Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
The global oil cartel known as OPEC+ on Saturday agreed to extend record oil production cuts until the end of July, in a move which should further support the recovery of oil prices after the COVID-19 crash. The group, comprised of OPEC members, Russia and other...
Improving oil prices following record production cuts from the world’s major producers is an encouraging sign for the market’s recovery, according to OPEC’s secretary general Mohammad Barkindo. The group known as OPEC+ agreed to cut supply by 9.7 million barrels per day (bpd) from May 1 to...
Saudi Aramco – the world’s most profitable company in 2019 – has posted a 25% drop in Q1 profits following the outbreak of COVID-19 and the subsequent collapse in oil demand and prices. Saudi Arabia’s state-owned oil giant made US$16.6 billion in the first three months...
BP said yesterday it had amended financial terms of the US$5.6 billion sale of its Alaska business to privately owned Hilcorp Energy following the collapse in oil prices due to the COVID-19 outbreak. The original sale price will not be changed under the new terms, but...
US crude oil for May delivery has turned negative for the first time since trading records began, with oil producers forced to pay buyers to take the product over fears that storage capacity could run out next month. The COVID-19 (coronavirus) pandemic has destroyed oil demand...
Oil prices have fallen to their lowest point for over 20 years as demand continues to decline and global storage facilities approach full capacity while most countries remain in lockdown due to the COVID-19 (coronavirus) pandemic. US crude oil tumbled by almost 20% in early Monday...
A deal to make the biggest oil supply cuts in history may not be enough to boost prices in the coming months as the COVID-19 (coronavirus) outbreak continues to decimate oil demand. Over the Easter weekend, the OPEC+ cartel and G20 leaders including the US, Canada...
Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Oil prices recovered some ground during Tuesday trading as US President Donald Trump and Russian President Vladimir Putin agreed to discuss ways to stabilise the market, after seeing benchmark prices sink to 18-year lows yesterday. The oil sector in 2020 has been ravaged by plummeting demand...