The Oil Giant Drowning In Debt
ExxonMobil saw its credit rating downgraded by Moody’s on Thursday from Aaa to Aa1, with a Negative outlook. Two weeks ago, S&P cut Exxon’s credit rating. The oil major’s struggles Continue Reading
Oil surges more than 13% on hopes of output deal
Crude futures surged for a second day on Friday, with both U.S. and Brent contracts posting their largest weekly percentage gains on record due to hopes that a global deal 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
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 Says Putin’s Comments on OPEC+ Deal Are ‘Incorrect’
The OPEC+ meeting to try to end the oil price war is unlikely to go ahead on Monday as previously expected, as Riyadh and Moscow trade barbs about who’s to Continue Reading
Billions in Oil Royalties at Stake in Talks After Trump Meeting
Oil industry representatives will meet with Interior Secretary David Bernhardt, Energy Secretary Dan Brouillette and White House economic adviser Larry Kudlow Friday to discuss ways the Trump administration can help Continue Reading
Mnuchin: Struggling Shale Firms Should Seek Help From The Fed
As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from Continue Reading
Trump aims to ease U.S. oil industry’s cash crunch, no plan to trim output: sources
U.S. President Donald Trump has directed his cabinet to find ways to ease a cash crunch in the drilling industry after oil company executives told him in a Friday meeting 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
Trump Tweet Sends Oil Soaring 25%
Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would Continue Reading
Oil posts biggest one-day gains after Trump touts Saudi-Russia oil deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Continue Reading
Why A 15 Million Barrel Per Day Cut Will Never Happen
Oil prices exploded on Thursday morning after US President Trump tweeted that he spoke with Saudi Crown Prince Mohammed bin Salman about a potentially ‘huge’ output cut. According to Trump, Continue Reading
What Really Caused Oil To Rally By 25%?
Oil prices spiked 25 percent on Thursday after President Trump tweeted that Saudi Arabia and Russia would cut production by 10 to 15 million barrels per day (mb/d), but there Continue Reading
What Happens If The World Runs Out Of Oil Storage?
It was only a matter of time, really. With demand decimated by the coronavirus and Saudi Arabia on the oil warpath, the imbalance between oil supply and demand deepened dramatically, Continue Reading
Exclusive: Trump does not plan to ask U.S. oil producers for coordinated cuts – official
The United States will not ask U.S. domestic oil companies for a coordinated cut in production to counter a historic meltdown in global prices and is still awaiting the details Continue Reading
US Energy Department offers 30 million barrels of SPR space to US producers
After Democrats in Congress blocked efforts to buy US crude for the Strategic Petroleum Reserve, the Department of Energy announced Thursday that it was making 30 million barrels of space Continue Reading
Traders Eyeing Rail Cars for Oil Storage
Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels. North Continue Reading
US shale producers launch anti-Saudi lobbying push
American shale producers have launched an aggressive lobbying campaign in support of new sanctions against Saudi Arabia and Russia, urging the White House to compel the oil producing nations to Continue Reading
Global Stocks Steady After Selloff, Oil Leaps 10%
Global stocks steadied Thursday after U.S. equities endured their worst start to a new quarter on record, while oil jumped 10% on hopes of an end to the price war Continue Reading
Crude oil futures climb ahead of Trump’s meeting with US oil leaders
Crude oil futures were higher in mid-morning trade Asia Thursday, as more optimism emerged ahead of US President Donald Trump’s meeting with oil industry leaders later in the week. Receive Continue Reading
First Few Shale Bankruptcies Probably Would Have Happened Anyway
This year’s dramatic crash in oil prices will probably be blamed by many energy companies for their ultimate demise. But the first wave of U.S. shale producers to file for Continue Reading
Oil Holds Near $20 as Saudi Output Surges, Russia’s Won’t Rise
Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes. Crude futures in New York Continue Reading
Oilfield spending to fall 21% as producers slash outlays: report
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Continue Reading
Oil’s Apocalyptic April Could Reverberate for Years to Come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come. Daily consumption will plummet by 15 million to 22 million Continue Reading
The Inevitable Collapse Of Global Oil Production
The OVX index measures implied volatility of oil prices and is calculated by using movements in the prices of financial options for WTI. – The OVX reached 190 on March Continue Reading
The U.S. Can’t Afford To Let Shale Fail
It’s no secret that the growth of U.S. shale oil has been a thorn in the sides of both Saudi Arabia and Russia. They have seen their market shares erode Continue Reading
U.S. Drillers Face Doomsday Scenario As Some Crude Blends Hit $1
As the oil war and coronavirus demand destruction rage on, WTI crude prices briefly dipped below $20 per barrel, but many prices aren’t even fetching $20 per barrel as they Continue Reading
Dated Brent falls below $20/b Monday, first time since Feb 2002
S&P Global Platts crude benchmark Dated Brent fell below $20/b Monday for the first time since February 2002. Dated Brent was assessed by Platts at $17.79/b Monday, down $3.31/b day Continue Reading
Coronavirus Rattles Shipping Industry as Supply Shock Moves to Demand Decline
“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
Coronavirus Could Crush US Coal Industry
The spreading coronavirus pandemic may too heavy of a burden for the already struggling coal miners in the United States, with three companies announcing operations halts due to measures to Continue Reading
U.S. Prepares for Prolonged Shutdowns as Coronavirus Strains Hospitals
A U.S. Navy ship outfitted with 1,000 hospital beds pulled into New York Harbor. Tents sprung up in New York City’s Central Park. The Javits Center, a 1.8 million-square-foot convention Continue Reading
The Global Oil Market Is Broken, Drowning in Crude Nobody Needs
The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store Continue Reading
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
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
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
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
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
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
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
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
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
Rig Count Crashes Most In 4 Years As Oil Shock Rocks U.S. Shale
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs Continue Reading
Oil Braces for Biggest Idling of Wells Since 1986
Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering Continue Reading
Oil Resumes Plunge After IEA Warns That Demand Is in ‘Free Fall’
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
Coronavirus spread to cause 20 million b/d decline in oil demand: IEA’s Birol
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
IEA Boss Warns Demand Will Plunge By 20 Million Barrels Per Day
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