Oil slips with planned Opec+ talks stymied by Iraq obstacle
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
OPEC
Oil dips as quota cheating casts doubt over Opec+ meeting
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
‘Relief’ for some as oil rises past $40, but North Sea activity to remain depressed
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
Angola in debt talks with oil importers
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
Updated: Oil edges higher with Opec+ decision on output cuts in focus
Oil rose as investors eyed a potential extension of record production curbs by OPEC+ while physical markets continued to show signs of tightness.
Oil drops further on signs US stockpiles expanding
Oil extended its drop after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
Oil at two-month high with Chinese demand near pre-virus levels
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
US oil anchored near $25 as market braces for uncertain recovery
WTI was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
Oil price rises amid output cuts and early signs of demand recovery
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Norway will cut production by 250,000 barrels per day to lift prices
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
Crude Intentions: Collaboration will assure the oil markets recovery
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.
The next chapter of the oil crisis: Industry shuts down
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Oil extends recovery from selloff but angst over glut remains
Oil extended its recovery from Monday’s plunge below zero but remained under intense pressure from a swelling global supply glut.
Nigeria faces involuntary output cuts
Nigeria is moving towards production cuts as a result of a lack of local storage and inability to sell cargoes.
International benchmark Brent oil drops to 21-year low
Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.
North Sea can weather oil market storm, tax expert says
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
IEA calls for deeper cuts
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
US oil spirals below zero in ‘devastating day’ for global industry
The day started like any other gloomy Monday in the oil market’s worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to get somebody to take crude off their hands.
Will Covid-19 kill the oil industry?
As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Saudi Arabia, Russia signal that further output cuts could be on the cards
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem the crude’s downward spiral.
Oil holds close to 18-year low despite new output cuts
Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.
Pain of crude crash impacts Russia as OPEC prepares to cut output
The Kremlin may have succeeded in ending its oil war with Saudi Arabia, yet the pain of crude’s crash is only just starting to hit Russia’s budget.
Covid-19: How can something so small be so big?
It is amazing how fast things have changed. It is only a few months ago that I made my new year resolutions for 2020. Beaming with optimism and positive energy, I set out ambitious targets to ensure 2020 would be a year to remember.
Saudi oil continues to flood market despite output deal set to begin
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks.
Fudging the OPEC+ deal numbers
“Baselines matter” is one takeaway from the deal brokered over the weekend to save the market.