Tag Archives: Bloomberg News Agency

Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …

Some of the world’s largest oil producers are starting to see evidence of a rebound in demand from China, even as other economies around the world remain hobbled by the coronavirus. While it’s still early days into the Chinese recovery, limited initial sales data was encouraging, Irving, Texas-based Exxon Mobil …

The new coronavirus appears to linger in the air in crowded spaces or rooms that lack ventilation, researchers found in a study that buttresses the notion that Covid-19 can spread through tiny airborne particles known as aerosols.

China’s trade with Iran has reached a stunning new low. Data released Thursday by the Chinese customs administration show that declared imports of Iranian oil in March amounted to just $115 million, down 89%, year on year.

The global oil market is on track to test storage capacity limits in as little as three weeks, requiring the shut-in of nearly 20% of global production, according to Goldman Sachs Group Inc.

An historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil and leave thousands of workers unemployed.

Romania is preparing to reopen after lockdown, but says its economy will never be the same again.

The oil market is getting so glutted that tiny barges that would normally be busily moving fuels around Europe’s petroleum-trading hub are suddenly storing traders’ cargoes instead.

Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.

The latest front in the war against drilling for oil in Alaska’s rugged wildlife refuge isn’t Washington -- it’s Wall Street.