Tag Archives: Reuters International News Agency

Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …

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 …

Royal Dutch Shell on Thursday announced plans to deepen its greenhouse gas emissions reduction “ambitions”, including offsetting emissions from oil and gas production by 2050. Shell also expanded its broader aim to cut the total carbon emission footprint from energy products its sells by around 65% by 2050, and by …

The global oil demand is expected to plummet by 6.8 mln barrels per day (mb/d) in 2020, the Organization of the Petroleum Exporting Countries (OPEC) says in its April report. “For 2020, the world oil demand growth forecast is revised lower by 6.9 mb/d, to a historical drop of around …

Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Brent LCOc1 futures fell 25 cents, or 0.8%, to $31.49 a barrel by 0825 GMT after …

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring. The investment bank still expects oil prices to …

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand, Trend reports with reference to Reuters. After four days of …

United Arab Emirates’ energy minister Suhail Al Mazrouei said on Saturday that an OPEC+ decision to cut oil supply will have a major impact on rebalancing the oil market amid the coronavirus outbreak. “The group’s decision to cut supply will be the largest ever cut in the history which will …

The Kremlin said on Saturday it hoped the world’s largest oil producers would come to a consensus on output cuts and that negotiators were still trying to persuade Mexico to take part in a deal, TASS news agency reported. OPEC, led by Saudi Arabia, and its allies, led by Russia, …

Russian Energy Minister Alexander Novak said on Friday that the group of global oil producers known as OPEC+ may take additional measures on oil markets if necessary. He was talking to Russian state TV Rossiya-24 after a meeting of OPEC+ had finished. OPEC+ have agreed a deal on oil output …