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Month: March 2020

Category:
  • Nigeria

Nigeria: Govt Directs Oil Firms to Cut Offshore Workforce

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • India

India says no plan to extend coronavirus lockdown as poor struggle

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • India

India Tries to Stem Migrant Worker Exodus Amid Coronavirus Lockdown

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • India

India lockdown: Thermal coal supply declared as essential service

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • Venezuela

Rosneft Sells Venezuelan Assets as Fight With U.S. Grows

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • Venezuela

Russia’s Rosneft Plans to Sell All Assets Related to Venezuela

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • China

Second Blow for China’s Factories as U.S., Europe Cancel Orders

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • China

China unexpectedly cuts reverse repo rate by most in five years to support virus-hit economy

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • China

Hidden Chinese Lending Puts Emerging-Market Economies at Risk

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • USA

U.S. Stock Futures Falter as Oil Trades at 18-Year Low

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • USA

America’s Make-or-Break Week

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • USA

Coronavirus Slowdown in Seattle Suggests Restrictions Are Working

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • China

China Created a Fail-Safe System to Track Contagions. It Failed.

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Refining

Refiners Are Having To Pay To Produce Gasoline

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Pipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Electric Cars
  • USA

More States Charge Fees for Electric Vehicles

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • France

Special Report: Five days of worship that set a virus time bomb in France

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • Europe

European shares retreat as coronavirus fears intensify

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • Russia

Kremlin in virus crackdown after Russians rush for ‘long weekend’

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • Shale Oil
  • USA

Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Norway

Norway’s Equinor raises Johan Sverdrup phase 1 oil output target to 470,000 b/d

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Drops Fifth Straight Week on Heightened Supply-Demand Shock

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil plunges posting fifth straight weekly loss despite stimulus efforts

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Tumbles Towards $20 As Glut Grows

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

One Corner of U.S. Oil Market Has Already Seen Negative Prices

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Here’s What Oil Traders Are Doing To Profit From Ultra-Low Oil Prices

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply
  • Prices

World Is Totally Unprepared For What’s Ahead

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Refining

Global oil refiners shut down as coronavirus destroys demand

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • Global

IMF head says global economy now in recession

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Economy

S&P Cuts Oil Nations Ratings

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • Global

Global Economic Fallout Grows as Coronavirus Cases Pass 600,000

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Climate

Coronavirus Already Hindering Climate Science, But the Worst Disruptions Are Likely Yet to Come

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • OPEC

OPEC February Production Data

 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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Iraq

Iraq Wants 30% Capex Cut From Foreign Oil Firms

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Israel

Israel Forms a Unity Government to Tackle COVID-19

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • South Africa

Price War Hits Africa’s Largest Oil Producer

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • India

COVID-19 Throws a Wrench Into India’s Economic Plans

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • USA
  • Venezuela

Russia calls U.S. sanctions on Venezuela a ‘tool of genocide’ amid epidemic

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Australia
  • Climate

Great Barrier Reef Hit By Mass Bleaching, Climate Council Says

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • China

Chinese Oil Giant Is Slashing Spending

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Transportation

COVID-19 wreaks havoc on Asia’s automotive industry

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • China

Dozens Clash on Hubei Border After China Lifts Virus Quarantine

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

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • China

Past Pandemics Exposed China’s Weaknesses

When the novel coronavirus first emerged in China’s Hubei Province, foreign reactions to the country’s handling of the epidemic swung between extremes. At a press conference held in Beijing in Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • USA

Historic $2.2 trillion coronavirus bill passes U.S. House, headed to Trump

The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in American history – to help people and businesses cope with the economic downturn Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • USA

A U.S. recession? Probably. Depression? Only if the virus is untamed

A U.S. recession may already be underway. Could it be worse? The Great Depression that began with a stock market crash in 1929 and lasted until 1933 scarred a generation Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • USA

Dollar edges up but headed for biggest weekly fall since 2016

The dollar edged higher on Friday but remained on track for its biggest weekly decline in four years, as trillions of dollars worth of stimulus efforts by governments and central Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Economy
  • USA

U.S. consumer sentiment near three-and-a-half year low, spending sluggish

U.S. consumer sentiment dropped to near a 3-1/2-year low in March as the coronavirus epidemic upended life for Americans, and consumer spending was sluggish in February, strengthening economists’ expectations of Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Shale Oil
  • USA

Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark

The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple
Category:
  • Prices
  • Refining
  • USA

American Pump Prices Fall Below $2 in First Time in Four Years

U.S. retail gasoline dropped below $2 a gallon for the first time since March 2016, before President Trump was elected. The average pump price fell to $1.99 per gallon Friday, retail tracker GasBuddy said. Continue Reading

Posted On : 28 Mar 2020 Published By : Tom Whipple

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