As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
With the shackles of OPEC’s output limits thrown off and a price war under way, the group’s biggest oil producers are preparing to churn out more barrels to protect market share.
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.
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.
African states need to take urgent action to protect local oil and gas businesses, providing a three-month tax holiday, the African Energy Chamber has said.
Abu Dhabi intends to supply more than 4 million barrels per day of crude in April, following recent moves by Saudi Arabia and Russia to maximise output.
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.
I can imagine the expletives uttered the length and breadth of the North West Europe Continental Shelf as folk across the offshore oil & gas industry woke up this morning … from operators right down the food chain to the smallest service companies.
Oil markets crashed more than 30% this morning after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
The price of crude oil plunged below $42 per barrel Friday, threatening thousands of Houston-area jobs if the price languishes there for several months, an economist says.
A slump in crude prices following the collapse of high-stakes talks today has created a “real danger” that North Sea oil firms will delay investing in new fields, a top petroeconomist said.
Oil plummeted to the lowest in more than two years after high-stakes negotiations between OPEC and its Russian ally collapsed without a plan to arrest free-falling prices with supply cuts.
Equatorial Guinea has taken the decision to postpone its Africa Oil & Investment Forum (AOIF) and exhibition, which had been due to take place on June 1, in light of the coronavirus outbreak.
Russia’s oil minister returns to Vienna on Friday for a tense meeting with the country’s OPEC allies, as the cartel engages in a high-stakes diplomatic gamble that risks a price crash if it backfires.
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 unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios.
OPEC ministers took a gamble, agreeing on a large production cut to offset the demand hit from the coronavirus epidemic without having overcome Russian opposition to the move.
One of the world’s largest and most important energy industry gatherings was cancelled by organiser IHS Markit Ltd. on Sunday amid mounting concerns about the coronavirus outbreak. It was due to start March 9.
OPEC and its allies are displaying a “renewed commitment” to reach an accord that will stabilize oil markets hit hard by the coronavirus, the group’s top official said.
Oil recovered some of its losses following the biggest drop in almost seven weeks as investors attempted to gauge the economic consequences of the fast-spreading coronavirus and whether it would become a global pandemic.
Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.
Oil headed for its first weekly gain since early January after prices found a floor amid uncertainty over how the coronavirus will play out and whether OPEC+ will respond with additional production cuts.
Oil bounced back from a one-year low in New York but the emergence of a glut since the coronavirus outbreak loomed over the market as traders looked to store excess crude on tankers.
Revenge, they say, is a dish best served cold.
Saudi Arabia’s diplomatic push for an OPEC+ production cut ran into Russian resistance again on Tuesday, while delegates from the alliance met in Vienna to assess the fallout from the coronavirus.