Global economy already set for historic contraction
The global economy was facing the worst collapse since the second world war as coronavirus began to strike in March, well before the height of the crisis, according to the Continue Reading
U.S., Saudi Arabia, Russia Lead Pact for Record Cuts in Oil Output
Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud Continue Reading
Opec secures record global oil cuts deal under US pressure
Saudi Arabia and Russia ended their oil price war on Sunday by finalising a deal to make the biggest oil production cuts in history, following pressure from US President Donald Continue Reading
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow Continue Reading
OPEC+ oil deal is short-term band aid, better long-term bet: Russell
The agreement to cut global crude oil output, reached amid high drama over the Easter weekend, appears effectively to be in two parts. A short-term agreement that’s probably not enough, Continue Reading
Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual Continue Reading
Interview: OPEC+ seeks outside help to hit 10 million to 15 million b/d cut deal: Kuwait minister
Fadhel says talks ongoing, but OPEC+ ready to act Russian rhetoric seen as negotiating tactic Kuwait production could hit 3.30 mil b/d in April London — The 23-country OPEC+ alliance Continue Reading
G20 announces emergency energy ministers meeting Friday on oil cuts, coronavirus
The G20 group of leading world economies will host an extraordinary energy ministers’ meeting Friday to discuss OPEC-led plans for a global crude production cut accord aimed at shoring up Continue Reading
OPEC+ awaits green light from other key producers as oil cut math gets complicated
OPEC’s ambitions for expanded global production cuts to level out the oil market’s coronavirus nosedive remain in the balance, with countries still far apart on many details — not least Continue Reading
Global Oil Deal Gains Traction With U.S. Predicting Big Drop
The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects Continue Reading
Interview: Global cut won’t be enough to balance oil market: Goldman’s Currie
A globally coordinated oil production cut is “likely” but would fail to deliver the kind of reduction needed to balance the crude market, Goldman Sachs’ global head of commodities Jeff Continue Reading
Iran says US oil production must be known before OPEC+ call
Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of Continue Reading
U.S. pushes back on call by OPEC+ to join big oil output cuts
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in Continue Reading
OPEC Can’t Kill U.S. Shale
OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to Continue Reading
OPEC Seeks to Rally Producers Over Fears of Filled Storage
A growing scarcity of oil storage space is driving some of the world’s biggest crude producers to negotiate a truce this week in a Saudi-Russian fight for market share that Continue Reading
OPEC, Allies Set to Debate Oil Cuts as Saudis Delay Pricing Move
The Saudi-led Organization of the Petroleum Exporting Countries will convene a virtual meeting on Thursday with other oil-producing nations including Canada and Russia, aiming to negotiate a truce in a Continue Reading
OPEC+ emergency meeting faces delay as Russia rift with Saudi grows
OPEC and its allies are regrouping over the weekend following signals from US President Donald Trump that American producers would not be joining any production cut and a rift between Continue Reading
OPEC’s Plan To Take Over The Global Oil Industry
The first three months of 2020 have shocked the global energy market to its foundations. The toxic mix of coronavirus, a global economic recession, and an unexpected OPEC+ price spat Continue Reading
Russia still supports international oil market negotiations: Kremlin spokesman
Russia still supports talks with other leading oil producers on stabilizing the market, Kremlin spokesman Dmitry Peskov said Sunday. “Russia was not a supporter of ending the OPEC+ deal. President Continue Reading
IEA: Oil Price Collapse Could Leave 50 Million Jobless
The historic oil price crash from last month could lead to as many as 50 million job losses globally in the oil refining and retail industry, Reuters quoted the head Continue Reading
Deep oil output cuts won’t offset unprecedented demand loss: IEA
Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s Continue Reading
IEA: Oil Price Collapse Could Leave 50 Million Jobless
The historic oil price crash from last month could lead to as many as 50 million job losses globally in the oil refining and retail industry, Reuters quoted the head Continue Reading
Global economy set for sharpest reversal since Great Depression
The coronavirus pandemic and lockdowns imposed by governments on both sides of the Atlantic have pushed the global economy into the sharpest downturn since the Great Depression, data released on Friday Continue Reading
Global downturn due to coronavirus ‘way worse’ than global financial crisis: IMF
WASHINGTON/GENEVA (Reuters) – The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial Continue Reading
OPEC Invites U.S. Oil Official To Production Cut Meeting
