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Asian Oil News

 

Oil Price Crash - Where Does Asia Go from Here?

Mar 17, 2020

Energy companies across the Asia Pacific responding to unprecedented challenges on multiple fronts 2020 has hit us like a fist. Coronavirus is already the most severe shock to hit the world economy since the financial crisis over a decade ago. A dramatic ramp-up in containment measures is having a negative economic effect and weaker GDP growth, and potentially global recession, in 2020 is now a reality…

Oil Falls on Skepticism over Trump's Saudi-Russia Output Deal

2 hours ago

Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, reflecting market skepticism about a deal U.S. President Donald Trump said he had brokered between Saudi Arabia and Russia to cut output.Brent crude futures fell 3…

Brazil: FPSO Charter Ends 5 Years after Deadly Explosion

Mar 30, 2020

FPSO leasing company BW Offshore has informed that a charter for FPSO Cidade de Sao Mateus has expired. The FPSO was involved in an explosion in February 2015, an incident in which nine workers were killed, and 26 others injured. There were…

New Oil and Gas Project Spending to Fall 68% in 2020 if Oil Price Stays Low

Mar 24, 2020

Oil and gas project sanctioning in 2020 could drop almost 70% compared to 2019 if the oil prices remain in the $30 a barrel area, Norway-based Rystad Energy said in an analysis on Monday.'The effect of the COVID-19 virus on global demand for oil and gas…

Oil Facing Prolonged Period of Demand Destruction

Mar 20, 2020

Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia…

Oil Prices Bounce, But Gains Only Temporary, Analysts Say

Mar 19, 2020

Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…

WTI Oil Price Hits 17-Year Low, Brent Goes Below $28

Mar 18, 2020

Oil prices fell for the third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.U.S. crude was down $1.49 cents, or 5.53%…

CNOOC Makes Large Discovery in Bohai Bay

Mar 16, 2020

China's CNOOC Ltd said on Monday that it made a large-sized discovery in Bohai Bay offshore China.Located in the Laizhou Bay in southern Bohai basin, the Kenli 6-1 discovery  is expected to produce around 1,178 barrels of oil per day, the company said in a statement…

Oil Prices Set for Biggest Weekly Drop Since 2008

Mar 13, 2020

Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 7% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply.Brent crude was up $2.50, or 7.3% on the day…

OPEC and How it Has Dealt with Oil Price Crashes

Mar 12, 2020

The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month…

Offshore Oil Rig Infection Exposes Coronavirus Dangers

Mar 12, 2020

Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.A worker…

Kazakhstan Cuts Gas Supplies to China by 20-25%

Mar 11, 2020

Kazakhstan has reduced natural gas supplies to China by 20-25%, Energy Minister Nurlan Nogayev said on Wednesday, after importer PetroChina issued a force majeure notice to suppliers this month.PetroChina has suspended some natural gas imports…

'Brutal' Cost Cuts May be Ahead for Oil Industry

Mar 10, 2020

Oil and gas companies might be heading for another round of 'brutal' cost cuts in the wake of the oil price crash caused by coronavirus outbreak and Saudi-Russia stand-off on output cuts.Wood Mackenzie’s Tom Ellacott said: “The price collapse…

IEA: Global Oil Demand Set to Contract for the First Time since 2009

Mar 10, 2020

Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped…

Oil Suffers Rout After Saudi Arabia Fires First Shot of Price War

Mar 09, 2020

Losing more than a quarter of their value, oil prices were set on Monday for their biggest daily rout since the first Gulf War, after Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand…

Current News

Oil Falls on Skepticism over Trump's Saudi-Russia Output Deal

Oil Falls on Skepticism over Trump's Saudi-Russia Output Deal

Energean Power FPSO Hull Leaves China

Energean Power FPSO Hull Leaves China

Woodside Gets OK for Scarborough Proposal

Woodside Gets OK for Scarborough Proposal

CNOOC Transfers Pipeline Infrastructure to PipeChina

CNOOC Transfers Pipeline Infrastructure to PipeChina

Petronas Charters Alam Maritim AHTS

Petronas Charters Alam Maritim AHTS

Aker Energy Delays Ghana Offshore Project 'Indefinitely'

Aker Energy Delays Ghana Offshore Project 'Indefinitely'

Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever

Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever

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