Tag Archives: Bloomberg News Agency

Saudi Aramco is in early talks about further staggering payments for a controlling stake in local petrochemical giant Saudi Basic Industries Corp. as the collapse in oil prices puts pressure on its finances. State-owned Aramco is weighing pushing out payments for the 70% holding in the petrochemicals maker and reducing …

Technologies that reduce carbon emissions are one of the most effective targets for the trillions of dollars of spending tied to coronavirus relief programs, more than 200 central bankers, Group of 20 finance ministers and top academics concluded in a study released this week. There are three sets of clean …

Saudi Arabia’s boost to prices of most of its oil is signaling an end to a destructive price war, but it’s left Asian buyers less than impressed. The increase was a surprise to Asian customers, which were expecting another cut to prices, according to ten traders surveyed by Bloomberg, just …

Total SA unveiled a plan to neutralize its greenhouse gas emissions by 2050 and deepen cost cuts as its first-quarter profit plunged with oil and gas prices. The French major rounds out a weak quarter for the oil supermajors, forcing them to slash spending, curb production and even reduce the …

Australia appears to have succeeded in flattening the coronavirus curve, but such an optimistic health outcome won’t prevent the economy from experiencing a deep downturn.

South Africa’s gold industry output has dwindled to a fifth of its 1970s’ peak as ever-deepening shafts and higher costs take their toll. The coronavirus may pose an even bigger threat.

Solar and onshore wind power are now the cheapest new sources of electricity in at least two-thirds of the world’s population, further threatening the two fossil-fuel stalwarts -- coal and natural gas.

Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets …

Finance minister Mohammed Al-Jadaan said that government spending would need to be “cut deeply”. Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister …

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 …