NYMEX WTI futures were testing the $20/b level soon after the start of trading Sunday evening as demand outlooks dimmed amid further intensification of to COVID-19 pandemic despite stepped-up global Continue Reading
Crude oil fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown Continue Reading
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. Futures in London fell as Continue Reading
The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store Continue Reading
Iraq, OPEC’s second-largest oil producer, is selling its crude at an average of $20/b and plans to talk to international oil companies about their payments and contracts, the country’s oil Continue Reading
The rush to what is essentially a new wartime footing began consciously and urgently in the first quarter of 2020 between some of the most powerful geopolitical players of the Continue Reading
Offshore drilling. Oil rig. The federal government has directed oil and gas companies to reduce the workforce on their offshore platforms in view of COVID-19 pandemic in the country. Director, Continue Reading
India has no plans to extend a 21-day lockdown to slow the spread of the coronavirus, the government said on Monday, as it struggled to keep essential supplies flowing and Continue Reading
India scrambled to squelch an exodus of desperate migrant workers from its cities, warning they could be sent to quarantine camps and assuring that food and other staples would be Continue Reading
The supply of thermal coal in India has been declared as an essential service and officials are to maintain its critical dispatch during the country’s lockdown period, Union Minister of Continue Reading
Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any U.S. sanctions in an escalating fight between Continue Reading
In an unexpected move, Russian state oil giant Rosneft announced that it would halt all activities in Venezuela and sell all its assets related to activities in the country. “Today, Continue Reading
Since last week, emails from foreign clients have been flooding into export manager Grace Gao’s in-box, asking to delay orders already made, putting goods ready to be shipped on hold Continue Reading
China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve Continue Reading
A hidden pile of debt threatens dozens of emerging-market countries as the global economy stalls and commodity prices tumble. An estimated $200 billion of emerging-market debt owed to China has Continue Reading
U.S. stock futures wobbled and oil dropped sharply Monday as investors grappled with the mounting economic toll after U.S. government officials signaled that measures to contain the coronavirus pandemic may Continue Reading
Congress has passed a $2 trillion rescue plan but before those funds start to flow, American companies from the owner of a single liquor store in Boston to corporate giants Continue Reading
The Seattle area, home of the first known coronavirus case in the United States and the place where the virus claimed 37 of its first 50 victims, is now seeing Continue Reading
Agence France-Presse — Getty Images The alarm system was ready. Scarred by the SARS epidemic that erupted in 2002 , China had created an infectious disease reporting system that officials Continue Reading
When the oil markets go into a deadly tailspin as they have right now, sooner or later, everybody in the value chain starts to feel the heat keenly. Only three Continue Reading
American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All Continue Reading
More states are imposing special registration fees on electric vehicles, sparking complaints that the levies undermine efforts to get consumers to embrace alternative-fuel cars. Twenty-eight states charge from $50 to Continue Reading
From the stage of an evangelical superchurch, the leader of the gospel choir kicked off an evening of prayer and preaching: “We’re going to celebrate the Lord! Are you feeling Continue Reading
European stock markets headed lower on Monday, as fears about the economic hit from the coronavirus pandemic intensified with several nations extending near-total lockdowns. The pan-European STOXX 600 index was Continue Reading
The Federal Reserve has offered more than $3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from seizing up, but it has not Continue Reading
A day after President Vladimir Putin announced a nine-day paid national holiday in a bid to stem the spread of Covid 19, hotel reservations in the seaside town of Sochi Continue Reading
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many Continue Reading
Norway’s state-controlled Equinor on Monday raised the expected ‘plateau production’ target for the first phase of its Johan Sverdrup field to 470,000 b/d, from 440,000 b/d previously, and said it Continue Reading
Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share. Futures in New Continue Reading
Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. d Both Continue Reading
The brief rebound in oil prices was never going to last in the current environment, and as the global crude glut nears historic highs, prices are heading towards $20 Markets Continue Reading
In an obscure corner of the American physical oil market, crude prices have turned negative — producers are actually paying consumers to take away the black stuff. The first crude Continue Reading
Some of the world’s major oil traders are looking to take advantage of the abnormally low oil prices, Reuters reported on Friday, citing shipping sources, as WTI falls below $22 Continue Reading
There’s more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going Continue Reading
he first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement Continue Reading
The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the Continue Reading
Several oil-producing nations woke up to lower credit ratings from S&P amid the latest oil price rout, Reuters reports, listing Oman, Nigeria, Mexico, Angola, and Ecuador among those downgraded and Continue Reading
Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle. Across the oil-rich states of Africa, the Continue Reading
Concerns about the financial toll of the coronavirus pandemic continued to grow as the number of infections globally topped 600,000 Saturday, with the International Monetary Fund warning of an economic Continue Reading
A researcher assembles an automatic weather station. Credit: East Greenland Ice-core Project Along with temporarily reducing greenhouse gas emissions and forcing climate activists to rethink how to sustain a movement Continue Reading
It is thousand barrels per day and is through February 2020. The OPEC data no longer includes Ecuador. OPEC 13 was down 546,000 barrels per day in February. The only Continue Reading
Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 Continue Reading
After years of political paralysis, Israel’s parties are finally putting aside their differences to form a government against the backdrop of a daunting COVID-19 epidemic. But the unity government is Continue Reading
Caught in the Saudi-Russian oil price war, Africa’s largest oil producer, Nigeria, has discounted deeply its crude and aims to pump as much as it can, trying to retain customers Continue Reading
The global COVID-19 outbreak has taken hold in India slower than in other areas, though the number of cases in the country has spiked in recent weeks. The central government Continue Reading
Russia said on Friday U.S. “narco-terrorism” charges against Venezuelan President Nicolas Maduro were absurd, adding that sanctions on Caracas could become “a tool of genocide” amid the coronavirus outbreak. The Continue Reading
Australia’s iconic Great Barrier Reef has suffered its third mass coral bleaching in five years, according to early results of aerial surveys over the World Heritage site. “I saw coral bleaching Continue Reading
China’s biggest oil and gas producer PetroChina said it would adjust its previously approved capital expenditure (CAPEX) for this year as Chinese state oil majors join other oil firms in Continue Reading
The COVID-19 pandemic has been a bane to vehicle producers in Asia, but the industry’s reaction is just the tip of a supply chain disruption as heightened demand destruction to Continue Reading
Dozens of people clashed on the Hubei border after the Chinese government lifted a two-month quarantine on the epicenter of the country’s coronavirus outbreak, highlighting the challenges of undoing the unprecedented Continue Reading
