hours Chinese Communist Party
  • 7 hours Corona Price Tag
  • 39 mins Occidental hypocrisy
  • 3 hours Trump will be holding back funds that were going to W.H.O. Good move
  • 4 hours Sharp real pure true hard working roughneck needing work..
  • 43 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 53 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 5 hours Death Match: Climate Change vs. Coronavirus
  • 5 hours Get First Access To The Oilprice App!
  • 6 hours Bernie Sanders introduces bill to ban fracking
Alt Text

The Hottest Tech Startup To Watch In 2020

Investors are going green in…

Alt Text

Small Oil Firm Reports Huge Alaska Oil Discovery

UK-based oil exploration firm Pantheon…

Editorial Dept

Editorial Dept

More Info

Premium Content

A Crisis Looms For Oil-Rich Gulf States

Market Movers

- The International Monetary Fund issued a dire warning to the oil-rich Gulf Arab states this week: Rein in your spending or risk exhausting all of your oil savings within the next fifteen years. Even powerhouse Saudi Arabia was on the list, along with gas-rich Qatar. Low oil prices, the rise of renewables, climate change, and slower oil demand growth all threaten the livelihood of the fossil-fuel dependent states, the IMF said - and no one is immune. The region’s total wealth, estimated at $2 trillion, will turn negative by 2034 if oil were to trade at $55 per barrel - a price that would see the region becoming a net borrower.

- Goldman Sachs delivered a sharp blow to Exxon this week, downgrading XOM.N from neutral to sell after the oil giant reported rather grim Q4 financial results. Exxon managed to miss analysts’ earnings estimates, which fell to just $5.6 billion - down from $6 billion a year ago. The disappointing results came on the back of lower oil and gas prices, as well as unfavorable downstream segments. Goldman’s downgrade sent Exxon stock tumbling. It is trading nearly $8 down over the last 30 days.

- The Russian government will grant energy companies tax incentives worth $231 billion to boost oil and gas production in the Arctic, after the passage of new legislation last week.

- Libya’s National Oil Company said this week that it has lost nearly $1 billion in oil revenue since the closure of its oil…






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News