OPEC will invite the U.S. oil regulator to take part in the emergency OPEC+ video meeting on Monday, a source involved in the preparation of the meeting told Russian news Continue Reading
OPEC+ emergency meeting likely to be postponed to April 8 or 9: OPEC sources
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among Continue Reading
OPEC+ debates biggest-ever oil cut, awaits U.S. efforts
OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expect will be a global Continue Reading
The OPEC Meeting Could Send Oil Prices Crashing Below $10
The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle Continue Reading
Saudi Arabia, Russia Press U.S. to Coordinate Oil Cuts, Pushing Up Prices
Saudi Arabia and Russia are pressing the U.S. to coordinate oil output cuts in an attempt to stabilize prices, OPEC officials said, as the demand for crude plummets amid the Continue Reading
U.S. Energy Chief Tells Industry He Sees Oil Deal Within Days
Energy Secretary Dan Brouillette told oil industry representatives Friday that he expected a Saudi-Russia deal on crude production cuts within days. Brouillette’s comments came during a conference call with a broad Continue Reading
Putin says oil supply cuts possible if all major producers take part
Vladimir Putin said a cut to global oil production of about 10m barrels a day is possible, but only if all major crude producers including the US join in the Continue Reading
Putin Says Russia Is Willing to Join Oil Production Cuts: Live Updates
Putin urges the United States to participate in oil output cuts. The United States should join with Russia and the Organization of the Petroleum Exporting Countries in cutting crude oil Continue Reading
Russian Oil Firms Ready To Agree To A Production Cut Deal
With oil prices below Russia’s budget breakeven and with over 20 percent of global oil demand wiped out by the coronavirus pandemic, Russian oil firms could be ready to participate Continue Reading
OPEC+ plans extraordinary meeting Monday via webinar to discuss oil cuts
The OPEC+ alliance plans an extraordinary meeting Monday via webinar to try and broker a deal on production cuts, according to delegates, following mediation by US President Donald Trump this Continue Reading
Economies won’t be able to recover after shutdowns
Citizens seem to be clamoring for shutdowns to prevent the spread of COVID-19. There is one major difficulty, however. Once an economy has been shut down, it is extremely difficult Continue Reading
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
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
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
Ten signs the oil industry is bent out of shape
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to Continue Reading
World Trade Rocked by Virus Sees Worst Collapse in a Generation
The global economy’s most abrupt and consequential shock in at least a generation is unfolding at ports and other hubs of international commerce as the U.S. and Europe struggle to Continue Reading
Countries Starting to Hoard Food, Threatening Global Trade
It’s not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the conoravirus pandemic. Kazakhstan, one of the world’s biggest shippers of Continue Reading
Surveys show coronavirus pandemic savaging global economy
Evidence of the devastation wreaked on the global economy by the coronavirus pandemic mounted on Tuesday as activity surveys for March from Australia and Japan showed record falls, with surveys Continue Reading
OPEC-Shale Peace Prospects Crumble Hours After Historic Call
Just hours after one of the most powerful officials in the biggest U.S. oil state was invited to OPEC’s inner sanctum in June, propspects for a rapprochement between two historically Continue Reading
OPEC, U.S. Shale Producers Open Talks Amid Oil Rout
U.S. oil industry regulators opened a dialogue with OPEC in talks that could help foster a truce between the world’s three largest oil producers and potentially resolve a Saudi-Russian price Continue Reading
OPEC+ losses influence on the market, but participants should continue to talk: Sechin
Rosneft CEO Igor Sechin said Friday that OPEC+ has lost its ability to influence the market, but the world’s biggest oil producers should continue to talk. Receive daily email alerts, Continue Reading
OPEC, U.S. Shale Producers Open Talks Amid Oil Rout
U.S. antitrust laws prevent a formal deal and there is no suggestion the two sides would coordinate on production decisions. But the Texas regulator is considering curtailing output in America’s Continue Reading
IEA Calls For Emergency Clean Energy Aid Package
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
OPEC+ Panel Cancels Next Week’s Meeting
The March 18 meeting of the OPEC+ panel monitoring the oil market and producers’ compliance with quotas has been canceled, a source in one delegation told Russia’s news agency TASS Continue Reading
Exclusive: Russia to OPEC: deeper oil cuts won’t work
This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will Continue Reading
Russia Might Not Be Done With OPEC Just Yet
Despite the break-up of the OPEC+ production cut agreement, “the doors aren’t closed” to future cooperation between Russia and OPEC, Russia’s Energy Minister Alexander Novak told local news channel Rossiya Continue Reading