Tag: oil price

Tuesday, August 11th 2020 - 09:00 UTC
UK's oil industry close to collapse, says Premier Oil director; North Sea not profitable below US$ 60 a barrel

The UK's oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money.
Monday, May 25th 2020 - 07:52 UTC
Pierre Andurand, French 'wonder boy' who predicted the sub zero oil market collapse

French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly COVID-19 outbreak could represent a rare “black swan” event that would send prices into reverse.
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.
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.
Tuesday, March 31st 2020 - 09:07 UTC
Saudi Arabia wants to be Oil King again and lets prices collapse

Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand.
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.
Thursday, March 19th 2020 - 08:20 UTC
Russian economy battered by the oil price war with Saudi Arabia

Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a US$4 billion fund as part of a package of measures to support the economy.
Tuesday, March 10th 2020 - 08:15 UTC
Black Monday cocktail: oil price war and coronavirus trigger market panic

World oil prices crashed on Monday, fuelling a vicious selloff on stock markets that were already buckling from the spreading coronavirus outbreak. Stocks tanked as the global oil market nosedived 30% at one stage after top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts.
Friday, January 24th 2020 - 08:44 UTC
Record oil production in Brazil during 2019

By Irina Slav for Oilprice.com – Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, according to reports from the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78% on 2018, ANP also said.