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.
Oil clawed back some losses after collapsing below $30 a barrel as the shut down of swathes of the world’s economy triggers a meltdown in global fuel demand and the most volatile market on record.
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.
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.
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.
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the coronavirus and a price feud between major producers.
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.
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.
Oil’s getting hammered by a unique concurrence of demand and supply shocks that could send prices into the $20s, according Ed Morse, Citigroup Inc.’s head of commodities research.
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.
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
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.
A Saudi court sentenced five people to death for the murder of government critic Jamal Khashoggi but ruled that last year’s assassination wasn’t premeditated and said it didn’t have enough evidence to incriminate two top officials close to Crown Prince Mohammed bin Salman.
Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.