With oil plummeting near an 18-year low amid unprecedented supply and demand shocks, Russia finally admitted: crude is too cheap. “Of course it’s a low price, we would like to see it Continue Reading
The Italian government threatened on Wednesday to ban all outdoor exercise as the coronavirus death toll soared to 2,978 and frustration grew over the number of people defying a nationwide Continue Reading
As the official death toll from Italy’s coronavirus outbreak passes 2,500, a silent surge in fatalities in nursing homes, where dozens of patients a day are dying untested for the Continue Reading
Britain’s biggest supermarkets, Tesco, Sainsbury’s and Asda, limited purchases of all food products on Wednesday after frantic shoppers stripped shelves to prepare for possible isolation during the coronavirus outbreak. The Continue Reading
Russia’s revenues from oil and gas will be US$39.5 billion (3 trillion rubles) lower than planned, due to the tumbling oil prices, Russian Finance Minister Anton Siluanov said on Wednesday, Continue Reading
More than 200 small- and medium-sized oilfield services operators in Europe, or 20 percent of all European oilfield services firm, could go bust as the coronavirus epidemic will hit the Continue Reading
The economic impact of the growing coronavirus outbreak is shifting from service-driven industries like hotels and restaurants to the manufacturing sector on both sides of the Atlantic, leading to a Continue Reading
The United Kingdom was bracing on Thursday for the virtual shut down of London as underground train stations across the capital closed and Prime Minister Boris Johnson mulled tougher measures Continue Reading
With WTI crude seeing its third-worst trading day on record, Russia is beginning to feel the squeeze as it sees its oil and gas income tumble while it has to Continue Reading
Russia, hit by falling oil prices and the coronavirus outbreak , has announced the formation of a $4 billion fund as part of a package of measures to support the Continue Reading
Russia’s revenues from oil and gas will be US$39.5 billion (3 trillion rubles) lower than planned, due to the tumbling oil prices, Russian Finance Minister Anton Siluanov said on Wednesday, Continue Reading
Oil extended its slide to the lowest level in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply Continue Reading
Travel bans, border closures, and recommendations for self-isolation amid the coronavirus pandemic have aggravated fears of a global recession and pushed money managers to intensify the sell off of crude Continue Reading
Oil deepened losses, dropping to the lowest level since 2016 as the coronavirus pandemic threatens to bring the global economy to a standstill, battering fuel demand at a time when Continue Reading
Oil prices fell on Monday, continuing to slide after taking major losses last week. The EIA projects that Brent will average $43 per barrel in 2020, down from $64 per Continue Reading
How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one. Riyadh has waged four price wars, Continue Reading
The coronavirus pandemic and collapsing oil prices will slash the oil and gas revenues of vulnerable oil-reliant developing economies by up to 85 percent, the heads of OPEC and the Continue Reading
Oil’s plunge has stung currencies across emerging markets, and there’s probably worse to come. For oil and gas exporters, the impact has been immediate. Even Gulf states with long-standing pegs to Continue Reading
The world could run out of oil storage capacity within months, according to the biggest energy traders, as the coronavirus pandemic crushes demand for fuel at the same time as Continue Reading
The coronavirus pandemic will almost certainly trigger a global economic recession , and the recession may have already started with major economies grinding to a standstill. The U.S. government has Continue Reading
Renewable energy is not just better for the environment, it’s also becoming cheaper than coal for electricity generation in many parts of the world, according to a new report. Over Continue Reading
Algeria has banned street protests over the coronavirus, President Abdelmadjid Tebboune said on Tuesday, bringing to an end a year of unprecedented mass demonstrations that brought down the veteran president Continue Reading
Saudi Arabia said on Tuesday that mosques would no longer receive worshippers for the customary five daily prayers or the weekly Friday congregation, aimed at limiting the spread of the Continue Reading
Iraq’s president designated a former provincial governor with American citizenship as prime minister, drawing criticism from Iran’s allies in the country amid renewed tensions between Washington and Tehran. President Barham Continue Reading
