Tag: oil prices

• 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.

• Thursday, April 30th 2020 - 08:39 UTC

  Argentina refineries running at minimum capacity because of lack of demand

  

  A Buenos Aires crude oil refinery operated by Argentine state-controlled energy firm YPF is running with a minimal level of workers due to a drop in consumption and a lack of storage space amid a crash in global oil prices during the coronavirus pandemic, a spokesman said on Wednesday.

• Tuesday, April 28th 2020 - 07:12 UTC

  Colombia's oil company raises funds in bonds market and plans to cut production

  

  Colombia’s Ecopetrol said on Monday it raised US$ 2 billion through more than a doubly subscribed bond issue. Majority state-owned Ecopetrol issued 10-year paper due April 29, 2030, with a 7% yield.

• Friday, April 24th 2020 - 08:25 UTC

  With oil royalties plummeting, Rio state challenged by investment funds

  

  Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox.

• 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.

• 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.

• 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, 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.