Russian mercenaries are reported to have arrived at the Sharara oilfield, Libya’s National Oil Corp. (NOC) has said.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
Russia declared a federal state of emergency in the Krasnoyarsk region as pollution from a diesel spill in the Arctic city of Norilsk drew comparisons with the Exxon Valdez accident off Alaska in 1989.
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
Oil extended its drop after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Turkey’s Ministry of Foreign Affairs has warned that any attempts by General Khalifa Haftar to target its interests in Libya would have “severe consequences”.
Polish oil refiner PKN Orlen’s announcement that it will only complete the 1 GW Ostroleka power plant if it is fuelled by gas and not coal signals that Poland’s energy transition is underway.
The devastating effect of the Covid-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem the crude’s downward spiral.
The Kremlin may have succeeded in ending its oil war with Saudi Arabia, yet the pain of crude’s crash is only just starting to hit Russia’s budget.
Actions taken by producer states under the OPEC+ banner, coupled with moving oil into storage, should see a stock draw of 4.7 million barrels per day in the second half of 2020, the International Energy Agency (IEA) has said in its recent Oil Market Report (OMR).
The Netherlands wants to become a leader in green hydrogen production, but projects will require subsidies and more private investors to get off the ground.