U.S. consumer prices plunged in April by the most since the Great Recession. As Fred Katayama reports, a drop in demand for gasoline and services as Americans stayed home during the coronavirus crisis..
BP's first quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead. Ciara Lee reports
Stock markets rallied on Monday as the Bank of Japan added more stimulus to cushion the impact of the coronavirus and investors cheered news more countries were easing lockdowns, though the oil price..
Reuters reports US energy companies are scrambling for cash and face likely restructuring.
Shale producers, refiners and pipeline companies are struggling under heavy debt loads amid the worst crisis..
Exxon Mobil is cutting back shale-production expenses to the tune of at least $10 billion as the coronavirus pandemic - and a supply war - ensnare oil prices.
Angola is reducing oil shipments to China with which it pays part of its debt to its biggest creditor as the African OPEC member looks for debt relief from its international partners, Reuters reported.. OilPrice.com - Published
The recent move by China to pass a national security law in Hong Kong has reignited tensions between Washington and Beijing. Those tensions are now threatening over $52 billion in energy sales and have.. OilPrice.com - Published
Depressed oil prices could cause global exploration and production spending by 102 public companies to fall from $16 per barr -More- SmartBrief - Published
Oil prices rallied early on Friday as the market expects a weekend meeting of OPEC and its Russia-led allies to roll over the current levels of the OPEC+ production cuts by another month after June. As.. OilPrice.com - Published
The energy giant agrees to heavily discount the price of assets it is planning to sell to Premier Oil. BBC News - Published Also reported by •BBC Local News
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 5 (KUNA) -- Price of the Kuwaiti crude oil dropped 94 cents to settle at USD 33.65 per barrel in Thu... MENAFN.com - Published
The U.S. Gulf of Mexico is better prepared now to ride out the oil crisis than it was in the 2015-2016 downturn, as 82 percent of oil production has a short-run marginal cost – operating costs,.. OilPrice.com - Published
The oil price and demand crash in April resulted in Canada’s energy exports plunging by the most on record, with crude oil exports plummeting by 55.1 percent, Statistics Canada said on Thursday,.. OilPrice.com - Published
Exxon will likely make the final investment decision for its Mozambique LNG project next year, Reuters reports, citing the country’s National Petroleum Institute. The supermajor postponed the FID on.. OilPrice.com - Published
Given the massive negative hit taken by Saudi Arabia’s economy as a result of Crown Prince Mohammed bin Salman’s oil price war, aimed at destroying the U.S. shale oil industry yet again (given how.. OilPrice.com - Published
Brent Crude prices broke above $40 a barrel early on Wednesday, surpassing that threshold for the first time since Saudi Arabia and Russia broke up the previous OPEC+ pact on March 6 and started an oil.. OilPrice.com - Published
Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion barrels of liquids and 7.5 billion barrels of oil equivalent (boe) of natural gas, Rystad Energy.. OilPrice.com - Published
The oil industry only has two choices as it reshapes itself after the oil price crash — either become broader energy firms or pursue a narrower specialization in oil and gas, Energy Voice reported,.. OilPrice.com - Published
A Mexican firm that was instrumental in an oil-for-water swap scheme with the Venezuelan government has declared bankruptcy, saying Venezuela’s President Nicolas Maduro had terminated their deal... OilPrice.com - Published
Saudi Arabia is likely to increase the price for its oil bound for Asia in July, a Reuters survey of five refinery sources showed on Monday. This is the second consecutive month for oil price hikes.. OilPrice.com - Published
The COVID-19 pandemic has hit every part of the energy industry, but investments in renewables are set to drop the least, while renewable energy stocks have outperformed the broader market since U.S... OilPrice.com - Published
The recent move by China to pass a national security law in Hong Kong has reignited tensions between Washington and Beijing. Those tensions are now threatening over $52 billion in energy sales and have.. OilPrice.com - Published
Three Events to Watch in the Global Oil Patch First, while the markets are again overly obsessed with OPEC news (particularly in the aftermath of an oil price war), all eyes will be on OPEC production,.. OilPrice.com - Published
Early signs of growing demand for crude oil have prompted a market optimism that has led to increased WTI buying, setting the stage for the benchmark’s best-ever monthly performance,.. OilPrice.com - Published
BBC Local News: South West Wales -- Many households heated by oil are stocking up on cheap fuel during lockdown. BBC Local News - Published Also reported by •BBC News
There is no question that as the oil price dropped in the first quarter of 2020, producers reacted strongly curtailing new drilling, and actually shutting in existing production. Markets have taken.. OilPrice.com - Published
Two months ago, Russia said no to Saudi Arabia's proposal for deeper oil production cuts. It was enough to start a price war that, coinciding with the Covid-19 pandemic, wiped out billions in oil.. OilPrice.com - Published
Reports that Russia plans to start easing oil production cuts after the end of June arrested the oil price rally, keeping WTI below $35 a barrel. WTI slid 0.3 percent following the news, after gaining.. OilPrice.com - Published
