Oil Price News

Exxon Lowers Oil Price Outlook for Much of the Next Decade

Nov 25, 2020

U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents.As part of an internal financial-planning process conducted this fall…

OPEC+ Starts Talks to Weigh Further Steps to Support Oil Market

Nov 16, 2020

The Organization of Petroleum Exporting Countries and allies started meetings on Monday that will look at further action to support the oil market in 2021, as the second wave of coronavirus weighs on demand and prices.OPEC and allies led by Russia…

Brent Crude Tops $40 as Biden's Win Buoys Risk-taking

Nov 09, 2020

Oil prices rose more than 2% on Monday, with Brent futures topping $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from the worsening coronavirus pandemic.Brent crude futures for January climbed 94 cents…

Coronavirus Surge Throws Oil Recovery into Reverse

Nov 04, 2020

Oil futures prices have started to signal OPEC+ may have to do more to offset a second wave of coronavirus and a renewed economic slowdown.Between mid-September and mid-October, Brent’s six-month calendar spread had been tightening, a signal…

Russia, Saudi Arabia Discuss Volatile Oil Market

Oct 19, 2020

The world's two largest oil exporters, Russia and Saudi Arabia, are in talks on how to support volatile oil markets, the Kremlin said on Monday as rising coronavirus infections worldwide curb fuel demand.An OPEC+ ministerial monitoring committee…

Oil Traders See Slow Demand Recovery

Oct 16, 2020

Top global oil traders Vitol, Trafigura and Gunvor said on Thursday they saw slow oil demand recovery because of a second coronavirus wave with oil prices rising to or above $50 per barrel only by October next year.Benchmark Brent crude futures traded down 1…

OPEC+ to Make Sure Oil Prices Don't Drop Steeply Again, Barkindo Says

Oct 15, 2020

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC Secretary General Mohammad Barkindo said on Thursday, adding that oil demand has been recovering slower than expected…

Oil Prices Rise as Hurricane Enters Gulf of Mexico

Oct 08, 2020

Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a U.S. economic stimulus deal and after a build in U.S. crude inventories…

Oil Prices Drop as Demand Worries Counter U.S. Stimulus Hopes

Sep 29, 2020

Oil prices dropped on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes generated by a new U.S. stimulus package that lawmakers are struggling to agree.More than 1…

COLUMN - Crude Oil Industry is Starting to Hear Echoes of Coal's Demise

Sep 17, 2020

If 2020 had been anything close to a normal year, the oil and gas industry would have just wrapped up its annual gathering in Singapore, most likely reassured of its ongoing essential role in humanity's future.But this is far from a normal year…

Oil Industry Paints Grimmer Picture of Pandemic's Harm to Demand

Sep 15, 2020

Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy.The novel coronavirus hammered fuel demand in the spring, causing consumption…

Oil Slides Towards $40 on Demand Fears Sparked by Rising COVID-19 Cases

Sep 08, 2020

Oil slid more than 3% towards $40 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world.Coronavirus cases rose in 22 of the 50 U.S. states…

Oil Prices Rise on Gulf of Mexico Shutdowns

Aug 25, 2020

Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane while rising coronavirus cases in Asia and Europe capped gains.Brent crude oil futures added 37 cents…

OPEC Downgrades Oil Demand Forecast

Aug 12, 2020

OPEC on Wednesday said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year's recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market…

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