Tag Archives: CNBC NEWS

Until three months ago, the oil industry was pinning its hopes on aviation, alongside petrochemicals, for continued growth in oil demand for at least another decade. The aviation industry, however, was dealt a near-deadly blow by the coronavirus pandemic, which upended all plans for fleet utilization for years to come. …

Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …

The tariff waivers will apply to four chemical products.

The current agreement is due to expire in March but there’s speculation that the group could opt to cut further if Russia agrees.

Iraq. the second-largest oil producer of OPEC'.s 14 members. is also one of its most chronic over-producers.

There has been speculation that Russia may be unhappy with the production agreement. in part because its energy companies oppose it.

The global value of fossil fuel consumption subsidies in 2018 was nearly double the combined value of subsidies for renewable energy and electric vehicles.

The kingdom reportedly plans to list 1% of Aramco on its local stock exchange before the end of this year.

At 416.1 million barrels. U.S. crude oil inventories were at their lowest since October 2018.

Oil demand growth will be ``significantly higher`` helped by a comparatively low base in the second half of 2018.