Oil Price Crash Forces Algeria To Cut State Budget By 50%
OPEC member Algeria has decided it would slash its budget for this year by 50 percent, due to the drastically lower income from oil after the price crash. Algeria – Continue Reading
Saudi Arabia, Hit With Oil Collapse and Coronavirus, Tosses Lifelines
Saudi Arabia is taking unprecedented measures to cushion the blow of rock-bottom oil prices and the new coronavirus pandemic, as the monarchy seeks to extricate the kingdom from its worst Continue Reading
Iraq’s economy is collapsing under the double blow of sinking oil prices and coronavirus lockdown
A peddler arranges clothes at the Sarj Khaneh market in Mosul as the country eases restrictions put in place for the coronavirus pandemic. (Zaid Al-Obeidi/AFP/Getty Images) According to government officials, Continue Reading
Nigeria’s Buhari Calls for Debt Pardon by Multilateral Lenders
Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the coronavirus pandemic. In a meeting with other Continue Reading
Nigeria: FG Urged to Prioritise Dangote Refinery
The Chief Executive Officer of the New Horizon Systems Solution, Mr. Tim Akano, has advised the federal government to prioritise funding of the Dangote Refinery, as part of its strategy Continue Reading
Venezuelan authorities detain U.S. citizens allegedly involved in incursion
Venezuelan authorities have detained two U.S. citizens working with a U.S. military veteran who has claimed responsibility for a failed armed incursion into the oil producing country, President Nicolas Maduro Continue Reading
India Prepares Large-Scale Repatriation of Workers Stranded by Pandemic
India is working with some Arab Gulf states in an effort to repatriate hundreds of thousands of migrant laborers stranded by the coronavirus pandemic, in what could become one of Continue Reading
Venezuelan oil exports rise in April, even after Rosneft exit: data
Venezuela’s oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according Continue Reading
Exclusive: Internal Chinese report warns Beijing faces Tiananmen-like global backlash over virus
An internal Chinese report warns that Beijing faces a rising wave of hostility in the wake of the coronavirus outbreak that could tip relations with the United States into confrontation, Continue Reading
Coronavirus Survivors Want Answers, and China Is Silencing Them
The text messages to the Chinese activist streamed in from ordinary Wuhan residents, making the same extraordinary request: Help me sue the Chinese government. One said his mother had died Continue Reading
China likely to miss 2020 gas storage targets amid COVID-19, incomplete reforms
China’s move to speed up the construction of natural gas storage facilities is expected to boost the storage capacity over the next two-three years, but the country is unlikely to Continue Reading
The coronavirus crisis is hitting solar and wind work, too.
with Paulina Firozi The coronavirus crisis is not only battering the oil and gas industry. It’s drying up capital and disrupting supply chains for businesses trying to move the country Continue Reading
‘Like watching a train wreck’: The coronavirus effect on North Dakota shale oilfields
Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a Continue Reading
Texas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them
A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure. Texas Railroad Continue Reading
Judge Vacates Oil and Gas Leases on 145,000 Acres in Montana
A federal judge on Friday vacated 287 oil and gas leases on almost 150,000 acres of land in Montana, ruling that the Trump administration had improperly issued the leases to Continue Reading
‘Too hard to tell’ if US travel ban will be lifted, says Mnuchin
Steven Mnuchin, the US Treasury secretary, said it was “too hard to tell” if the US will loosen international travel restrictions affecting Asia and Europe this year, even as measures Continue Reading
NYMEX June natural gas settles at 14-week high for prompt contract on bullish expectations
The NYMEX June natural gas futures contract settled 10.30 cents higher at $1.993/MMBtu on Monday as collapsing US rig counts highlight expectations of lower associated gas production. Receive daily email Continue Reading
THE DEATH OF THE BAKKEN HAS ARRIVED: Oil Production Down 30%
With North Dakota Bakken oil production down more than 30%, the death of the mighty shale region has begun. There is no way for the companies producing shale oil in Continue Reading
Amid Oil Rout, Challenge Is Picking Which Wells Close
Turns out shutting an oil well is easy, in many cases, it can be done with a few taps on an iPhone. Figuring out which to shut, and for how Continue Reading
Researchers double U.S. COVID-19 death forecast, citing eased restrictions
A newly revised coronavirus mortality model predicts nearly 135,000 Americans will die from COVID-19 by early August, almost double previous projections, as social-distancing measures for quelling the pandemic are increasingly Continue Reading
Nearly All Patients Hospitalized With Covid-19 Had Chronic Health Issues, Study Finds
A new study of thousands of hospitalized coronavirus patients in the New York City area, the epicenter of the outbreak in the United States, has found that nearly all of Continue Reading
Oil Majors Take On More Debt To Fund Dividends
Exxon posted its first quarterly loss in more than 30 years. But even as debt mounts and questions arise about peak oil demand, the oil supermajor nevertheless vowed to protect Continue Reading
Chevron Down to 5 Permian Rigs
Chevron is currently running five rigs in the Permian basin, the company’s chairman and CEO, Mike Wirth, revealed in a recent Bloomberg television interview. Chevron is currently running five rigs Continue Reading
Permian Drillers Slash Output Themselves
On the same day OPEC-style oil quotas in Texas were pronounced dead on arrival, shale drillers disclosed more supply cuts. (Bloomberg) — On the same day OPEC-style oil quotas in Continue Reading
Freeport LNG Moving Ahead With Train 3
In accordance with growing global demand for LNG, Freeport is developing a fourth natural gas liquefaction unit. Freeport LNG received the green light from the Federal Energy Regulatory Commission to Continue Reading
Oil is approaching a turning point in its coronavirus saga.
