The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in…
Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%, at $26.70 per barrel at 1029 GMT after earlier rising to a high of $28…
Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain.The continent's producers such as Nigeria, Angola and…
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company…
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP, Exxon Mobil…
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U…
Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…
Gazprom Neft, the oil arm of Russian gas giant Gazprom, plans to raise oil production at its Arctic projects this year, the company said on Tuesday.It said its oil production at the Novy Port project will rise to 8 million tonnes (160,000 barrels per day) in 2020 from 7…
Equinor will leave industry lobby group the Independent Petroleum Association of America (IPAA) over a disagreement about climate policy, the energy producer said on Friday.The Norwegian company is undertaking a review of its memberships of…
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia…
Italian energy group Eni will cut its capital spending by a quarter this year, and more next, as it moves to mitigate the impact from falling commodity prices because of the coronavirus emergency.In a statement on Wednesday, the state-controlled…
Norwegian energy intelligence company Rystad Energy has painted a bleak picture for the drilling rig market outlook in South East Asia but has also said that Malaysia's Petronas will have a large role in where the market goes. Further, the intelligence…
Dutch offshore survey company Fugro has teamed up with SEA-KIT, winner of the Shell Ocean Discovery XPRIZE, to develop a new range of agile and compact uncrewed surface vessels (USVs) which can deploy remotely operated vehicles (ROVs) and autonomous…
The Port of Prigorodnoye on the Pacific coast in the Russian Far East has loaded its 1,800th LNG cargo produced at the Sakhalin-2 LNG plant, in operation since 2009, Gazprom has informed.The LNG cargo was loaded onto the Hyundai Aquapia LNG carrier…
The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world's hottest offshore oil plays, specialists at consultancy Wood Mackenzie told Reuters.Before…
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