Energy & Oil

Wednesday, April 22nd 2020 - 08:56 UTC
Trump orders a plan to aid US struggling oil companies with massive supply glut

President Donald Trump on Tuesday ordered his administration to come up with a plan to aid US oil companies struggling with a massive supply glut and record low crude prices. “We will never let the great U.S. Oil & Gas Industry down,” Trump tweeted.
Tuesday, April 21st 2020 - 10:16 UTC
US oil price on Monday turned negative for the first time in history

The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.
Monday, April 20th 2020 - 07:39 UTC
US oil falls to below US$ 15 a barrel and Brent dropped to US$ 27

US crude fell about 20% to below US$15 a barrel on Monday, its lowest level in about two decades, as a coronavirus-triggered collapse in demand eclipsed a deal to cut output. West Texas Intermediate, the US benchmark, fell 18.7% to US$14.84 a barrel. Brent crude, the international benchmark, was off 1.5% at US$27.64 a barrel.
Tuesday, April 14th 2020 - 07:48 UTC
Exxon raises US$ 9,5bn to bolster its finances; shares have lost 38%

Exxon Mobil Corp on Monday raised US$ 9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals.
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.
Thursday, April 9th 2020 - 08:45 UTC
Falklands' Sea Lion development delayed responding to oil market conditions

Rockhopper Exploration is responding to market developments by reducing staffing levels and activity related to the Sea Lion development in the offshore North Falkland basin. The company plans to maintain a smaller team, mainly focused on regulatory, fiscal and financial issues, pending a recovery in the external macro-environment.
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.