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OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

Apr 13, 2020

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%…

OPEC+ Oil Pact Hinges on Mexico Joining

Apr 10, 2020

Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.OPEC, Russia and other allies, a group known as OPEC+…

Oil Holds near $32 ahead of OPEC-Led Talks on Output Cuts

Apr 08, 2020

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.Thursday's videoconference…

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Apr 06, 2020

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33…

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

Apr 03, 2020

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic…

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Apr 03, 2020

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47%…

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

Apr 01, 2020

China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U…

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Mar 31, 2020

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago…

Oil Price: WTI Dips Below $20, Brent Touches 2002-Low

Mar 30, 2020

Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further.Brent crude…

20 Workers Isolated at Field Feeding Nord Stream Pipeline

Mar 26, 2020

Gas giant Gazprom said on Thursday 20 workers have been quarantined at Bovanenkovo gas field, which feeds the Nord Stream pipeline and is a key source of Russian gas supplies to Europe, after contact with a person who has coronavirus.The outbreak…

Brent Crude Drops to $26.35. Outlook Bleak

Mar 26, 2020

Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity…

Sakhalin-2 LNG Plant Ships Out 1,800th LNG Cargo

Mar 26, 2020

The Port of Prigorodnoye on the Pacific coast in the Russian Far East has loaded its 1,800th LNG cargo produced at the Sakhalin-2 LNG plant, in operation since 2009, Gazprom has informed.The LNG cargo was loaded onto the Hyundai Aquapia LNG carrier…

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 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…

Oil Takes Biggest Daily Dive in over a Decade as Russia, OPEC Split

Mar 09, 2020

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by the economic fallout from the coronavirus, and OPEC responded by removing limits on its own production…

Current News

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