Oil advanced back above $31 a barrel in London, reversing earlier declines, as OPEC+ scheduled an urgent meeting next week after a historic slump in prices that has crippled the Continue Reading
Crude futures surged for a second day on Friday, with both U.S. and Brent contracts posting their largest weekly percentage gains on record due to hopes that a global deal Continue Reading
Some American Oil Selling at Under $10 a Barrel U.S. refiners are scaling back fuel production amid the coronavirus-induced plunge in demand for gasoline and jet fuel, and the crude Continue Reading
The historic oil price crash from last month could lead to as many as 50 million job losses globally in the oil refining and retail industry, Reuters quoted the head Continue Reading
Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s Continue Reading
The historic oil price crash from last month could lead to as many as 50 million job losses globally in the oil refining and retail industry, Reuters quoted the head Continue Reading
The coronavirus pandemic and lockdowns imposed by governments on both sides of the Atlantic have pushed the global economy into the sharpest downturn since the Great Depression, data released on Friday Continue Reading
The Oil Age has powered the world for well over a century. There have been two general schools of thought about how it will ultimately end. There were those who Continue Reading
WASHINGTON/GENEVA (Reuters) – The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial Continue Reading
OPEC will invite the U.S. oil regulator to take part in the emergency OPEC+ video meeting on Monday, a source involved in the preparation of the meeting told Russian news Continue Reading
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among Continue Reading
OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expect will be a global Continue Reading
The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle Continue Reading
Saudi Arabia and Russia are pressing the U.S. to coordinate oil output cuts in an attempt to stabilize prices, OPEC officials said, as the demand for crude plummets amid the Continue Reading
The OPEC+ meeting to try to end the oil price war is unlikely to go ahead on Monday as previously expected, as Riyadh and Moscow trade barbs about who’s to Continue Reading
DUBAI, United Arab Emirates (AP) — Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing Continue Reading
Highlights Rise of almost 500,000 b/d in two months Mar output was close to 2.9 mil b/d says KPC chairman Exports from the offshore Al-Khafji field begin London — OPEC Continue Reading
Prime Minister Narendra Modi’s call to Indians to switch off lights Sunday evening for nine minutes and instead use candles to “challenge the darkness” of the coronavirus outbreak will mean Continue Reading
Hector Retamal/Agence France-Presse — Getty Images Liu Pei’en held the small wooden box that contained his father’s remains. Only two months ago, he had helplessly clutched his father’s frail hand Continue Reading
China is hurting. The entire global economy has taken a huge hit from the spread of the coronavirus, but so far none have been hit as hard as China, where Continue Reading
The slowdown in China’s electric vehicle sector could have knock-on effects on the battery metals market in both the short and long run, commodities analysts at Argus Media said in Continue Reading
Oil industry representatives will meet with Interior Secretary David Bernhardt, Energy Secretary Dan Brouillette and White House economic adviser Larry Kudlow Friday to discuss ways the Trump administration can help Continue Reading
After four active hurricane seasons — each of which featured at least one violent Category 5 storm in the Atlantic — experts at Colorado State University are predicting another active Continue Reading
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 664, with the total oil and gas rigs Continue Reading
U.S. shale oil companies have started a lobbying campaign with Washington to take a more aggressive stance against Russia and Saudi Arabia to force them to cut oil production, the Continue Reading
Canada is in close contact with the United States about the oil price crash and its effect on the industry, Canada’s Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Continue Reading
As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from Continue Reading
A widening cash-to-winter price spread at the Henry Hub and a forecast calling for mild temperatures in the coming weeks could be sufficient to push a near-record volume of gas Continue Reading
US refiners are getting slammed by falling demand for petroleum, but some are faring worse than others depending on location and ability to increase distillate output as the diesel-to gasoline Continue Reading
A post by Ovi at peakoilbarrel Preparing this March post has been a surrealistic exercise. Here I am providing a January US production update when at a time, January, the Continue Reading
This brief note analyzes the changes in the price of gasoline during the first 13 weeks of 2020 and compares them with the changes during the first 13 weeks of Continue Reading
U.S. President Donald Trump has directed his cabinet to find ways to ease a cash crunch in the drilling industry after oil company executives told him in a Friday meeting Continue Reading
Energy Secretary Dan Brouillette told oil industry representatives Friday that he expected a Saudi-Russia deal on crude production cuts within days. Brouillette’s comments came during a conference call with a broad Continue Reading
A grim snapshot of the U.S. job market’s sudden collapse emerged Friday with a report that employers shed hundreds of thousands of jobs last month because of the viral outbreak Continue Reading
A highly-anticipated meeting between US President Donald Trump and the country’s oil executives Friday ended without a new policy announcement or commitment toward domestic output cuts. Receive daily email alerts, Continue Reading
U.S. employment plummeted last month by a degree not seen since the last recession, in just an early glimpse of the devastation from the coronavirus pandemic. Payrolls fell 701,000 from the Continue Reading
Vladimir Putin said a cut to global oil production of about 10m barrels a day is possible, but only if all major crude producers including the US join in the Continue Reading
Putin urges the United States to participate in oil output cuts. The United States should join with Russia and the Organization of the Petroleum Exporting Countries in cutting crude oil Continue Reading
When Vladimir Putin was given a dire forecast of the economy under the cloud of a crippling coronavirus pandemic and a sharp fall in global demand for petroleum, the Russian Continue Reading
UK electricity demand has fallen between 15% and 19% since the coronavirus lockdown March 23, electricity balancing and settlement code manager Elexon said Friday. Receive daily email alerts, subscriber notes Continue Reading
With oil prices below Russia’s budget breakeven and with over 20 percent of global oil demand wiped out by the coronavirus pandemic, Russian oil firms could be ready to participate Continue Reading
U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid Continue Reading
Stock markets around the world fell Friday, as oil continued its rebound and fresh data showed the unprecedented impact the coronavirus pandemic is having on economic activity. U.S. futures edged Continue Reading
Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would Continue Reading
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Continue Reading
Oil prices exploded on Thursday morning after US President Trump tweeted that he spoke with Saudi Crown Prince Mohammed bin Salman about a potentially ‘huge’ output cut. According to Trump, Continue Reading
With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is Continue Reading
Oil prices spiked 25 percent on Thursday after President Trump tweeted that Saudi Arabia and Russia would cut production by 10 to 15 million barrels per day (mb/d), but there Continue Reading
The OPEC+ alliance plans an extraordinary meeting Monday via webinar to try and broker a deal on production cuts, according to delegates, following mediation by US President Donald Trump this Continue Reading
At this year’s annual United Nations climate meeting, countries were expected to announce emboldened climate pledges and discuss another infusion of funds to help developing countries brace for coming climate Continue Reading
