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