A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil climbed to the highest level in two and a half years on expectations a U.S. government report will register the longest decline in crude stockpiles since the summer driving season.
Diesel has reached its most expensive price in more than two years.
Iran's oil minister said he was confident both OPEC and non-OPEC members would commit to the output cut deal agreed in November.
Oil prices have soared as the Opec cartel gathered in Vienna in an attempt to thrash out a deal to tackle the global supply glut.
Russia and Belarus are said to be close to solving a dispute over gas prices.
Energy service companies ATR Group and Neptune Marine Services both announced key investments yesterday as they gear up for growth after the oil price slump.
US oil is set for the first weekly drop since mid-September as an OPEC committee meets in Vienna on Friday to discuss output quotas for members participating in an agreement to cut production.
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
Russia's Central Bank said it could resume purchase of foreign currency for the country's reserves if oil prices were to hit $55 a barrel in 2019.
When in Aberdeen last weekend, I walked through Golden Square for the first time this year. I was shocked to see the number of empty buildings with ‘To Let’ signs on them in this once busy part of town. I knew things were hard in Aberdeen, but this really drove it home.
Oil dropped as the International Energy Agency changed its view on global oversupply, seeing a glut persisting into 2017.
Oil trimmed its weekly gain after the biggest U.S. stockpile slump in 17 years was seen as a one-off caused by a tropical storm that disrupted imports and offshore production.
Oilfield services, shipbuilders and other industries that rose with the pre-2014 oil price boom have had it hard. Since barrel rates fell, their previous patrons have become uninterested in doling out major purchase orders, leaving oil and gas equipment manufacturers without revenues.
The average price of petrol and diesel sold on Britain’s forecourts edged up in August, new figures show.
OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey.
The number of food parcels being handed out in Aberdeen has has gone up almost five-fold in the past two years, according to a charity boss.
Oil declined amid doubts producers will agree on a deal to stabilize the market when suppliers meet next month for informal talks.
Oil held gains as Saudi Arabia’s energy minister said an output freeze would be positive for the market and after a report that Iran will participate in informal talks next month.
KPMG have been appointed as administrators for IMES Limited after the company went into administration.
Noble Group Ltd. lost money in the second quarter and net debt increased as the embattled commodities trader withdraws from some markets in an attempt to conserve cash and reverse a two-year collapse in its shares.
A unit of Enbridge Inc. and Marathon Petroleum Corp. have agreed to pay a combined $2 billion in cash for a stake in the Bakken pipeline system from an affiliate of Energy Transfer Partners LP and Sunoco Logistics Partners LP.
With the collapse in oil prices over the past eighteen months, the major exploration and production companies have been doing everything they can to cut costs. Ultimately, this means the conglomerates have less cash available to pay suppliers, who provide them with essential services and products.
Apollo Global Management LLC and TPG Capital Management, the private equity firms that have struggled for years to salvage a $31 billion bet on troubled gambling company Caesars Entertainment Corp., see an opportunity in the oil crash.