Demand coming back but uncertainty high, IEA warns
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
US
A second virus wave is threatening US oil demand again
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon.
Russian mercenaries seize Sharara
Russian mercenaries are reported to have arrived at the Sharara oilfield, Libya’s National Oil Corp. (NOC) has said.
After decade of excess, US shale industry will take years to recover
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re restarting closed wells.
Covid spike in US threatens oil’s remarkable price rally
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Saudi oil exports to US fall to lowest level in 35 years
After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.
Wood announces brace of US solar deals worth almost £160m
An Aberdeen-headquartered global engineering firm has announced two multi-million pound solar energy deals in the US.
ExxonMobil is the least resilient oil supermajor – Wood Mackenzie
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
Oil slides after US crude stockpiles expand to record
Oil slumped as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.
United States Oil Fund faces investigation over risk disclosures to investors
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 drops further on signs US stockpiles expanding
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.
Failure of Tripoli offensive sees Libya headed for stalemate
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Report: US hydraulic fracturing demand expected to bounce back
Demand for hydraulic fracturing services in shale plays across the United States is expected to reach rock bottom in May and stay low in the summer before a recovery begins in the fall, the Norwegian global energy research firm Rystad Energy reported.
A month after historic crash, situation ‘not nearly as dire’ for US oil prices, experts say
U.S. oil prices aren’t expected to repeat last month’s unprecedented collapse into negative territory, industry experts say, because the nation’s stockpile has slowly decreased, easing a storage crisis, while traders “learned their lesson.”
Can oil recover from coronavirus? An industry debate is underway
When the pandemic is all over will society go back to driving cars and hopping on planes with nary a worry as it did just two short months ago?
Halliburton lays off 1,000 workers at Houston headquarters
Houston oil field services company Halliburton has laid off 1,000 employees at its headquarters as low crude prices take their toll on demand for the products and services to company sells to energy producers.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
IEA: short-term pain to balance out in second half
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).
Trump’s oil deal: the inside story of how a price war ended
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.
Oil negotiators race against clock to clinch historic deal
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.
Supply deal should avert ‘uncontrolled dismantling’ of industry, Rystad says
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.
Halliburton to ‘significantly reduce workforce’ says CEO
Oilfield services giant Halliburton will “significantly reduce” its workforce in the coming weeks, according to chief executive Jeff Miller.
Update: Oil surges as producers eye 10m barrel a day output cut
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
Trump says world’s top oil producers to meet on market crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.