Oil continued climbing after its biggest ever single-day gain as U.S. President Donald Trump waded into the price war between Saudi Arabia and Russia that has rocked crude markets amid diminishing demand.
African states need to take urgent action to protect local oil and gas businesses, providing a three-month tax holiday, the African Energy Chamber has said.
Oil clawed back some losses after collapsing below $30 a barrel as the shut down of swathes of the world’s economy triggers a meltdown in global fuel demand and the most volatile market on record.
There could be 10 million barrels per day more of supply than demand in March and April this year, according to IHS Markit.
Oil and Gas UK (OGUK) has decided to chop up one of its flagship industry reports and cancelled key events in response to the coronavirus outbreak.
Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders.
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.
Oil’s rebound from its biggest crash in a generation faltered after Saudi Arabia said it would boost its production capacity, while there were also doubts whether the U.S. could deliver sufficient stimulus to support prices.
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the coronavirus and a price feud between major producers.
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.
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
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.
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.
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.
President Donald Trump’s top energy official said he’s confident that Russia won’t be able to complete the Nord Stream 2 gas pipeline in the Baltic Sea -- and signalled that the U.S. will press forward with its opposition to the project.
Revenge, they say, is a dish best served cold.
The Libyan National Army’s (LNA) decision to halt exports from a number of ports brings more pressure to bear on the Tripoli-based Government of National Accord (GNA) but does little to upset the international oil market.
The move from “Big Oil to Big Energy” is under way as the energy transition puts extra pressure on explorers, an analyst has said.
Belarus has started importing oil from Norway after its main oil provider, Russia, suspended supplies earlier this month amid stalled talk on further strengthening economic ties between two countries.
As world powers met in Berlin to hash out a way forward in Libya, local pressures in the North African state took virtually all of its oil production offline.
A deal by the US and China goes some way to ending the two-year trade war, with particular support in the agreement for agriculture and energy exports.
The Russian-Turkish ceasefire talks for Libya fell apart on the opposition of General Khalifa Haftar on January 13, with the head of the Libyan National Army (LNA) walking away from meetings in Moscow.
A ceasefire in Libya driven by Turkey and Russia has received backing from the two major factions in the North African country, with hostilities having officially stopped on January 12.