Tag Archives: Bloomberg News Agency

Saudi Arabia’s state oil company has made deep cuts to the price of crude it sells to Asia.

China is. by far. the biggest market for OPEC+ crude exports. with the big Arabian Gulf producers particularly vulnerable.

Chinese oil demand has dropped by about 3 million barrels a day. or 20% of total consumption. as the coronavirus squeezes the economy. according to people with inside knowledge of the country’s energy industry.

A gauge of the nation’s stocks plunged almost 8%. commodity futures from iron ore to crude sank by the daily limit. and the yuan weakened past a key level against the dollar.

China has reported 361 deaths from the virus so far.

The coronavirus has claimed more than 360 lives.

Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates.

Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought.

China is the oil market’s primary source of demand growth and measures taken to slow the spread of the coronavirus.

The sale can fetch the government between 850 billion rupees to 900 billion rupees should the IPO get done this year.