Tag Archives: Bloomberg News Agency

A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases. Signs of weakening demand from the world’s largest oil consumer are now starting to weigh on export prices for American crude, according to industry participants. …

Exxon Mobil is preparing to cut jobs in the U.S. as the oil giant focuses on a slimmed-down and more efficient organizational structure, according to people familiar with the matter. Between 5% and 10% of U.S.-based employees who are subject to performance evaluations could end up leaving this year after …

China’s top natural gas buyers have been directed by regulators to share import infrastructure, one of the broadest government efforts yet to enforce reform policies aimed at bolstering energy security and breaking down market barriers between the nation’s three state energy giants. The move comes as the world’s biggest gas …

OPEC+ nations that had been pumping more oil than their quotas allow for are starting to fall in line and provide details to other members of the cartel on how they’ll make extra reductions to compensate. Nigeria, Angola, Gabon and Brunei have submitted plans to the OPEC secretariat in Vienna …

Oil and gas companies have looked beyond their own sector to diversify revenue streams, most notably in power. Now they are using digital technology expertise as another way to build new revenue. Shell and BP are two leading examples. Shell estimates that digital tools will contribute to one-fifth of its …

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. …

OPEC predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for …

Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the group’s target this month. The nation’s crude exports have fallen by 2% so far in June, according to tanker-tracking data compiled by Bloomberg. That suggests it’s not …

Oil slipped from the highest settlement in 11 weeks on signs Russia was planning to start easing supply cuts from July, while tensions between the U.S. and China escalated amid the specter of sanctions. Futures fell 1.3% in New York after closing above $34 a barrel for the first time …

Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions. “In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand back …