Iranian worshippers have attempted to break into holy shrines and mosques, defying Iran’s leaders who are trying to bar access to religious sites as they struggle to stem a soaring Continue Reading
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil Continue Reading
A dozen U.S. Republican Senators are urging the world’s top oil exporter Saudi Arabia to review plans to significantly boost oil supply to the market and lower oil prices while Continue Reading
With OPEC+ production quotas set to expire at month’s end, Oman will be joining its Arab neighbors in ramping up its oil output, even as it slashes its budget to Continue Reading
President Hassan Rouhani said on Wednesday Iran has responded, and will respond, to America’s assassination of Major-General Qassem Soleimani, the Revolutionary Guards commander killed in a U.S. drone strike in Continue Reading
Saudi Arabia has repeated the blunder it made in November 2014 by increasing oil production during an oil-price collapse. In 2014, it led to a depression in the oil industry. Continue Reading
Oil product stocks in the Middle Eastern hub of Fujairah rose 8% week on week to 23.302 million barrels on Monday, with all categories showing increases as efforts to contain Continue Reading
Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between Continue Reading
China will emerge as a new term gasoline supplier to Japan in April when a Japanese refiner starts lifting Chinese barrels under a six-month supply deal — which may pressure Continue Reading
Despite the bright blue skies and fairly comfortable temperatures, Quincy Market and Faneuil Hall where empty with only a couple street musicians and occasional foot traffic, as tourists and residents Continue Reading
(Reuters) – The spreading coronavirus is threatening project schedules in the booming U.S. solar industry following a year in which the sector topped natural gas as the nation’s top new Continue Reading
The United Auto Workers union is pressing the Detroit car companies for a two-week shutdown of U.S. factories over coronavirus concerns, a move that would deal another financial blow to Continue Reading
Plummeting oil prices have been the focus of attention ever since Saudi Arabia and Russia fired the first shots in what analysts see as a potentially devastating oil price war. Continue Reading
North American liquefaction terminals currently being built may see reduced construction activity for an indefinite period due to health officials’ recommendation to avoid assembling large groups of people to guard Continue Reading
Concho Resources and other Permian Basin crude producers have continued to slash their capital budgets by 25% or more as fears of a pandemic-triggered global recession have taken hold. Receive Continue Reading
The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a Continue Reading
The spiraling coronavirus epidemic tore into the fabric of Europe on Tuesday, prompting its leaders to all but wall the continent off from the rest of the world and erect Continue Reading
Crude oil futures were higher in mid-morning trade in Asia Tuesday as bargain hunters emerged following the selloff on Monday, but market drivers remain bearish for both demand and supply. Continue Reading
Petroleum futures continued to tumble Monday, as measures taken to battle the spread of the coronavirus have dramatically reduced travel, slashing demand. ICE Brent settled at $30.05/b, down $3.80, while Continue Reading
U.S. crude-oil prices slid below $30 a barrel Monday, tumbling to a fresh four-year low with analysts expecting the coronavirus and a Saudi-Russia price war to result in a glut Continue Reading
The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated Continue Reading
Bars, restaurants, cinemas and schools were shutting down from New York and Los Angeles to Paris and Dubai in a worldwide effort to combat the coronavirus pandemic, as financial markets Continue Reading
As markets brace for yet another week of total liquidation (even gold fell below $1500), oil drillers are preparing for the worst. Last time crude traded this low, back in Continue Reading
Petroleum futures continued to tumble Monday, as measures taken to battle the spread of the coronavirus have dramatically reduced travel, slashing demand. ICE Brent settled at $30.05/b, down $3.80, while Continue Reading
As major economies go into lockdown, oil demand continues to fall off a cliff. On Monday, WTI fell into the $20s. “The additional quarantine measures imposed in France, Spain and Continue Reading
China’s deepest economic slump in decades carries warnings and lessons for the rest of the world as nations from Germany to the U.S. face the likelihood of following it into recession. First, Continue Reading
