Iraq military bases: US pulling out of three key sites
Al-Qaim is in a flashpoint area along the Iraq-Syria border The US army is pulling out of al-Qaim and two other key military bases in Iraq in the coming weeks. Continue Reading
Supertanker Rates Soar 678% As Saudi Arabia Floods The Oil Market
As Saudi Arabia and Russia began an all-out oil price war for market share, the shipping industry is going through a supertanker run and charter rates for very large crude Continue Reading
Azerbaijani Economy At Stake As Oil Prices Plummet
Demand for dollars has spiked in Azerbaijan amid fears of another currency devaluation following a plunge in oil prices. A feud between Saudi Arabia and Russia led to a sharp Continue Reading
Libya’s NOC says Eastern Libya ‘illegally’ imported jet fuel from UAE
Libya’s state-owned National Oil Corporation, or NOC, said on Monday that the eastern region of the country ‘illegally’ imported an aviation fuel shipment from the UAE in violation of UN Continue Reading
Saudi Aramco says can maintain 12 million b/d crude output for a year without new capex
Saudi Aramco can pump crude at its maximum 12 million b/d capacity for a year without any new investment, its CEO said Monday, as the world’s largest oil producer girds Continue Reading
Iran has temporarily freed 85,000 prisoners, including political ones, amid coronavirus
Iran has temporarily freed about 85,000 prisoners, including political prisoners, a spokesman for its judiciary said on Tuesday, in response to the coronavirus epidemic. “Some 50% of those released are Continue Reading
Saudi Aramco Is ‘’Very Comfortable’’ With $30 Oil
Saudi Arabia will continue to pump oil at increased levels through May, Saudi Aramco Chief Executive Amin Nasser said on Monday during an earnings call, according to Reuters. Nasser added Continue Reading
Africa, Latin America Brace as Coronavirus Threatens Weaker Health Systems
The coronavirus has overwhelmed health-care systems in a number of highly developed nations. Now, it is spreading to some of the world’s most vulnerable countries, with health officials in Africa Continue Reading
Asian Oil Buyers Look For Smaller Ships As Supertanker Rates Explode
Asian refiners are increasingly looking to book smaller tankers to load oil from the Middle East as the freight costs for chartering supertankers have surged after Saudi Arabia pledged to Continue Reading
Goldman Sees China’s Economy Slumping 9% in First Quarter
China’s economy is set to post a 9% plunge in the first quarter from a year earlier, according to the latest forecast from Goldman Sachs Group Inc. A day after retail Continue Reading
U.S. airlines seek $50 billion government bailout after coronavirus outbreak
Major airlines sought a U.S. government bailout of more than $50 billion as the White House move urgently drafting a financial assistance package in the wake of the steep falloff Continue Reading
Oil Crash Is Bad News for Regional Banks That Went Big on Energy
Lenders are bracing for loan losses and depressed earnings from an oil crash that is bruising the North American energy industry. U.S. and Canadian banks have more than $100 billion Continue Reading
Drilling Productivity Report
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading
Wall Street’s Big Coronavirus Mistake
Investment professionals on Wall Street spend their days reading financial reports and looking at numbers flash on screens. These numbers record the moment-to-moment changes in the collective wisdom of markets Continue Reading
‘D’ word rears head as coronavirus-hit markets brace for recession
The coronavirus shockwaves rippling through U.S. stocks are forcing investors to contemplate outcomes direr than a recession, including several quarters of declining economic activity, a credit crisis or even a Continue Reading
Shale gas pioneer Chesapeake Energy taps restructuring advisers
Chesapeake Energy Corp, the oil and gas exploration and production company that helped spearhead the U.S. shale revolution, has tapped debt restructuring advisers amid a rout in energy prices, people Continue Reading
America’s Economy Begins to Shut Down as Pandemic Measures Take Hold
In some places, public officials and private business owners moved with stunning speed. In others, paralyzing hesitancy, defiant bravado or blithe disregard dominated. But by Monday, it was clear everywhere Continue Reading
White House Takes New Line After Dire Report on Death Toll
Sweeping new federal recommendations announced on Monday for Americans to sharply limit their activities appeared to draw on a dire scientific report warning that, without action by the government and Continue Reading
$30 Oil Won’t Keep U.S. Shale From Setting Production Record
Despite the low oil prices that brought on by the combination of the coronavirus pandemic’s migration to the United States and the oil price war between Russia and Saudi Arabia, Continue Reading
Pollution is plummeting in Italy in the wake of coronavirus, emissions data show
First, it happened in China. Now, Italy. The coronavirus struck hard, and authorities responded with sweeping interventions to keep people from spreading the disease further. As citizens hunkered down at home, Continue Reading
Brought to the brink by coronavirus, airlines seek emergency aid
Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more major routes. Already battered Continue Reading
Europe mulls shutting external borders in fight against coronavirus
Europe proposed shutting its external borders to foreigners for 30 days on Monday in a bid to turn the page on its scramble to contain the coronavirus, but it drew Continue Reading
Russia bans entry to foreign nationals, closes schools
Russian authorities on Monday banned foreign nationals from entering the country, shut state schools and limited public gatherings in Moscow in an effort to curb the spread of coronavirus. The Continue Reading
Russia’s Top Court Approves Plan Allowing Putin to Stay in Power
Russia’s highest court endorsed President Vladimir Putin’s proposed constitution changes, removing one of the final hurdles to him potentially remaining in power until 2036. Mr. Putin last week backed an Continue Reading
Russia Makes Move On Antarctica’s 513 Billion Barrels Of Oil
