Tag: oil prices

May 1, 2020

How will U.S.$20/bbl affect the oil and gas supply chain? It’s going to get tough, very tough. The service sector is already on the ropes but will be first port of call when operators look to save money. IOCs and […]

April 30, 2020

Royal Dutch Shell surprised the oil world today, slashing its dividend — for the first time since World War II — by 66%. At a press briefing, Shell CEO Ben Van Beurden explained the dramatic decision: “We live in a […]

April 28, 2020

Offshore oil platforms located in the middle of the ocean, provide a perfect storm for COVID-19: limited medical facilities, great distances from shore, and cramped quarters and bunks similar to a battleship. There are anywhere from 15,000 to 16,000 people […]

April 27, 2020

At the start of the year, even before oil and gas companies were clobbered by the global coronavirus or Covid-19 downturn and the short-lived OPEC+ crude price war, energy market sentiment wasn’t exactly robust. However, what has unfolded in the […]

April 24, 2020

Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-U.S.$20 a barrel in this downturn and WTI sub-zero, albeit briefly and in somewhat freakish circumstances. […]

April 22, 2020

Sorry, Greta. Sorry, Extinction Rebellion. We haven’t seen the end of the fossil fuels industry yet. The dramatic slide in U.S. oil futures on Monday is over. Oil bears loved it. Oil haters celebrated “big oil’s” demise on Twitter (then […]

April 21, 2020

Texas has been slammed by the collapse in oil prices and the recovery ahead for the area and the national economy as a whole will be slow, former Dallas Federal Reserve President Richard Fisher said Tuesday. West Texas Intermediate crude […]

April 21, 2020

The date April 20, 2020 will forever be etched in oil trading history, for on that fateful Monday afternoon an expiring West Texas Intermediate contract for May initially slumped below $10, headed to zero, and at just past 2pm EDT […]

April 17, 2020

The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million barrels per day (b/d) production cut from May is huge, amounting to 10% of global supply, and it’s needed. The cuts […]

April 15, 2020

The headlines suggest a bold new era for the OPEC-plus cartel after members agreed to a historic supply cut deal of nearly 10 million barrels a day over the weekend to help offset colossal demand losses from the Covid-19 coronavirus. […]

April 15, 2020

Crude Oil futures just broke below their March 2020 lows and are plunging even after President Trump brokered a deal for OPEC to cut production. There’s a growing consensus that oil prices will be trading in the low single digits […]

April 13, 2020

The OPEC+ deal that’s supporting oil prices could save millions of U.S. jobs, according to the chief executive of Russian sovereign wealth fund RDIF. After days of discussion, OPEC and its allies reached an agreement on Sunday to cut production […]

April 10, 2020

OPEC+ leaders Saudi Arabia and Russia arrived at an historic crude production cut late Thursday, effectively halting a bitter oil war which saw prices implode by more than 50% from January highs. Details from the virtual OPEC+ conference have just […]

April 8, 2020

Oil markets are facing their greatest moment of uncertainty in decades ahead of a virtual meeting of OPEC+ ⁠— the alliance of OPEC and non-OPEC producers ⁠— on Thursday, which was delayed from Monday over persistent disagreements and abrasiveness between […]

April 7, 2020

Exxon is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company’s dividend is safe for the time being. “A lot of our shareholders are retail shareholders — […]

April 6, 2020

Recent commentaries have been quick to peg the unfolding coronavirus pandemic as the second, or perhaps third, ringing of oil’s death knell. To be sure, the lockdowns are destroying oil demand at an unprecedented scale. Yet trying times demand perspective. […]

April 3, 2020

Barely a month on from the collapse of OPEC+ and the subsequent slump in oil prices, the crude producers’ group has announced it will attempt another round of negotiations via an online meeting on Monday (April 6), prompting a price […]

April 2, 2020

On Thursday Morning, President Trump announced that he spoke with the Saudis who spoke with the Russians, and that they planned to cut at least 10 million barrels of oil production. This is a huge cut, but it may be […]

April 1, 2020

The oil price war could last until the end of the year, an analyst said Wednesday. Prices have plummeted more than 60% since the beginning of year after OPEC+ failed to reach an agreement, leading Saudi Arabia and Russia to […]

March 31, 2020

Given the enormous funds currently being dedicated to support the economy during the COVID crisis, there has been a lot of talk of the need for ‘green’ stimulus, to ensure that economic recovery doesn’t tank the environment. Yet the fundamental […]