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Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale

Jun 09, 2020

Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region, which takes the bulk of the kingdom's exports…

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

May 22, 2020

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament…

Country-by-Country Look at Dropping Fuel Demand

May 01, 2020

It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights…

Oil Rises After OPEC+ Agrees Record Output Cut

Apr 13, 2020

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling…

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+…

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…

Oilfield Equipment and Services Spending to Fall to 2005-Low

Apr 01, 2020

Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending…

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…

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…

Origin Energy to Defer Shale Drilling in Australia

Mar 26, 2020

Origin Energy will defer shale exploration drilling in Australia's Northern Territory until the second half of this year in a bid to protect workers from a coronavirus, the company said on Thursday.Origin, operator of a joint venture with Dublin-based Falcon Oil & Gas Ltd…

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…

Sinopec Gets Weirong Green Light

Nov 19, 2019

China's Sinopec has received approval from the ministry of natural resources to develop shale gas at the Weirong gas field in the southwestern province of Sichuan, the refiner said on Tuesday.The company plans to build 166 wells at the gas field…

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Woodside Expects $4.37B Loss after Asset Write-down

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