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News

Saudi Arabia Looks To Slash Government Spending Amid Oil Price Crash

Saudi Arabia Looks To Slash Government Spending Amid Oil Price Crash

Mar 11, 2020 at 16:21 | Tsvetana Paraskova

Even before the collapse of the OPEC+ talks last Friday, Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets due to the…

Eurasian Nations Are Betting Big On Renewables

Eurasian Nations Are Betting Big On Renewables

Mar 11, 2020 at 13:54 | Eurasianet

In discussions about renewable energy, Azerbaijan is not the first country that springs to mind. As one of the world's top 25 oil and gas producers, Azerbaijan is better known…

Ice Cream: Scotland’s Latest Renewable Win?

Ice Cream: Scotland’s Latest Renewable Win?

Mar 11, 2020 at 13:12 | Michael Kern

When we think about the fight against climate change, we typically think about electric vehicles, reducing emissions from coal, putting pressure on Big Oil to go green, or the tech…

Mexico Offers To Mediate In Oil War

Mexico Offers To Mediate In Oil War

Mar 11, 2020 at 11:29 | Irina Slav

Mexico is ready to act as mediator between Saudi Arabia and Russia who turned from partners to opponents on Friday when Russia quit the OPEC+ production cuts. In response, Saudi…

Russian Oil Firms To Discuss The Fate Of OPEC+ Alliance

Russian Oil Firms To Discuss The Fate Of OPEC+ Alliance

Mar 11, 2020 at 10:14 | Tsvetana Paraskova

Russian oil companies will meet at the energy ministry on Wednesday to discuss if Russia’s producers should continue cooperation with OPEC, two sources with knowledge of the plans told

Oil Rallies Despite Large Crude Build

Oil Rallies Despite Large Crude Build

Mar 10, 2020 at 16:02 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build of 6.407 million barrels for the week ending March 6, compared to analyst expectations of a…

Gas Could Be In Even Bigger Trouble Than Oil

Gas Could Be In Even Bigger Trouble Than Oil

Mar 10, 2020 at 12:53 | Irina Slav

Excess production, depressed demand, and weak prices: this sums up the natural gas market right now even better than it sums up the oil market. Unfortunately, with the China coronavirus…

Oil Price War Could Wreak Havoc On Eurasian Economies

Oil Price War Could Wreak Havoc On Eurasian Economies

Mar 10, 2020 at 12:18 | Eurasianet

A feud between Saudi Arabia and Russia that sent oil prices plunging on March 9 has rewritten economic forecasts across Eurasia. Azerbaijan, Kazakhstan and Russia – the former Soviet Union’s…

Only 5 Shale Drillers Are Still Profitable At $31 Oil

Only 5 Shale Drillers Are Still Profitable At $31 Oil

Mar 10, 2020 at 11:30 | Irina Slav

Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling…

Major Bank Slashes Oil Price Forecast By $16

Major Bank Slashes Oil Price Forecast By $16

Mar 10, 2020 at 10:29 | Irina Slav

Barclays has become the latest bank to revise its oil price outlook for this year. The UK bank cut its forecast for Brent crude to $43 a barrel from $59,…

US Goes After Iran’s Floating Oil Storage

US Goes After Iran’s Floating Oil Storage

Mar 09, 2020 at 18:12 | Julianne Geiger

Washington has plans to issue warnings to oil shippers, insurers, and port authorities that storing Iranian crude oil will bring the wrath of US sanctions, a US State Department…

Standard Chartered Slashes WTI Oil Price Forecast To $32

Standard Chartered Slashes WTI Oil Price Forecast To $32

Mar 09, 2020 at 16:07 | Tsvetana Paraskova

Expecting a fierce and protracted oil price war, Standard Chartered slashed on Monday its oil price estimates for this year and next, saying WTI Crude prices would average $32…

Coronavirus Causes Unprecedented Oil Demand Destruction

Coronavirus Causes Unprecedented Oil Demand Destruction

Mar 09, 2020 at 15:11 | Robert Rapier

The oil markets have been anticipating a big impact on oil demand from the coronavirus outbreak. That’s why we have seen a 30 percent drop in the…

China's Oil Major Is Producing A New Product... Face Masks

China's Oil Major Is Producing A New Product... Face Masks

Mar 09, 2020 at 13:07 | Irina Slav

One of China’s top oil and petrochemical companies, Sinopec, has launched two production lines for N95 respirators and surgical masks in response to a shortage created by the coronavirus epidemic,…

Overexposure To Oil Is Hurting Big Banks

Overexposure To Oil Is Hurting Big Banks

Mar 09, 2020 at 11:40 | ZeroHedge

With energy junk bonds crashing... ... amid a (long-overdue) investor revulsion to the highly levered energy sector, much…

Russia Can Live With $25 Oil For Years

Russia Can Live With $25 Oil For Years

Mar 09, 2020 at 10:43 | Tsvetana Paraskova

After oil prices collapsed in the worst drop in nearly three decades—courtesy of the renewed Saudi-Russia rivalry on the oil market – Russia’s Finance Ministry said on Monday that Moscow…

Oil Price Collapse Continues As Saudis Push For Record-Breaking Production

Oil Price Collapse Continues As Saudis Push For Record-Breaking Production

Mar 09, 2020 at 10:22 | Irina Slav

Crude collapsed by more than 30 percent under the combined pressure of a no-deal end to the OPEC+ meeting last week and Saudi Arabia’s announcement on Sunday that it would…

U.S. Net Petroleum Exports Hit Highest Ever In February

U.S. Net Petroleum Exports Hit Highest Ever In February

Mar 06, 2020 at 17:42 | Tsvetana Paraskova

The United States was a net exporter of crude oil and petroleum products last month, with the four-week average net imports at a negative 907,000 barrels per day (bpd) in…

Buffett Pulls Out Of Canadian LNG Project As Opposition Intensifies

Buffett Pulls Out Of Canadian LNG Project As Opposition Intensifies

Mar 06, 2020 at 15:26 | Irina Slav

Warren Buffett’s Berkshire Hathaway has pulled out of a planned investment in the Saguenay LNG project in Quebec, Canada, suggesting that harder times are ahead for the country’s LNG ambitions.…

Gasoline Prices Are Plummeting

Gasoline Prices Are Plummeting

Mar 06, 2020 at 12:59 | Michael Kern

Everywhere you look, it seems like things have taken a turn for the worst. The coronavirus crisis has wreaked havoc across markets. The U.S. political system is in a frenzy.…

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