Tag Archives: Bloomberg News Agency

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …

Saudi Arabia’s sovereign wealth fund has built up stakes in European oil firms, including about $200 million in Equinor ASA, as the kingdom navigates the coronavirus pandemic and plummeting crude prices. The Public Investment Fund amassed shares in Norway’s largest producer mostly through the open market last week, according to …

The U.S. cut its oil output forecast by more than one million barrels a day, days before OPEC and other producers meet to discuss a global deal to stem an unprecedented collapse in prices. Production will average 11.76 million barrels a day in 2020, down from an expected 12.99 million, …

State-owned China Three Gorges Renewables Group Co. is seeking to raise 25 billion yuan ($3.5 billion) in what could be one of the country’s biggest initial public offerings this year. The company plans to sell as many as 8.57 billion shares in Shanghai, according to a prospectus posted on the …

Norway, the biggest oil producer in western Europe, said it would consider joining a broad international agreement to cut production. The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to support prices since 2002. OPEC and …

The unprecedented collapse in global oil markets brought another driller to its knees, forcing a champion of what was once the premier U.S. shale field to seek protection from creditors.

Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes.

The U.S. Energy Department is considering renting space in the nation’s emergency oil reserve to domestic producers awash in crude, according to three people familiar with the matter who asked not to be identified before a formal announcement.

Saudi Arabia showed no sign of bowing to pressure from President Donald Trump to dial back the oil-price war with Russia as the kingdom pushed crude supply to record levels.

President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.