Oil resumed its decline after the head of the International Energy Agency warned global demand was in ‘free fall’ as coronavirus lockdowns wreak havoc on consumption while major producers pump Continue Reading
The global spread of the coronavirus will cause oil demand to drop by roughly 20 million b/d to about 80 million b/d this year, Fatih Birol, executive director of the Continue Reading
Global oil demand could fall by about 20 million barrels per day , EIA’s Executive Director, Fatih Birol said in a Thursday press briefing, according to Bloomberg. As 3 billion Continue Reading
Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues Continue Reading
With only a week to go before OPEC+ countries start flooding the world’s total oil production with an estimated extra 2.5 million barrels per day (bpd) amid the Covid-19 crisis, Continue Reading
The world is awash in crude oil, and is slowly running out of places to put it. Massive, round storage tanks in places like Trieste, Italy, and the United Arab Continue Reading
We warned last week that oil has a storage problem, which could translate to permanent production capacity shutdowns. On Thursday, Goldman’s commodities research team, headed by Damien Courvalin, offered some Continue Reading
“In China we had a supply shock, a production shortage from closed factories and reduced truck numbers,” Jeremy Nixon, chief executive of Japan’s Ocean Network Express, the world’s sixth biggest Continue Reading
The international oil market is composed of two types of companies: International Oil Companies (IOC) and National Oil Companies (NOC). The former are Western firms with their origin often linked Continue Reading
With the oil price war between Saudi Arabia and Russia showing no signs of relenting, some analysts are now warning that the standoff could extend much longer. Saudi policy now Continue Reading
