Oil steadies as demand uncertainty tempers supply cuts

Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts. Brent was flat at $35.13 a barrel, while US oil gained 10 cents, or 0.3 percent to $

Peak oil not yet reached despite coronavirus, IEA chief Fatih Birol says

Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions. “In the absence of strong government policies, a sustained economic recovery and low oil prices a

Iraq reaches agreement with Saudi companies to invest in the Okaz gas fields

Iraq's Deputy Prime Minister Fuad Hussein said that Iraq has reached an agreement with Saudi companies to invest in the Okaz gas fields on Saturday, while also showing appreciation to the kingdom for refilling its ambassdor to Iraq position. "We appreciate the Saudi decision to return the Kingdom&r

Shell evacuates foreign staff from Iraq’s Basra Gas project — executives

Royal Dutch Shell evacuated some 60 foreign staff from Iraq’s Basra Gas Company as a security measure following a protest over delayed pay, company officials said on Thursday, adding production was unaffected.The staff were flown out of the country on Wednesday after workers protested at the h

New surge in oil price as demand bounces back

Oil prices surged on Monday as crude markets took heart from signals of pandemic lockdowns easing and an upturn in economic activity. “Oil is back!” US President Donald Trump tweeted as West Texas Intermediate (WTI), the American benchmark, leapt 7 percent to about $32 a barrel, its hig

Saudi Aramco earns $16.63 billion in the first quarter

Saudi Arabia’s Aramco earned $16.63 billion in the first quarter and distributed $13.4 billion to shareholders, the company said on Tuesday.The Saudi Arabian multinational petroleum and natural gas company will pay dividends of $18.75 billion in the second quarter. But the company also announ

Oil falls to below $30/bbl as glut grows, output cuts eyed

Oil dropped 4% to below $30 a barrel on Wednesday as U.S. crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production and hopes for a recovery in demand as some countries ease coronavirus lockdowns.Brent settled down $1.25, or 4%, at $29.72 a barrel, the first l

Egypt non-oil business collapses as coronavirus hits activity: PMI

Egypt’s non-oil private sector activity collapsed in April, hit by a shutdown in the tourism industry, weakening demand and the imposition of a curfew as the government battled the new coronavirus pandemic, a survey showed on Tuesday. IHS Markit’s Purchasing Managers’ Index (PMI)

Iraq oil exports at 3.44 mln bpd, revenues more than halve in April: Statement

Iraq's revenues plummeted in April amid a historic oil price crash, the Oil Ministry said Friday, raising concerns over how the country will cope severe financial shortfalls while struggling to contain the coronavirus pandemic. The crude-dependent economy earned just $1.4 billion in oil revenues la

Here's how Mexico's secret oil bet will pay out $6 billion while crude prices tumble

Mexican President Andres Manuel Lopez Obrador said last week that the country’s oil hedging program would pay around $6 billion to the government, while oil prices continue a historic decline in the face of oversupply due to the coronavirus pandemic. Mexico operates a sovereign oil-hedging pr

China’s oil firms slash capital spending

Despite marching orders from China’s top leadership to maximize oil and gas drilling, the nation’s energy sector is bending to the reality of the pandemic-fueled market collapse. Cnooc Ltd. said Wednesday that 2020 spending targets have been reduced after the coronavirus fight curbed oi

Kuwait slashing oil supply ahead of OPEC+ schedule: Oil minister

Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a devastating glut. The fourth-biggest member of OPEC “felt responsibility to respond to market conditions and acted on its own, Oil Minister Khaled Al-

Crude costs money again after shock crash, stocks stay in doldrums

U.S. crude oil bounced back into positive territory on Tuesday, but a historic plunge below zero rattled investors and triggered the steepest drop in Asian stock markets in a month.Traders could not give away West Texas Intermediate overnight after a storage squeeze turned holders of the contracts e

US crude falls below $17 a barrel as coronavirus pandemic throttles global demand

US crude on Monday fell below $17 a barrel to fresh multi-year lows as the coronavirus pandemic throttles global demand, despite a deal to slash output by major producers. West Texas Intermediate, the US benchmark, was down 7.5 percent to $16.9 a barrel in early Asian trade. International benchmar

Oil closes the week at 18-year low despite historic production cut

Oil closed the week at the lowest since 2002 as an historic OPEC+ production cut failed to counter a wave of gloomy demand forecasts and concerns that traders are quickly running out of room to store crude. Futures in New York ended the week down 20 percent after Sunday’s agreement by OPEC+ t

Oil edges up as world’s biggest crude producers move towards output cut deal

Oil prices rose Thursday after Russia said it was ready to slash output, fueling hopes that key producers are poised to seal a deal aimed at boosting coronavirus-hit energy markets. US benchmark West Texas Intermediate was up about three percent at $25.84 a barrel in afternoon Asian trade, having r

Iraq supports Saudi Arabia’s call for emergency OPEC+ meeting to balance oil market

Iraq supports the call for an OPEC+ emergency meeting to restore oil market balance and stop oil prices collapsing, an oil ministry spokesman said in a statement on Thursday. The statement added that Iraq is confident that a positive agreement can be reached at the next OPEC meeting to help restore

Major energy firms slash spending amid oil price war, coronavirus pandemic

Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. International benchmark prices have more than halved since the start of the year, falling to around $25 a barrel. North American oil and gas producers have c

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