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Groundhog Day for OPEC+

Groundhog Day for OPEC+

Ahead of a critical meeting…

Anglo-American Pivots to Copper Amid BHP's Hostile Takeover Bid

Anglo-American Pivots to Copper Amid BHP's Hostile Takeover Bid

Anglo-American unveils a comprehensive plan…

News

Is The Mining Sector Prepared For A Commodity Slump?

Is The Mining Sector Prepared For A Commodity Slump?

Mar 18, 2020 at 11:15 | MINING.com

The metals and mining sector will be moderately exposed as a result of the ongoing coronavirus outbreak worldwide, said Moody’s in its latest report on global sectors based…

U.S. Oil Prices Tumble 14% As Recession Fears Grow

U.S. Oil Prices Tumble 14% As Recession Fears Grow

Mar 18, 2020 at 11:11 | Tsvetana Paraskova

The benchmark U.S. oil price plunged to its lowest level in 18 years early on Wednesday and Brent Crude dipped below $30 a barrel for a four-year-low, as the worsening…

Oil Giant Forced To Furlough 3,500 Workers

Oil Giant Forced To Furlough 3,500 Workers

Mar 18, 2020 at 10:27 | Irina Slav

Oilfield services major Halliburton will furlough 3,500 employees for two months amid a drive to cut costs in the U.S. shale industry following the oil price rout sparked by the…

Surprise Inventory Draw Fails To Move Oil Markets

Surprise Inventory Draw Fails To Move Oil Markets

Mar 17, 2020 at 16:04 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a surprise crude oil inventory…

U.S. Senators Urge Saudi Arabia To End Oil War

U.S. Senators Urge Saudi Arabia To End Oil War

Mar 17, 2020 at 15:03 | Tsvetana Paraskova

A dozen U.S. Republican Senators are urging the world’s top oil exporter Saudi Arabia to review plans to significantly boost oil supply to the market and lower oil prices…

Booming U.S. Solar Industry Hit By Coronavirus Pandemic

Booming U.S. Solar Industry Hit By Coronavirus Pandemic

Mar 17, 2020 at 14:33 | Tsvetana Paraskova

The flourishing U.S. solar industry is already experiencing supply delays due to coronavirus-inflicted supply chain disruptions and may not meet the deadlines for projects to take full advantage of tax…

Oil Prices Fall As Trump Urges People To Stay Home

Oil Prices Fall As Trump Urges People To Stay Home

Mar 17, 2020 at 13:07 | Michael Kern

President Donald Trump announced on Monday that the U.S. government would be ramping up its efforts to contain the coronavirus outbreak and ease the economic impact it has caused…

Large Iraqi Oilfield Goes Offline As Operator Evacuates Staff

Large Iraqi Oilfield Goes Offline As Operator Evacuates Staff

Mar 17, 2020 at 12:00 | Tsvetana Paraskova

Operator Petronas has evacuated its employees from an oilfield in Iraq in an effort to protect them from the spreading coronavirus, which has forced Iraq to suspend production at the…

China's Power Demand Dives In 2020

China's Power Demand Dives In 2020

Mar 17, 2020 at 10:50 | Irina Slav

China’s power consumption in the first two months of the year fell 7.8 percent on 2019 because of the coronavirus outbreak, Reuters reports, citing data from the National Development…

Exxon To Slash Spending As Oil Price Collapse Continues

Exxon To Slash Spending As Oil Price Collapse Continues

Mar 17, 2020 at 10:27 | Irina Slav

Exxon has become the latest U.S. oil company to announce plans for spending cuts amid the coronavirus outbreak that caused a price slide significantly aggravated by Saudi Arabia’s decision to…

$30 Oil Won’t Keep U.S. Shale From Setting Production Record

$30 Oil Won’t Keep U.S. Shale From Setting Production Record

Mar 16, 2020 at 18:23 | Julianne Geiger

Despite the low oil prices that brought on by the combination of the coronavirus pandemic’s migration to the United States and the oil price war between Russia…

Asian Oil Buyers Look For Smaller Ships As Supertanker Rates Explode

Asian Oil Buyers Look For Smaller Ships As Supertanker Rates Explode

Mar 16, 2020 at 14:49 | Tsvetana Paraskova

Asian refiners are increasingly looking to book smaller tankers to load oil from the Middle East as the freight costs for chartering supertankers have surged after Saudi Arabia pledged to…

Azerbaijani Economy At Stake As Oil Prices Plummet

Azerbaijani Economy At Stake As Oil Prices Plummet

Mar 16, 2020 at 14:24 | Eurasianet

Demand for dollars has spiked in Azerbaijan amid fears of another currency devaluation following a plunge in oil prices. A feud between Saudi Arabia and Russia led to a…

The One Russian Oil Giant China Simply Refuses To Deal With

The One Russian Oil Giant China Simply Refuses To Deal With

Mar 16, 2020 at 13:55 | Tsvetana Paraskova

China’s state oil and chemicals company Sinochem doesn’t want to have anything to do with crude oil related in any way to Russian oil giant Rosneft or any of its…

Big Oil Switches To Remote Work Over Coronavirus Scare

Big Oil Switches To Remote Work Over Coronavirus Scare

Mar 16, 2020 at 12:37 | Irina Slav

Large oil companies in the United States have asked their office employees to work from home and instituted health checks for those who cannot work from home, Reuters reports.…

The World's Largest Oil Company Sees Profits Fall By $22 Billion

The World's Largest Oil Company Sees Profits Fall By $22 Billion

Mar 16, 2020 at 12:09 | Irina Slav

Saudi Aramco reported a net profit of $88.2 billion for 2019, down from $111.1 billion a year earlier as low oil prices and production curbs took their toll on…

U.S. To Buy 77 Million Barrels Of Crude For Strategic Petroleum Reserve

U.S. To Buy 77 Million Barrels Of Crude For Strategic Petroleum Reserve

Mar 16, 2020 at 10:05 | Irina Slav

The United States will start buying crude oil for the Strategic Petroleum Reserve within the next two weeks, with plans to buy around 77 million barrels, Bloomberg reported. The…

Oil Prices Crash 10% On Coronavirus Chaos

Oil Prices Crash 10% On Coronavirus Chaos

Mar 16, 2020 at 08:56 | Tsvetana Paraskova

Benchmark U.S. oil prices plunged to below $30 a barrel early on Monday, while Brent Crude crashed by 10 percent, as the markets were spooked, rather than calmed, by the…

The World’s Biggest Oil Trader Negotiates Venezuela Oil Purchase

The World’s Biggest Oil Trader Negotiates Venezuela Oil Purchase

Mar 13, 2020 at 18:53 | Tsvetana Paraskova

The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude in exchange for…

Global Jet Fuel Demand To Slump 11% Amid Coronavirus Outbreak

Global Jet Fuel Demand To Slump 11% Amid Coronavirus Outbreak

Mar 13, 2020 at 16:36 | Tsvetana Paraskova

Jet fuel demand will be the hardest hit fuel sector as the coronavirus outbreak spreads across the world, countries impose travel restrictions, and airlines continue to cancel thousands of flights,…

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