Oil

Monday, April 20, 2020, was a historic day for New York Mercantile Exchange's (NYMEX) crude oil contracts as the price of the item plummeted to minus $ 37.63 for the first time in the industry’s history.

The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes. The price of US benchmark West Texas Intermediate (WTI) contract for May finished trading on …

A senior official with the National Iranian Oil Company (NIOC) underlined the importance of studying and modeling sedimentary basins to ensure exploration in the coming years, adding the exploration department of NIOC had already located and prioritized all sedimentary basins in Iran.

Several oil and energy ministers of the OPEC–non-OPEC oil producing countries, signatories of the Declaration of Cooperation, held an informal teleconference to brainstorm the current dramatic oil market situation.

The impact of the fall in crude oil prices by more than $55 on Monday, April 20, on the East Asian market was about $3 as WTI is not used as a benchmark for pricing Iranian crude oil.

The news just gets worse for some emerging markets, with the collapse in oil prices adding further pressure to currencies and the fiscal situation of countries like Mexico, Brazil, and Russia. Of the commodity-producing emerging market countries, the one that is worrying analysts the most is Mexico. Emerging markets outside …

A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.

Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new OPEC+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed …

APPO members have committed to cutting daily oil production to 10 million barrels a day, with effect from May 1 2020.

Crude oil futures fell on Monday, with US futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that US storage facilities will soon fill to the brim amid the coronavirus pandemic.