Energy & Oil

• Wednesday, May 20th 2020 - 21:54 UTC

  Argentina establishes a minimum oil price of US$ 45/barrel for domestic sales

  

  Oil companies in Argentina are obligated to maintain production, payrolls, and investment and cannot repatriate profits under a decree that establishes above-market prices for domestic crude. The decree published on Tuesday sets a minimum price of US$ 45/bl for domestic sales of light sweet Medanito crude.

• Friday, May 15th 2020 - 08:13 UTC

  OPEC slashes 2020 global oil demand because of the virus recession

  

  OPEC again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.

• Friday, May 15th 2020 - 08:05 UTC

  Trump administration issues Global Maritime Advisory guidelines for ship owners and insurers

  

  The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and a senior State Department official said were modified following months of discussions with industry.

• Thursday, May 14th 2020 - 08:50 UTC

  Premier Oil suspends Falklands' Sea Lion project; Navitas remains interested in farm out project

  

  UK-based oil and gas operator Premier Oil has said it has suspended the Sea Lion-1 oil project offshore the Falkland Islands. The company said the US$1.8 billion offshore oil project would be suspended to minimize ongoing spend in light of the current market conditions.

• Wednesday, May 13th 2020 - 07:46 UTC

  Guyana's second offshore facility FPSO on schedule for first oil in 2022

  

  Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. announced. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO.

• Tuesday, May 12th 2020 - 07:46 UTC

  Saudi Arabia to cut oil production to a decade record low of 7,5 million bpd

  

  Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.

• Monday, May 11th 2020 - 08:31 UTC

  Oil glut and lack of storage continues to weigh on oil prices

  

  Oil prices opened about one percent lower on Sunday as a persistent glut continued to weigh on prices and COVID-19 eroded global oil demand even as some governments began to ease lockdowns.

• Saturday, May 9th 2020 - 07:59 UTC

  Bolsonaro rules out raising gasoline taxes to support the ethanol industry

  

  Brazilian President Jair Bolsonaro effectively ruled out raising gasoline taxes on Thursday, a blow to the ethanol industry which had asked for a gasoline tax hike to boost its competitiveness amid the novel coronavirus pandemic.

• Thursday, May 7th 2020 - 13:04 UTC

  Chile anticipates a glut of some 200.000/300.000 tons of copper in 2020

  

  The global copper market is headed for a surplus of between 200,000-300,000 tons in 2020, the head of the miner Antofagasta told Chilean media, with operation halts at some mines offsetting depressed demand due to the coronavirus pandemic.

• Wednesday, May 6th 2020 - 09:40 UTC

  Petrobras record oil exports of one million barrels per day in April

  

  Petrobras set a new oil exports record of 1 million BPD in April, as domestic demand plunged, the Brazilian state-controlled oil firm said on Monday, days after a large group of other oil producers, OPEC+, began a 9.7-million-BPD collective cut aimed at rebalancing the market.