Tag: oil prices

March 26, 2020

Oil prices have collapsed by more than half this year, to $23 per barrel today for West Texas Intermediate crude. But now is not yet the time to buy oil — because the worst is yet to come. Gasoline demand […]

March 20, 2020

During his coronavirus Task Force press conference on Thursday, President Donald Trump said he was considering intervening in the situation with the global oil market “at the appropriate time”: “It’s very devastating to Russia because when you look at it, […]

March 17, 2020

The ongoing slide in global oil prices – catalyzed by the novel Coronavirus and fueled by structural issues including excess supply from oil giants like the U.S., Russia and Saudi Arabia, and slowing demand growth – is creating a new […]

March 13, 2020

The current crisis facing the oil industry happened seemingly overnight, the result of a two-pronged situation: the economic slowdown caused by the global COVID-19 pandemic and the predatory attempt by Saudi Arabia and Russia to eliminate competition from the American […]

March 12, 2020

Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on track […]

March 11, 2020

OPEC kingpin Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with non-OPEC leader Russia. State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi […]

March 9, 2020

While OPEC and its compatriots struggle to cope with the demand weakness caused by the covid19 virus, it must be asked if this is more than a brief interlude in an otherwise robust oil market (robust in terms of price, […]

March 6, 2020

OPEC and non-OPEC allies have so far failed to agree on how much production to cut amid the coronavirus outbreak, with Russia reportedly refusing to give the green light to the deepest supply cuts since the global financial crisis. Oil […]

March 5, 2020

OPEC ministers reached a deal on Thursday to cut oil production by 1.5 million barrels a day, but it remains to be seen whether Russia and the other OPEC+ partners will go along with the reductions. The OPEC+ is meeting […]

March 2, 2020

OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank. Oil prices have been under pressure since the outbreak of the coronavirus in January dampened the demand outlook for the year. Following the […]

March 2, 2020

Covid19 has now graduated from a concern to a pandemic, regardless of whether it is officially declared so. (Although it might have been by the time you read this.) It appears highly likely that the effect on the economy is […]

February 27, 2020

Even if OPEC cuts production by 600,000 barrels a day, oil prices could remain weak until April, according to a senior analyst at S&P Global Platts. That’s because inventories are rising amid lower oil demand due to the coronavirus outbreak, […]

February 24, 2020

Oil slid more than 4% on Monday, falling into bear market territory as the number of coronavirus cases outside of China surged, worrying investors that a subsequent slowdown in the global economy could dent the demand for crude. U.S. West […]

February 20, 2020

When a financial crisis begins to unfold, it’s hard to assess the impact until well after the fact. The dot-com crash that started in 2000 and the subprime mortgage crisis that started in 2007 played out over several years. The […]

February 17, 2020

The global energy sector is sick because of the coronavirus. But the disease could have its most deleterious effect on the U.S. oil and gas industries, given that the president is trying to pressure China to buy more U.S-produced fossil […]

February 5, 2020

Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China as a sign fuel demand may rebound in the world’s biggest oil importer. Brent futures […]

February 3, 2020

OPEC and its allies could cut production by more than a million barrels a day at a rescheduled meeting this month, as policymakers work to arrest a double-digit collapse in the price of oil. “I think it is a ‘go […]

January 30, 2020

The World Health Organization (WHO) is currently convening a special committee in Geneva, Switzerland where it will likely advise Director-General Dr. Tedros Ghebreyesus to declare a Public Health Emergency of International Concern (PHEIC) on the outbreak of the novel coronavirus […]

January 29, 2020

OPEC’s battle to support oil prices as China’s coronavirus spreads internationally shows the producer group is struggling to wield the same influence over global crude markets, energy analysts have told CNBC. It comes amid speculation that OPEC and non-OPEC producers, […]

January 27, 2020

Oil dropped to its lowest level since October on Monday, as fears over a potential slowdown in crude demand, sparked by the coronavirus outbreak, continued to pressure prices. Oil bounced from the session low however, as a slowdown in Libyan […]