The downturn in the U.S. oil industry could lead to more than US$24 billion of lost GDP for Texas alone, if oil prices remain in the $30s, Ed Hirs, Energy Fellow at the University of Houston, told.. OilPrice.com - Published
The state of Texas collected at least US$13.4 billion in the form of royalties and taxes from the oil and gas industry last year, just before the oil price crash, the Houston Chronicle reported on.. OilPrice.com - Published
The oil price collapse is hurting not only U.S. shale firms and their drilling activities. The crash has severely crippled the royalty payments to a dozen million American oil and gas royalty owners of.. OilPrice.com - Published
Little-known Chinese hedge funds are betting big on an oil price recovery on the Shanghai-traded yuan-denominated oil futures and are set to fill up all available storage for delivery of those futures.. OilPrice.com - Published
On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel. This stunning price crash was the result of a months-long series of.. OilPrice.com - Published
Mexico's state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will.. Reuters - Published
Even before the latest slew of announcements regarding the agreement by Saudi Arabia’s flagship oil and gas company, Aramco, to acquire a 70 percent stake in the Kingdom’s key petrochemicals.. OilPrice.com - Published
First, it was an oil price war that pummeled benchmarks into the ground. Then it was the coronavirus outbreak that swelled to a pandemic. Now, a third plague is coming for the oil industry, and it.. OilPrice.com - Published
The last few days have seen money rushing back into oil, with all crude benchmarks climbing furiously, including Brent showing a 14 percent week over week increase, rebounding from a short-lived dive.. OilPrice.com - Published
The oil price collapse will result in one-third of the North Sea oil left untouched because it will be uneconomical to produce, a new study from the University of Aberdeen showed on Wednesday... OilPrice.com - Published
Shares in Saudi oil giant Aramco have recovered to levels not seen since Saudi Arabia launched the oil price war in early March, becoming the first major oil firm to regain its market value since oil.. OilPrice.com - Published
Oil markets have taken a beating around the globe, but nowhere has the pummeling been worse than in the United States shale patch, where the oil price crash plunged the West Texas Intermediate crude.. OilPrice.com - Published
Oil prices are continuously rising despite the uncertainty surrounding COVID-19, with WTI nearing a two-month high on Friday morningFor further research, analysis and trade recommendations, make sure.. OilPrice.com - Published
The drastic spending cuts across the U.S. shale patch due to the low oil prices will likely lead to a 6.1-percentage point slump in total U.S. business fixed investments in the second quarter, Dallas.. OilPrice.com - Published
The Covid-19 pandemic and the low oil-price environment it has created continues to affect global energy markets and activity levels by oil and gas producers. New fracking jobs in the US are not immune.. OilPrice.com - Published
It has been a bleak couple of months for oil markets. Although markets recovered after going negative for the first time in history earlier this month, they didn’t recover to nearly their pre-corona.. OilPrice.com - Published
Improving global oil demand and faster-than-expected production curtailments from outside the OPEC+ pact are set to push the oil market into deficit next month, according to Goldman Sachs. Yet, there.. OilPrice.com - Published
The oil price crash struck right in the heart of the U.S. oil industry, Texas, where firms are curtailing production to ride out the lowest oil prices in years. If we were in normal times, the new.. OilPrice.com - Published
![Consumer prices drop by most since 2008 [Video]](https://video.newsserve.net/300/v/20200512/2005121609-Consumer-prices-drop-by-most-since-2008.jpg)
![BP's profit tumbles, debt climbs as virus crisis hammers oil demand [Video]](https://video.newsserve.net/300/v/20200428/2004280933-BP-profit-tumbles-debt-climbs-as-virus.jpg)
![Shares gain as investors look to lockdown easing [Video]](https://video.newsserve.net/300/v/20200427/2004271051-Shares-gain-as-investors-look-to-lockdown-easing.jpg)
![US Energy Companies Stare Bankruptcy Right In The Face [Video]](https://video.newsserve.net/300/v/20200423/1306605378-US-Energy-Companies-Stare-Bankruptcy-Right-In-The.jpg)
![Oil price plunge forces Colorado companies to scale back production, layoff workers [Video]](https://video.newsserve.net/300/v/20200422/2004220036-Oil-price-plunge-forces-Colorado-companies-to-scale.jpg)
![How the Oil Price Crash Will Impact Oklahoma [Video]](https://video.newsserve.net/300/v/20200421/2004210318-How-the-Oil-Price-Crash-Will-Impact-Oklahoma.jpg)
![Stocks Fall Hard After Oil Price Disaster: What Wall Street’s Saying [Video]](https://video.newsserve.net/300/v/20200420/2004202059-Stocks-Fall-Hard-After-Oil-Price-Disaster-What.jpg)
![Financial Focus with Steve Budin for April 20, 2020 [Video]](https://video.newsserve.net/300/v/20200420/2004201906-Financial-Focus-with-Steve-Budin-for-April-20.jpg)
![Oil prices slide again despite huge output cuts [Video]](https://video.newsserve.net/300/v/20200415/2004151456-Oil-prices-slide-again-despite-huge-output-cuts.jpg)
![India raises issue of oil price Dharmendra Pradhan at G20 Extraordinary Energy Ministers meeting [Video]](https://video.newsserve.net/300/v/20200411/2004110901-India-raises-issue-of-oil-price-Dharmendra-Pradhan.jpg)
![Exxon Steps Up In Oil-Price War By Ramping Down [Video]](https://video.newsserve.net/300/v/20200407/2004071701-Exxon-Steps-Up-In-Oil-Price-War-By.jpg)
