Tag: oil

• 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.

• 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.