Abu Dhabi lines up April production boost
Abu Dhabi intends to supply more than 4 million barrels per day of crude in April, following recent moves by Saudi Arabia and Russia to maximise output.
OPEC
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Saudi Arabia to escalate price war with huge oil output hike
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.
North Sea ‘already battening down the hatches’ over oil price-quake
I can imagine the expletives uttered the length and breadth of the North West Europe Continental Shelf as folk across the offshore oil & gas industry woke up this morning … from operators right down the food chain to the smallest service companies.
Oil crashes as Russia-Saudi price war breaks out
Oil markets crashed more than 30% this morning after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
Thousands of Houston jobs could be cut if oil fails to recover from Friday plunge
The price of crude oil plunged below $42 per barrel Friday, threatening thousands of Houston-area jobs if the price languishes there for several months, an economist says.
Real danger for North Sea FIDs as Opec+ talks collapse
A slump in crude prices following the collapse of high-stakes talks today has created a “real danger” that North Sea oil firms will delay investing in new fields, a top petroeconomist said.
Oil tumbles to lowest in 2 years with OPEC+ alliance in disarray
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.
Equatorial Guinea postpones investment conference
Equatorial Guinea has taken the decision to postpone its Africa Oil & Investment Forum (AOIF) and exhibition, which had been due to take place on June 1, in light of the coronavirus outbreak.
OPEC and Russia face off in high-stakes talks to stem rout
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.
Virus to wipe out most of 2020 oil demand growth, no Opec cure in sight, says Rystad
The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios.
OPEC gambles by pledging big cut before getting Russian support
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.
CERAWeek energy summit cancelled over coronavirus
One of the world’s largest and most important energy industry gatherings was cancelled by organiser IHS Markit Ltd. on Sunday amid mounting concerns about the coronavirus outbreak. It was due to start March 9.
OPEC chief says group is showing ‘renewed commitment’ to reach oil accord
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.
Oil edges up following sell-off with virus fallout still unknown
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.
Fading hope for emergency OPEC+ meeting caps oil’s advance
Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.
Oil set for weekly gain after finding floor amid virus confusion
Oil headed for its first weekly gain since early January after prices found a floor amid uncertainty over how the coronavirus will play out and whether OPEC+ will respond with additional production cuts.
Oil rebounds from one-year low in New York but emergence of glut looms
Oil bounced back from a one-year low in New York but the emergence of a glut since the coronavirus outbreak loomed over the market as traders looked to store excess crude on tankers.
A five-decade rivalry is playing out at OPEC+
Revenge, they say, is a dish best served cold.
Saudi bid to cut output hits Russian resistance as OPEC experts meet
Saudi Arabia’s diplomatic push for an OPEC+ production cut ran into Russian resistance again on Tuesday, while delegates from the alliance met in Vienna to assess the fallout from the coronavirus.
Oil slides on over supply as Europe mulls Libya action
Oil fell below $65 a barrel as ample global supplies offset the loss of exports from Libya, while Europe considered a military mission to help enforce an arms embargo and a potential cease-fire in the OPEC producer.
Oil gets boost from trade deals, but demand concerns persist
Oil held its biggest gain in almost two weeks on optimism a more conciliatory approach on trade from the U.S. will help revive growth, but was still headed for a weekly drop amid persistent demand concerns.
Oil holds biggest weekly drop since July on easing Gulf tension
Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.
Oil holds near three-month high as US crude stockpiles shrink
Oil held gains near the highest close in over three months after U.S. crude stockpiles declined more than expected.
OPEC cuts ‘can’t last forever,’ Russian energy minister warns
OPEC output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March.