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News

20 Million Barrels Of Oil Stranded As California Runs Out Of Storage Space

20 Million Barrels Of Oil Stranded As California Runs Out Of Storage Space

Apr 22, 2020 at 12:32 | Irina Slav

Tankers carrying some 20 million barrels of crude oil are idling off the coast of California as onshore storage space runs out and the level of supply remains excessively high.…

Bank Of China Reacts On Turmoil, Suspends New Positions In Crude-Related Product

Bank Of China Reacts On Turmoil, Suspends New Positions In Crude-Related Product

Apr 22, 2020 at 11:25 | Tsvetana Paraskova

Following the turmoil in international oil markets, Bank of China suspended on Wednesday the opening of new positions in a structured crude oil trading product for retail investors linked to international…

Putin Calls For Patience As Oil Prices Crash

Putin Calls For Patience As Oil Prices Crash

Apr 22, 2020 at 10:15 | Tsvetana Paraskova

The current situation in the oil market with prices plummeting is tough, but the market shouldn’t be judged by a one-day or even a week-long slump, Vladimir Putin’s Press Secretary…

Are Negative Oil Prices About To Become The New Normal?

Are Negative Oil Prices About To Become The New Normal?

Apr 21, 2020 at 18:42 | ZeroHedge

It was only six years ago that financial professionals thought they had stumbled into the twilight zone when central banks first ushered…

Mexico's President Fears The Economic Consequences As Oil Prices Go Negative

Mexico's President Fears The Economic Consequences As Oil Prices Go Negative

Apr 21, 2020 at 17:54 | Tsvetana Paraskova

The oil price meltdown will affect Mexico’s economy and is bound to deepen the global economic crisis, Mexican President Andrés Manuel López Obrador said on Tuesday, a week after he clinched…

Oil Inventories Near Breaking Point As API Reports 13 Million Barrel Build

Oil Inventories Near Breaking Point As API Reports 13 Million Barrel Build

Apr 21, 2020 at 15:50 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 13.226 million barrels for the week ending April 17 as the demand destruction continues unchecked…

China Refines More Oil Than The U.S. For The First Time Ever

China Refines More Oil Than The U.S. For The First Time Ever

Apr 21, 2020 at 14:36 | Tsvetana Paraskova

The unprecedented situation on the oil market these days has led to yet another industry first. For the first time ever, Chinese refinery throughput has surpassed refinery crude processing in…

Trump Determined To Bail Out The Beleaguered Oil Industry

Trump Determined To Bail Out The Beleaguered Oil Industry

Apr 21, 2020 at 13:45 | Tsvetana Paraskova

U.S. President Donald Trump has instructed his administration to look into ways to make funds available to the American oil and gas produces who are struggling amid the lowest oil…

World's Largest Oil ETF Halts Creation Of New Trades As Crude Prices Collapse

World's Largest Oil ETF Halts Creation Of New Trades As Crude Prices Collapse

Apr 21, 2020 at 12:08 | Tsvetana Paraskova

Trading has been halted for the USO Fund LP that was responsible for sending WTI May crude futures into negative territory on Monday. The United States Oil Fund LP (NYSEARCA:…

Texas Oil Regulators Consider Production Cuts After Historic Oil Price Crash

Texas Oil Regulators Consider Production Cuts After Historic Oil Price Crash

Apr 21, 2020 at 10:35 | Tsvetana Paraskova

The Texas oil and gas regulator, the Texas Railroad Commission, is meeting on Tuesday to hear testimony about potentially curtailing statewide oil production after U.S. oil prices plunged 300% to settle…

Alexandria Ocasio-Cortez Rejoices At Negative Oil Prices

Alexandria Ocasio-Cortez Rejoices At Negative Oil Prices

Apr 21, 2020 at 09:16 | Irina Slav

Congresswoman Alexandria Ocasio-Cortez rejoiced at the news that U.S crude oil prices had dropped into negative territory earlier this week, tweeting “You absolutely love to see it.” In the tweet,…

COVID-19 Could Kill China’s $3.8 Trillion New Silk Road

COVID-19 Could Kill China’s $3.8 Trillion New Silk Road

Apr 20, 2020 at 16:01 | Oxford Business Group

The BRI is a far-reaching plan for transnational infrastructure development, linking five continents through land and sea corridors and industrial clusters. Launched in 2013, it was initially planned to revive…

U.S. Energy Exports Top Imports For The First Time Since 1952

U.S. Energy Exports Top Imports For The First Time Since 1952

Apr 20, 2020 at 14:31 | Tsvetana Paraskova

Thanks to lower net imports of crude oil and higher net exports of natural gas, the gross U.S. energy exports hit a record-high in…

Russian Oil Major To Cut 290,000 Bpd As Crude Falls Into Negative Territory

Russian Oil Major To Cut 290,000 Bpd As Crude Falls Into Negative Territory

Apr 20, 2020 at 14:15 | Tsvetana Paraskova

Lukoil, the second-largest oil producer in Russia, plans to slash its crude oil production by 18 percent, or by 290,000 bpd, as part of the new OPEC+ production cut deal,…

Kurdistan Commits To OPEC+ Oil Output Cut

Kurdistan Commits To OPEC+ Oil Output Cut

Apr 20, 2020 at 12:34 | Irina Slav

Kurdistan is committed to the OPEC+ oil production cut deal and will reduce output accordingly, the government of the semi-autonomous Iraqi region said in a statement following a meeting between Kurdish…

Nigeria Releases 22 ExxonMobil Employees

Nigeria Releases 22 ExxonMobil Employees

Apr 20, 2020 at 11:05 | Irina Slav

Nigerian authorities in the Rivers state have freed 22 Exxon employees who were arrested last week and quarantined for breaching a coronavirus containment order that restricts movement across the state.…

Mexico’s Offshore Oil Investment Set To Plunge Despite Government Pledges

Mexico’s Offshore Oil Investment Set To Plunge Despite Government Pledges

Apr 17, 2020 at 15:56 | Tsvetana Paraskova

Investment in Mexico’s offshore oil sector is set to plunge by 21 percent between 2020 and 2025 compared to previous expectations, as the price crash and the financial issues of…

Iraqi Kurdistan To Defer Payments To Oil Firms As Prices Crash

Iraqi Kurdistan To Defer Payments To Oil Firms As Prices Crash

Apr 17, 2020 at 15:46 | Tsvetana Paraskova

The semi-autonomous region of Kurdistan in Iraq will defer payments to oil companies operating in the region for the oil sales they had made between November 2019 and February 2020,…

China And Malaysia Clash In Highly Disputed South China Sea

China And Malaysia Clash In Highly Disputed South China Sea

Apr 17, 2020 at 12:57 | Tsvetana Paraskova

Tensions are rising in the disputed South China Sea, where a Chinese survey vessel has been tagging an exploration ship which Malaysia’s state oil firm Petronas is operating in the…

Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities

Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities

Apr 17, 2020 at 10:25 | Irina Slav

Mexico’s Pemex is looking for joint venture opportunities, the country’s energy regulator said. That’s despite the president’s decision to suspend all new bidding rounds and review all contracts with foreign…

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