Rosgeologia’s seismic surveys and other related work since the 70s to now indicate that there is at least 513 billion barrels of oil and gas equivalent in Antarctica, and Moscow Continue Reading
The projection that changed Britain’s coronavirus policy
British Prime Minister Boris Johnson unveiled much more stringent measures to tackle the coronavirus outbreak after new research indicated a quarter of a million people would have died under previous Continue Reading
EPHA: Coronavirus threat greater for polluted cities; clean air returning to cities in lockdown
Those living in polluted cities are more at risk from COVID-19, the European Public Health Alliance (EPHA) warned today. Air pollution can cause hypertension, diabetes and respiratory diseases, conditions that Continue Reading
Oil Falls Deeper Into Turmoil Triggered by Epic Demand Collapse
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history. Futures tumbled by Continue Reading
World Heads for Biggest Ever Surplus: IHS Markit
After a dizzying drop in demand and an about-face in Saudi Arabian production policy, global oil markets face the possibility of the biggest crude surplus ever recorded, according to IHS Markit. Continue Reading
Crude oil futures slide as the coronavirus spreads worsens globally
Crude oil futures were lower in mid-morning trade in Asia Monday as the growing coronavirus spread continues to dampen the outlook for demand and economic growth. At 10:35 am Singapore Continue Reading
The Countries Hit Hardest By The Oil Price War
The recent plunge in oil prices has put the financially ravaged U.S. shale industry in the spotlight over the past week, but the market downturn will blow a hole in Continue Reading
After a Long Fall in Oil Prices, a Crash
For Rebecca Babin, the oil crash arrived slowly, then all at once. The senior energy trader at CIBC Private Wealth Management watched crude prices fall 10% March 6 after Saudi Continue Reading
Oil crash only a foretaste of what awaits energy industry
The oil-price crash of March 2020 will probably not last long. As in 2014, when the oil price dropped below $50 from $110 in a few weeks, this one will Continue Reading
Stocks dive as rescue bids by Fed, peers fail to calm panicky markets
Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to Continue Reading
Airlines slash schedules, jobs and pay after new travel restrictions
Airlines around the world said they would make more drastic cuts to their flying schedules, shed jobs and seek government aid after countries further tightened border restrictions because of the Continue Reading
Industry body warns most airlines could go broke by May
The airline industry is warning that it must shed jobs and obtain state support to survive the coronavirus crisis, as a respected aviation consultancy predicted that most of the world’s Continue Reading
Global recession already here, say top economists
The world economy has fallen into recession, suffering from a “wicked cocktail” of coronavirus and the dramatic action to limit its spread, according to four former IMF chief economists. As the Continue Reading
MAJOR ECONOMIC DEPRESSION AHEAD? Global Oil Demand To Fall Drastically
The world is heading towards a global depression, but the market hasn’t quite figured it out yet. Unfortunately, many analysts and economists continue to believe that the worldwide contagion will Continue Reading
The Harsh Truth About Emissions Reduction
For a sector that is frequently chided for merely trying to burnish its green credentials, it appears some players are willing to put their money where their mouths are–by going Continue Reading
Libya drops below 100,000 bpd
Libyan oil production has slipped below 100,000 barrels per day, the National Oil Corp. (NOC) has said, amid warnings of fuel shortages. Output from the North African country has fallen Continue Reading
KRG issues new anti-coronavirus orders to oil firms
Regulations for oil and gas companies in Kurdistan reinforce standing WHO recommendations. KRG Prime Minister Masrur Barzani (far right) chairs a meeting of government officials in response to the coronavirus Continue Reading
Saudi Aramco reports 21% drop in 2019 profit on lower prices
Saudi Aramco, the world’s largest crude oil exporter, said Sunday its 2019 profit fell 21% to $88.2 billion due to lower oil prices and reduced output. It reduced 2020 estimated Continue Reading
How Saudi Arabia Delivered A Blow to U.S. Shale Companies At The Worst Possible Moment
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics. Saudi Arabia recently announced that it was engaging in a full-on price Continue Reading
Saudi Arabia’s Oil War Could Bankrupt The Kingdom
Those with a functioning memory may have thought that last week’s decision by Saudi Arabia to maximise oil production to crash oil prices and bankrupt U.S. shale producers was an Continue Reading
The World’s Biggest Oil Trader Negotiates Venezuela Oil Purchase
The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude in exchange for Continue Reading
China Set for Unprecedented Contraction in Early-Year Data
Data on China’s industrial output, investment and retail sales due Monday are forecast to show an across-the-board contraction for the first time on record, evidence of the extent to which Continue Reading
New Solid-State Battery Tech Promises 500-Mile Range EV
One of the latest entrants in the heated race for higher-performance battery pack technology is a new type of solid-state battery with high energy density, half the size of a Continue Reading
Coronavirus News: China’s Economic Activity Contracts
China suffered an even deeper slump than analysts feared at the start of the year as the coronavirus shuttered factories, shops and restaurants across the nation, underscoring the fallout now Continue Reading
Factories shift operations in scramble to restock supermarket shelves
With supermarkets stripped of food and many other essentials, consumer product companies halted factory runs of niche items such as scented bleach in order to speed up production of more Continue Reading
China’s Economy to Shrink 6% This Quarter, Macquarie Says
China’s economy is expected to shrink 6% this quarter compared to a year earlier, which would be the first such contraction on record, according to Macquarie Group Ltd. Data out Monday showed Continue Reading