Tag Archives: Bloomberg News Agency

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing about 10 percent of global supply, to support oil prices amid the coronavirus pandemic. The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, …

Russia’s biggest liquefied natural gas producer is sending the fuel across the Arctic to China more than a month earlier than usual as the ice that typically blocks the route thaws. The Christophe de Margerie, an ice-class vessel serving Novatek PJSC’s-led Yamal LNG project, departed from the production plant in …

The U.S. Supreme Court justices declined on Monday to review a federal court’s ruling that had allowed Canadian miner Crystallex to take over shares of U.S. refiner Citgo in compensation for US$1.4 billion for the expropriation of assets in Venezuela. U.S. refiner Citgo is the crown jewel in the holdings …

In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a …

Satellite photos show the ship that is a prime candidate to finish the controversial Nord Stream 2 gas pipeline linking Russia and Europe has docked at a key port in Germany. The Akademik Cherskiy has moved into the port of Mukran, about 300 kilometers (186 miles) north of Berlin, where …

Saudi Arabia stood by its pledge to curtail oil output under the OPEC+ deal, reducing shipments to the prized Asian market. Saudi Aramco cut contractual volumes for June loading to at least seven Asian customers, according to traders notified by the state-owned company. Three other regional buyers received what they …

It will take more than a year, and perhaps several, for oil demand to recover to what it was before the coronavirus shuttered economies and caused energy markets to collapse, according to the head of the International Energy Agency. Crude demand of about 100 million barrels a day prior to …

Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential — just as in the oil market — to turn gas prices negative. Qatar began …

Norway plans to spend a record 420 billion kroner (€37.6 billion) of its oil wealth to weather the brutal Covid-19 downturn. The richest Nordic economy and western Europe’s biggest oil and gas producer has been hit on two fronts as the coronavirus pandemic shut down mainland activity and led to …

Oil and natural gas exploration plunged to an all-time low as the economic and industrial dislocations from the Covid-19 pandemic snuffed out the remnants of the American shale boom.