US President Donald Trump’s call for a 10 million barrel per day – or even 15mn bpd – cut drove up oil prices last week but weak demand continues to run the show, with little respite expected from talks due to take place this week.
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
Oil continued climbing after its biggest ever single-day gain as U.S. President Donald Trump waded into the price war between Saudi Arabia and Russia that has rocked crude markets amid diminishing demand.
Oil resumed declines after President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days to try and contain the coronavirus, pummeling fuel demand even further.
If Donald Trump wanted to shield U.S. shale from oil’s crash, he could unleash a familiar weapon against rival producers such as Saudi Arabia: tariffs.
Oil’s rebound from its biggest crash in a generation faltered after Saudi Arabia said it would boost its production capacity, while there were also doubts whether the U.S. could deliver sufficient stimulus to support prices.
Industry leaders privately warned the Trump administration that the U.S. will struggle to produce the oil, gas and other energy products that China has committed to buy in a new trade deal, raising additional questions about one of the president’s signature economic achievements.
I shouldn’t have been surprised but I read with utter dismay coverage of President Trump’s speech at the World Economic Forum in Davos. This statement horrified me –
A deal by the US and China goes some way to ending the two-year trade war, with particular support in the agreement for agriculture and energy exports.
American billionaire and Democratic presidential contender Michael Bloomberg has said the next US leader should halt fossil fuel subsidies altogether.
Donald Trump's golf course company has been ordered to pay almost £250,000 in legal expenses to the Scottish Government following a court battle over a wind farm.
The US is eager to export LNG and coal to African states, US Assistant Secretary for Fossil Energy Steven Winberg told the Africa Oil Week conference.
US energy secretary Rick Perry will leave his job by the end of the year, President Donald Trump has said.
The US has set out charges against two men, Lev Parnas and Igor Fruman. The two men, who were involved in schemes for LNG imports into Ukraine, are accused of violating campaign finance laws.
U.S. Sen. Ted Cruz and six other members of Congress are asking President Donald Trump to avoid a situation that could put the Houston refining company Citgo in Russian hands.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
Iran has warned the US that any action against it after an attack on Saudi oil installations will "immediately" be met with a response from Tehran, its state-run news agency has reported.
The US Environmental Protection Agency is set to unveil a proposal that would step back from federal regulation specifically targeting methane emissions at oil and gas facilities, potentially staving off requirements for a million existing US wells.
Oil is set for a weekly loss after the steepest one-day drop in more than four years as President Donald Trump abruptly escalated the trade war with China, stoking concerns over slowing growth.
Iran's top leader has said his country will retaliate over the seizure of an Iranian tanker by British authorities.
The Strait of Hormuz has become a key battleground in the stand-off between the United States and Iran, with claims and counter-claims on either side of an argument ostensibly about oil.
Donald Trump has confirmed the assessment of senior advisers and publicly accused Iran of being behind recent attacks on oil tankers near the strategic Strait of Hormuz in the Persian Gulf.
Brent crude traded around $70 a barrel as a two-day rebound petered out on signs the U.S. and China are still far from reaching a trade deal, while supply risks from the Persian Gulf to Venezuela kept investors wary.
Higher crude prices should encourage North Sea oil companies to dial down the caution and bring forward more new projects, a prominent petro-economist said yesterday.