International

The United States called on China on April 18 to stop “bullying behavior” in the South China Sea and said it was concerned by reports of Beijing’s “provocative actions” aimed at offshore oil and gas developments in the disputed waters. Three regional security sources told Reuters on April 17 that …

Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …

Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …

When Saudi Arabia approached members of the Organization of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of the falling oil prices as a result of Covid-19, Russia rejected the proposal. The subsequent spat between Moscow and Riyadh saw …

Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North …

The US shale industry is expected to shrink by more than 2m barrels a day following a collapse in global oil prices which has forced oil producers to shut down their fracking rigs. The US oil market slumped to fresh 18-year lows and below $18 a barrel on Friday following …

The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies on Sunday agreed to a record output cut of 9.7 million barrels per day (bpd) in a bid to boost oil prices amid the coronavirus pandemic. While international benchmark Brent crude rallied on Monday on the latest development …

Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices and unprecedented declines in global crude demand entailing double-digit-percent CAPEX cuts will set the stage for another fiasco. With two …

The global oil demand is expected to plummet by 6.8 mln barrels per day (mb/d) in 2020, the Organization of the Petroleum Exporting Countries (OPEC) says in its April report. “For 2020, the world oil demand growth forecast is revised lower by 6.9 mb/d, to a historical drop of around …

Wall Street stocks mostly fell on Monday, April 13, ahead of major earnings reports, while the oil market gave a muted response to an historic deal by major producers to cut output. Two of the 3 major United States stock indices ended solidly lower ahead of Tuesday, April 14, when …