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Oil & Gas

Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Oil Price
11-03-2020

US Shale Supply Badly Hit by Oil Price War
Following the WTI price fall to around $30 per barrel due to an oil price war between Saudi Arabia and Russia, US shale production has been badly hit. The outlook is quite difficult for indebted shale operators, says an analyst.
Oil & Gas Trade
10-03-2020

How a Saudi-Russian Standoff Sent Oil Markets Into a Frenzy
Moscow refused to accept production cuts to offset the effect of the coronavirus outbreak. Now Saudi Arabia is trying an alternative: inflicting pain.
Oil & Gas Trade
10-03-2020

IEA: Oil Demand To Drop For First Time Since 2009
Global oil demand is set to drop this year for the first time since the financial crisis in 2009, the International Energy Agency (IEA) said on Monday, as it slashed its demand outlook by 1.1 million bpd due to the coronavirus outbreak and its impact on e
Oil Price
10-03-2020

Saudi Arabia, Russia Brawl Creates Crude Turmoil
Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already awash with crude after their three-year supply pact collapsed.
Crude
09-03-2020

Coromavirus Now Poised to Wipe Out Most of 2020 oil Demand Growth, No OPEC Cure in Sight
The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unli
Crude
09-03-2020

Australia Inks Deal With U.S. for Access to Strategic Petroleum Reserve
Australia said it will sign a deal with the U.S. this week giving it access to crude oil from to America’s Strategic Petroleum Reserve during an emergency.
Oil & Gas Trade
09-03-2020

Aramco Shares Fall 9%; Below IPO Price for First Time as OPEC Pact Unravels
Shares of Saudi state oil company Aramco (2222.SE) slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after OPEC’s pact with Russia to restrict oil supplies fell apart.
Oil Price
09-03-2020

Oil Prices Dive as Saudi Arabia Takes Aim at Russian Production
Russia on Friday rejected an agreement with OPEC on cuts in oil supplies to bolster prices.
Oil Price
08-03-2020

Wall Street Oil Outlook Crumbles as Goldman Sees Contraction
Goldman Sachs Group Inc. became the first major Wall Street bank to anticipate that global oil demand will contract in 2020 for only the fourth time in nearly 40 years.
Oil & Gas Trade
08-03-2020

Saudi Arabia to up Oil Production after Opec Deal Falls Through
World’s largest oil exporter Saudi Arabia is planning to ramp up production to nearly 11m barrels a day in April after the three year alliance between oil cartel Opec and Russia collapsed last week.
Oil & Gas Trade
07-03-2020

Kazakhstan in Talks with PetroChina after Force Majeure on Gas Supplies
Kazakh natural gas exporter Kaztransgas is discussing further gas supplies with PetroChina after it issued a force majeure notice citing the coronavirus outbreak, the Kazakh firm said on Friday.
Crude
07-03-2020

OPEC’s Pact with Russia Falls Apart, Sending Oil Into Tailspin
A three-year honeymoon between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production.
Oil & Gas Trade
06-03-2020

CNOOC Has Fully Resumed, Recovering From the Effect of Coronavirus
On March 6, the reporter learned from China National Offshore Oil Corporation that, with full coordination efforts, up to now, CNOOC's projects under construction have been fully resumed.
Oil & Gas Trade
05-03-2020

OPEC+ Stuck Yet Again as Saudi Arabia and Russia Disagree on Output Cuts
The OPEC+ found itself stuck yet again, after a day of talks that ended with its two most important members split over whether they should deepen production cuts to offset the huge demand hit from the coronavirus epidemic.
Oil & Gas Trade
05-03-2020

Saudis Lobby for Million-Plus-Barrel OPEC Cuts, Extending Oil’s Gains
Oil rose for a third day after Saudi Arabia pushed for a deeper output cut than OPEC’s technical committee recommended a day earlier.
Oil & Gas Trade
04-03-2020

Oil Looks Into Abyss as Coronavirus Threatens Demand Contraction
Flights canceled in Europe, schools closed in Japan, towns quarantined in Italy and panic in California. The coronavirus crisis has gone global, and with it, its impact on energy demand.
Oil&Gas Drilling
04-03-2020

Shell and ExxonMobil Plan for Exploration of Blocks Offshore Somalia
The Ministry of Petroleum and Mineral Resources of Somalia has agreed on an initial roadmap with the Shell/ExxonMobil joint venture focused on the next steps towards the exploration and development of certain offshore hydrocarbon blocks.
Oil and Gas Technology
03-03-2020

China National Petroleum Corporation Completes First Medical Mask Production Line
22 days of hard work, day and night scientific research, non-stop construction...On February 29, the first batch of six production lines for surgical masks was completed and put into operation, with a production capacity of 600,000 units per day.In march,
Oil&Gas Drilling
03-03-2020

Equinor Strikes Oil Near Gudrun Field in North Sea
Equinor has made an oil discovery near the Gudrun field following the conclusion of the drilling of wildcat wells 15/3-12 S and 15/3-12 A in the central part of the North Sea.
Oil & Gas Trade
02-03-2020

China's Fuel Demand To Normalize Earlier Than Projected
China's thirst for fuel has substantially gone down after the coronavirus outbreak forced government officials to lock down cities and restrict non-essential travels. Based on the latest figures...
Oil&Gas Drilling
02-03-2020

Lebanon Launches Oil and Gas Exploration Project
Lebanese President Michel Aoun on Thursday inaugurated the country's first offshore oil and gas exploration, the President's office said in a statement.
Oil Price
01-03-2020

Russia's Putin Says Current Oil Prices Acceptable
Russian President Vladimir Putin said on Sunday that current oil prices were acceptable and that Russia had the tools to react to any negative effects of the spread of the coronavirus on the global economy.
Oil&Gas Drilling
01-03-2020

Arctic Oil Drilling Plan Coming Soon, U.S. Interior Chief Says
The Trump administration is moving to sell drilling rights in the Arctic National Wildlife Refuge, Interior Secretary David Bernhardt said Saturday.
28-02-2020

China National Petroleum Corp names Li Fanrong as New General Manager
China National Petroleum Corp (CNPC) said on Friday that Li Fanrong had been appointed as new general manager of the group, the company said in a statement posted on its website.
Crude
28-02-2020

Russia: Coronavirus Impact On Oil Is Worse Than Expected
Russia continues to refuse to announce its position regarding deeper cuts by the OPEC+ coalition, but admitted that the coronavirus outbreak could lead to additional downward revisions to the global oil demand growth outlook for 2020.

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