Tag Archives: Bloomberg News Agency

South Korea, the country with the fourth-largest commercial storage capacity in Asia, has just run out of room to store more oil, sources familiar with the matter told Bloomberg on Monday, as available storage capacity everywhere in the world in shrinking fast amid the demand collapse. South Korea’s total commercial …

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter. Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 …

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter. Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 …

Oil may have clocked some stunning moves this week, but the systemic implications do not look so dire, according to JPMorgan Chase & Co. Moves across other asset classes look “tame” by the standards of typical recessions, despite front-month West Texas Intermediate futures falling at one point this week to …

Chevron will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as U.S. President Donald Trump maneuvers for regime change in the Latin American nation. The U.S. Treasury Department will no longer allow the company to drill wells, sell and …

President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia. Oil is at “a level that’s very interesting to …

Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …

Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North …

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …

One of the world’s top buyers of liquefied natural gas (LNG) is trying to defer some shipments scheduled through this year as the coronavirus outbreak cripples demand and as it grapples with brimming inventories. The move signals that efforts to curb the spread of Covid-19 may impact energy consumption far …