Tag Archives: Bloomberg News Agency

Oil declined from a five-month high in New York with the U.S. Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus. Futures fell 1% toward $42 a barrel amid a broader rout in equities after minutes from the Fed said the …

China, the world’s biggest oil importer, has ramped up purchases of American crude in the lead-up to a highly-anticipated review of the trade deal between the two economic powerhouses. As much as 14 million barrels — or seven super-class tankers full — of U.S. oil will be loaded next month …

China, the world’s biggest oil importer, has ramped up purchases of American crude in the lead-up to a highly-anticipated review of the trade deal between the two economic powerhouses. As much as 14 million barrels — or seven super-class tankers full — of U.S. oil will be loaded next month …

Global LNG demand could fall 4.2 percent in 2020 in a multi-wave pandemic scenario before recovering in 2021. The market is expected to begin re-balancing as producers curb supply and the pandemic delays commissioning of new LNG projects. The Global Gas Report 2020 , published by the International Gas Union …

Venezuela’s long-suffering oil industry is ramping up exports even as production continues its inexorable slide. Exports of crude oil, the commodity that bankrolls the regime of President Nicolas Maduro, are set to reach a four-month high of at least 325,000 barrels a day in August, largely because of diesel-for-crude swaps …

Venezuela’s fuel crisis is poised to deteriorate even further after one of its biggest refineries was halted over the weekend following a nearby oil spill. Petroleos de Venezuela SA’s El Palito refinery stopped producing gasoline after its fluid catalytic cracker was shut due to a malfunctioning valve, said union leader …

Iraq will be forced into 100% compliance with the OPEC+ deal in August and September as the producer group loses patience with the laggard, the country’s oil minister said on Thursday. “This tolerance from OPEC won’t last long. We will be forced this month and next month to 100% compliance,” …

In the late 1990s, BP Plc boss John Browne used an oil-price slump to usher in the age of the supermajor, buying U.S. rivals Amoco and Arco to create a transatlantic giant. He kicked off a round of mergers that saw his company and four others dominate the industry — …

OPEC’s crude production rose last month as Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry. Saudi Arabia, the United Arab Emirates and Kuwait restored the additional output taken offline in June, when they had amplified efforts to …

Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month. The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of …