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Oil Plunges After API Reports Large Unexpected Crude Inventory Build

Oil Plunges After API Reports Large Unexpected Crude Inventory Build

May 27, 2020 at 15:53 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build, of 8.731 million barrels for the week ending May 22. Analysts had predicted an inventory draw…

Chevron Plans Massive Workforce Reduction

Chevron Plans Massive Workforce Reduction

May 27, 2020 at 14:53 | Julianne Geiger

Chevron Corp has plans to cut between 10 percent and 15 percent of its workforce as crude oil prices remain stubbornly low amid the coronavirus pandemic and oversupply. With…

Ukrainian Government Greenlights U.S. LNG Imports

Ukrainian Government Greenlights U.S. LNG Imports

May 27, 2020 at 14:35 | Tsvetana Paraskova

The government of Ukraine, which is keen to wean itself off Russian energy supplies, approved on Wednesday a plan to import liquefied natural gas (LNG) from the United States, Reuters…

US Considers New Sanctions On Russia-Led Nord Stream 2 Pipeline

US Considers New Sanctions On Russia-Led Nord Stream 2 Pipeline

May 27, 2020 at 14:06 | Tsvetana Paraskova

The United States is currently considering additional sanctions on the Russia-led gas pipeline project Nord Stream 2 which is planned to bring Russian gas to Germany via the Baltic Sea,…

Brazil’s Oil Major Petrobras To Tap Global Bond Market

Brazil’s Oil Major Petrobras To Tap Global Bond Market

May 27, 2020 at 12:38 | Tsvetana Paraskova

Petrobras plans to issue one or more series of global bonds in the U.S. market, subject to market conditions, Brazil’s state-held oil firm said on Wednesday, without specifying amounts.…

Tesla Slashes Prices In North America To Stimulate Sales

Tesla Slashes Prices In North America To Stimulate Sales

May 27, 2020 at 11:51 | Tsvetana Paraskova

Tesla is cutting the prices of its vehicles in North America to spur demand for electric cars now that the two-month-long lockdowns are starting to ease, Reuters reported on…

Pandemic Triggers Record $400 Billion Drop In Energy Investment

Pandemic Triggers Record $400 Billion Drop In Energy Investment

May 27, 2020 at 10:39 | Tsvetana Paraskova

The COVID-19 pandemic will result in the biggest annual drop in energy investments on record—nearly US$400 billion, the International Energy Agency (IEA) said in its new World Energy Investment 2020…

Big Oil Loses Legal Climate Fight In California

Big Oil Loses Legal Climate Fight In California

May 27, 2020 at 09:37 | Irina Slav

Big Oil companies have become vulnerable to lawsuits from California cities and counties for their role in climate change after they lost two crucial lawsuits at the state court of…

COVID-19 Spreads To Brazil’s Offshore Oilfields

COVID-19 Spreads To Brazil’s Offshore Oilfields

May 26, 2020 at 14:36 | Tsvetana Paraskova

At least five oil producers offshore Brazil, including international oil majors and state oil firm Petrobras, have seen COVID-19 infections among offshore workers spike in recent weeks, industry and government…

Texas Economy Could Lose $24B If Oil Prices Stay In The $30s

Texas Economy Could Lose $24B If Oil Prices Stay In The $30s

May 26, 2020 at 14:13 | Tsvetana Paraskova

The downturn in the U.S. oil industry could lead to more than US$24 billion of lost GDP for Texas alone, if oil prices remain in the $30s, Ed Hirs, Energy…

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