Oil’s getting hammered by a unique concurrence of demand and supply shocks that could send prices into the $20s, according Ed Morse, Citigroup Inc.’s head of commodities research.
Oil plummeted to the lowest in more than two years after high-stakes negotiations between OPEC and its Russian ally collapsed without a plan to arrest free-falling prices with supply cuts.
Russia’s oil minister returns to Vienna on Friday for a tense meeting with the country’s OPEC allies, as the cartel engages in a high-stakes diplomatic gamble that risks a price crash if it backfires.
OPEC ministers took a gamble, agreeing on a large production cut to offset the demand hit from the coronavirus epidemic without having overcome Russian opposition to the move.
A US oil major that sold most of its UK offshore business last year has become an Aberdeenshire-based research centre’s first industrial “anchor partner”.
Plunging oil prices are likely to make North Sea companies “think harder” before making investment decisions, industry experts said on Friday.
Oil slipped below $50 a barrel in London as the fast-spreading coronavirus riled global markets, intensifying speculation that OPEC and its allies will strike a deal to support prices.
A UK Government review of new tax rules expected to affect thousands of oil and gas workers has been slammed as “recklessly inadequate”.
Market experts at Wood Mackenzie (WoodMac) and Rystad Energy have warned of a further fall in oil prices due to coronavirus.
OPEC and its allies are displaying a “renewed commitment” to reach an accord that will stabilize oil markets hit hard by the coronavirus, the group’s top official said.
It was a moment that should have been a win for environmentalists and sustainable-minded investors alike: a fossil fuel investment vehicle named for late oil tycoon T. Boone Pickens was transforming into a renewables fund to take advantage of interest in the energy transition.
Oil extended losses after closing at a 13-month low as more new coronavirus cases were reported outside China than within, adding to fears the world is on the brink of a pandemic that will take a hefty toll on growth.
Apache suffered pre-tax losses of £2.3 billion last year after booking hefty impairments on some of its US assets.
A boss at Petrofac has said the loss of a UK North Sea contract with French major Total was “disappointing”, but not “mission critical” for the oilfield service firm.
Oil recovered some of its losses following the biggest drop in almost seven weeks as investors attempted to gauge the economic consequences of the fast-spreading coronavirus and whether it would become a global pandemic.
The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process.
A judge will decide next month whether to punish an executive director of Greenpeace for his hand in a protest on board an oil rig last year.
Improved market conditions and a major acquisition have boosted Australian energy service firm Worley’s half-year results.
Oil slumped the most since Feb. 3 as a risk-off mood blanketed Asian markets after the global spread of the coronavirus quickened over the weekend.
Hydrogen as an energy vector is receiving much more media and scientific press attention. I am a keen proponent of hydrogen as a key enabler for decarbonising heat and power but I have difficulty with the proposed schemes for hydrogen production offshore – as reported by Energy Voice, December 2019.
How refiners are using digital technologies to become more profitable
Businesswoman Claire Forbes is using knowledge gained at a US training facility known as Disaster City to further develop the crisis management firm her father launched 25 years ago.
A Spanish oil giant has set aside nearly £700 million in case it ends up on the wrong side of a long-running arbitration centred on a UK North Sea joint venture.
An Angus oilfield services firm has invested a six-figure sum on its on-site test bay facilities to maximise capacity for its maintenance services and supporting the recertification of its extensive equipment rental fleet.
North Sea oilfield operators cut the frequency of their downtime by nearly 20% during the year to September 2019, according to energy services firm Glacier Energy Services.