Tag: oil

Monday, April 13th 2020 - 10:54 UTC
Oil prices recover modestly following a historic deal by world's largest producers

Oil prices jumped on Monday after swinging wildly in early trading as investors weighed whether a historic deal by the world’s biggest producers to cut output would be enough to steady a market pummeled by the coronavirus.
Monday, April 13th 2020 - 10:15 UTC
Mexico has its oil protected by a sovereign hedge ensuring against low prices

While Mexico and Saudi Arabia fought over a deal to bring the oil-price war to an end, Mexico has a powerful defense: a massive Wall Street hedge shielding it from low prices. The Mexican sovereign oil hedge, which ensures the country against low prices and is considered a state secret, is a factor that may make the country less inclined to accept the OPEC+ agreement.
Saturday, April 11th 2020 - 10:18 UTC
YPF slashes oil production 50% as consumption slumps and depots are overflowing

Argentina’s state-held energy firm YPF slashed by 50% the oil production from its key development area in the vast Vaca Muerta shale play this week due to tumbling fuel demand in Argentina’s lockdown, local news outlet Rio Negro reports.
Friday, April 10th 2020 - 08:57 UTC
US, Russia and Saudis hammer out a tentative accord to cut oil supply and help boost prices

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.
Wednesday, April 1st 2020 - 07:35 UTC
Crude oil benchmarks open April overshadowed by fears of global oversupply

Crude oil benchmarks opened the month mixed on Wednesday, following their biggest-ever quarterly and monthly losses, overshadowed by fears of global oversupply as data showed a bigger-than-expected rise in inventories in the United States.
Saturday, March 28th 2020 - 08:34 UTC
S&P downgrades Mexico and oil giant Pemex credit ratings

S&P downgraded Mexico’s credit rating on Thursday as the coronavirus pandemic and a hit to state oil firm Pemex from plunging crude prices battered the growth outlook and piled pressure on the government to lift the struggling economy.
Wednesday, March 25th 2020 - 08:55 UTC
YPF admits gasoline demand is down 70% and diesel 50%

Argentine state-run oil company YPF has already seen a drop in energy consumption because of a nationwide mandatory quarantine over the coronavirus announced last Friday, a company executive said in an internal video obtained by La Nacion on Tuesday and confirmed by the company.
Wednesday, March 25th 2020 - 08:37 UTC
Announced US stimulus plan helps a slight recovery of oil prices

Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a US$ 2 trillion coronavirus economic package.
Saturday, March 21st 2020 - 09:02 UTC
Falklands Sea Lion project: Rockhopper and Premier confident of farm out with US/Israel Navitas

Rockhopper Exploration, a partner in Premier Oil-operated Sea Lion offshore oil project in the Falkland Islands, is confident it will manage to farm-out a share in the project despite the low oil prices and COVID-10 uncertainty. The two companies in January signed non-binding heads of terms with US/Israel Navitas Petroleum, which should lead to Navitas obtaining a 30% interest in the Sea Lion offshore blocks.
Thursday, March 19th 2020 - 08:21 UTC
Oil prices collapse below US$ 30 a barrel and could drop to US$ 20, Goldman Sachs estimates

U.S. oil prices reached their lowest point since 2003 on Wednesday as the coronavirus has reduced demand in countries around the world. The prices fell for a third session, with U.S. crude Clc1 reaching US$ 25.06 per barrel, the lowest prices since late April 2003. As of 11:35 GMT, U.S. crude Clc1 hit US$1.51 cents or 5.6 percent at US$ 25.44 per barrel.