Africa has been the hardest hit region in terms of rig numbers, according to Baker Hughes’ May data.
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.
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
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.
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks.
“Baselines matter” is one takeaway from the deal brokered over the weekend to save the market.
Lamprell is in the process of shutting two of its three facilities in the United Arab Emirates (UAE) in order to reduce overheads.
Still ‘tough’ times ahead for North Sea firms despite global 10m barrel reduction deal, Prof Kemp says
North Sea firms still face “very tough” times despite the Opec cartel and its allies striking a landmark deal to reduce output by almost 10 million barrels of oil per day, a top petro-economist has said.
After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.
The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees.
A global deal to cut oil supply and stem a historic price rout hung in the balance on Sunday as negotiators raced to find an agreement with just hours to go until the market opens.
A global deal to cut oil production and save the market from a coronavirus-induced breakdown proved elusive on Friday as a diplomatic initiative led by Saudi Arabia suffered repeated setbacks.
The proposed 10 million bpd cut by OPEC+ for May and June will keep the world from physically testing the limits of storage capacity and save prices from falling into a deep abyss, but it will still not restore the desired market balance. Just hours before delegates stepped into the (again virtual) closed meeting, Brent was fluttering in the mid-$30s, seemingly oblivious to the fact that even if a 10 million bpd cut is agreed upon, or even in the best-case scenario 15 million bpd if the US, Canada, Norway and Brazil join forces, an excess of supply of the magnitude of 5-10 million bpd will remain, and will need to be stored.
A historic multilateral deal to lower global oil production and stabilise prices, led by record cuts from Saudi Arabia and Russia, is at risk as Mexico refuses to agree to the proposed curbs.
Oil extended gains as the world’s top oil producers appeared to be moving closer to a deal to curb output in the face of deepening demand destruction being wrought by the coronavirus.
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.