Crude

Oil Price

US Seeks $3 Billion to Boost Oil Producers as Prices Plunge

The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping u…

Oil & Gas Trade

PetroVietnam Says Considers Stockpiling Oil Amid Low Prices

Vietnam Oil and Gas Group, known as PetroVietnam, said on Wednesday it was considering stockpiling crude oil amid low prices while exploring measures to cope wi…

Crude

U.S. Could start Buying Crude for Strategic Petroleum Reserve in two Weeks

The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several month…

Oil & Gas Trade

China's Major Oilfields Maintain Pace Amid Oil Crash

Crude oil prices dropped below break-even operating expenses for Chinese oil companies, but major oil fields have maintained stable production. Faced with press…

Oil & Gas Trade

The World’s Biggest Oil Trader Negotiates Venezuela Oil Purchase

The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude…

Crude

Saudis Sell Oil at $25 in Market Share Grab from Russia

​Saudi Arabia is preparing to flood markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia,…

Oil & Gas Trade

China to Bump up Strategic Oil Reserves After Price Crash

Citing people with knowledge of the matter that China is considering the possibility of ramping up the country's strategic oil reserves by buying crude now, esp…

Oil Price

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 woul…

Crude

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 gro…

Crude

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 Price

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 4…

Crude

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 coronavi…

Crude

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 addit…

Crude

Coronavirus Punches Hole In Oil Market That OPEC Can’t Fix

The coronavirus epidemic is a black swan that has severely disrupted the outlook for the global oil market, and at this moment it remains unclear how large the …

Oil & Gas Trade

Oil may Hit $40 if Russia doesn’t Support Opec’s Production Cuts

In a volatile trading last week, crude oil prices touched one-month high and then fell back as coronavirus fears were back in the markets, with infection and de…