Oil News

 

US Crude Futures Plunge to Lowest on Record

Apr 20, 2020

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark…

ConocoPhillips Cuts Oil Output, Spending Again

Apr 16, 2020

ConocoPhillips said on Thursday it would slash planned spending 35%, cut production by about 225,000 barrels of oil per day {bpd) and suspend its share repurchase program to weather the collapse in oil prices.Oil and gas producers have sunk…

OPEC Slashes Oil Demand Forecast Further

Apr 16, 2020

OPEC on Thursday again slashed its forecast for global oil demand this year due to the coronavirus outbreak and said the reduction may not be the last.The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6…

Russian Oil Majors Examine Assets for Cuts

Apr 15, 2020

Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said…

Oil Price Drops to $28 as Supply Cuts Not Enough

Apr 15, 2020

Oil fell 5% to around $28 a barrel on Wednesday, pressured by reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns.The International Energy Agency (IEA) on Wednesday forecast a 29 million…

Chestnut Field Resumes Operations After Virus-related Stop

Apr 14, 2020

The Hummingbird floating production vessel linked to the 9,000 barrel per day Chestnut oilfield in the British North Sea has resumed operations after a 10-day shut-down due to the impact of coronavirus on its workforce, its operator said on Tuesday…

Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market

Apr 14, 2020

The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said…

If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too

Apr 10, 2020

Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's…

The Numbers Tell the Story of Oil Industry Crisis

Apr 10, 2020

Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary…

OPEC+ Outlines Record Oil Production Cut; Mexico Balks

Apr 09, 2020

OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.But the group…

Saudi, Russia Closing in on Record Oil Cut Deal

Apr 09, 2020

OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said…

OPEC+ Considers Oil Cuts Above 12 Mln BPD

Apr 09, 2020

OPEC, Russia and other allied producers, a grouping known as OPEC+, are considering cutting their oil output by more than 12 million barrels per day (bpd) and want other producers to contribute cuts of 5 million bpd, an OPEC+ source said on Thursday.(Reporting by OPEC team; Editing by Edmund Blair)

Petrobras in Natator Oil Discovery off Brazil

Apr 07, 2020

-Brazilian oil company Petrobras has found presence of oil at the Natator exploration well in the Campos Basin, offshore Brazil.Petrobras said Thursday that the well, in the Sudoeste de Tartaruga Verde block, was located 130 km from the city of Macaé (RJ)…

Wintershall Dea Discovers Oil at Bergknapp Prospect Off Norway

Apr 07, 2020

Wintershall Dea Norge has made an oil discovery at the Bergknapp prospect in the Norwegian Sea, offshore Norway.The wildcat well 6406/3-10 (as it is formally named) is located in the production license 836 S, about eight kilometers west of the…

Norway May Join OPEC Meeting

Apr 06, 2020

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email…

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