Oil is approaching a turning point in its coronavirus saga. After several weeks of extreme volatility, prices rallied last week. BP, Shell, Exxon and Chevron offered investors a clear sense Continue Reading
Too Cold for an Oil Cut? Russia’s Move Reveals a Long-Running Bluff
For most of the post-Soviet period, energy officials in Russia have resisted OPEC entreaties to participate in production cuts to help prop up oil prices, arguing that doing so was Continue Reading
Shell Has A Dire Warning For Oil Markets
After months of a deep and harrowing slide, fuel demand across the world is finally starting to sputter back to life . Traffic data, pipeline flows, and sales at gas Continue Reading
Russia’s Gazprom Neft Sees Oil Prices Topping $30 This Summer
Oil prices will top $30 a barrel this summer as demand will start to recover slowly, Alexander Dyukov, chief executive at Russian oil producer Gazprom Neft, told a Russian television Continue Reading
Coronavirus health fears outweigh concern for economy: global survey
A substantial majority of people around the world want their governments to prioritise saving lives over moves to restart economies being hammered by measures aimed at halting the spread of Continue Reading
Nuclear Is Getting Hammered by Green Power and the Pandemic
Generating power without harmful carbon emissions has never been more urgent, yet one of the biggest sources of clean power is struggling to turn a profit. The nuclear industry has been Continue Reading
Massive Crane Collapse Could Delay U.K. Offshore Wind Farms
A crane mounted on a ship made to construct wind farms at sea collapsed over weekend, potentially delaying some of the U.K.’s biggest renewable power projects. Offshore wind farms, often valued Continue Reading
UK new car market plummets 97.3% on year in April; coronavirus weighs: SMMT
Highlights SMMT forecasts 2020 sales at 1.68 million units April decline steepest in modern times: SMMT Coronavirus shuts down global automobile market London — UK new car registrations fell off Continue Reading
Crude futures dip in Asia trade on signs of growing US-China tensions
Crude oil futures were lower in mid-morning trade in Asia Monday amid signs of growing tensions between the US and China over the coronavirus pandemic. Receive daily email alerts, subscriber Continue Reading
Oil Falls After Three-Day Rebound as Funds Shun Short-Term Crude
Oil fell after a three-day rebound as a number of funds shifted away from near-term contracts, fearing a repeat of the meltdown last month that saw prices plunge below zero. Futures Continue Reading
A Major Bull Run Is Forming In Oil Markets
The oil market is facing an unprecedented crisis as COVID-19 causes demand destruction and OPEC+ has proven powerless to stop oil prices from crashing. But behind what seems like an Continue Reading
What Is the Future for Oil Prices?: Long Recovery for Demand
Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight Continue Reading
Opinion | How Long Will a Vaccine Really Take?
A vaccine would be the ultimate weapon against the coronavirus and the best route back to normal life. Officials like Dr. Anthony S. Fauci, the top infectious disease expert on Continue Reading
COVID-19 Could Accelerate The Arrival Of Peak Oil Demand
Until three months ago, the oil industry was pinning its hopes on aviation, alongside petrochemicals, for continued growth in oil demand for at least another decade. The aviation industry, however, Continue Reading
U.S. Charges Two Iranians Over Oil Tanker Purchase, Seeking $12 Million Forfeiture
The two men, who remain at large, were charged with violating U.S. money-laundering and sanctions laws. The U.S. Treasury on Friday separately blacklisted Mr. Dianat, a dual Iranian and Iraqi Continue Reading
Iraqi Kurdistan On The Brink Of Collapse As Oil Prices Crash
Attentive Oilprice readers must have read at least a dozen articles describing how hard Iraq has been hit by the drop in oil prices. Iraq’s political travails are by no Continue Reading
Saudi Arabia warns of ‘extreme measures’ to combat COVID-19, oil price crash
Saudi Arabia’s finance minister has warned the kingdom needs to make “extreme” spending cuts to manage the economy during the COVID-19 crisis and oil price crash. “It is very important Continue Reading
Iraq’s Kurdish region pumped 468,400 b/d in 2019 at export price of $52.67/b
Iraq’s semi-autonomous Kurdish region pump an average of about 468,400 b/d in 2019, with 93% of its oils sales exported at an average price of $52.676/b, according to a Deloitte Continue Reading
Saudi Arabia Sabic Suspends All But Essential Spending
Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter. Sabic, as Continue Reading
Oil Price Crash Hits Latin American Drillers Hard
Rigs are vanishing at a rapid clip in the United States, but oil and gas drilling activity is also falling worldwide. The international rig count fell by 144 in April Continue Reading
Oil revenues crash, dragging Iraq deeper into crisis
Iraq’s April oil revenues collapsed to their lowest level in more than a decade, dragging the country deeper into a financial crisis that has paralyzed both the federal government and Continue Reading
Trump administration pushing to rip global supply chains from China: officials
The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak, Continue Reading
South Korean refiners cut March transport fuels output 8% on year, lower crude throughput 4%
South Korean refiners reduced production of transportation fuels by 7.8% year on year in March, cutting crude throughput 4.3% over the same period, in response to demand destruction caused by Continue Reading
Australian Government establishes A$300M fund to support hydrogen projects
The Australian Government has established funding to support hydrogen-powered projects. The A$300 million (US$193 million) Advancing Hydrogen Fund will be administered by the Clean Energy Finance Corporation (CEFC). As an Continue Reading
Is November 2019 the New US Peak Oil Date?
Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately Continue Reading