Tag: CORONAVIRUS

Oil drops on dollar strength and OPEC+ supply expectations

Oil prices fell as bond price rout led to gains in the U.S. dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels

Exxon Mobil reports huge 2020 loss as changes draw mixed reviews

Exxon Mobil closed the books on a terrible 2020, reporting losses in the fourth quarter and the full year in the wake of lower oil prices amid the COVID-19 crisis

Oil extends losses as Texas prepares to ramp up output

Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather

OPEC chief optimistic about 2021 recovery but uncertainty remains

OPEC’s secretary general said there were grounds for optimism that 2021 would be a year of recovery after the slump in oil prices and demand caused by the pandemic

IEA says oil market fragile, cites virus restrictions

The International Energy Agency (IEA) warned the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants

OPEC again cuts 2021 oil demand view, sees second half pickup

Demand will rise by 5.79 million barrels per day (bpd) this year to 96.05 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report

Brent breaks $60 a barrel on oil demand recovery hopes

The commodity climbed 1.26 percent to $60.19 a barrel — its highest since January last year — as asset markets rallied on the back of vaccine rollouts and slowing virus infections

OPEC+ sees oil market deficit despite weaker demand

OPEC+ expects deep output cuts will keep the global oil market in deficit throughout the year, even though the producer group has revised down 2021 demand growth

OPEC+ Jan compliance with oil cuts reaches 85%

OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said, suggesting the group had improved its adherence to pledged supply curbs

Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020

Saudi shipments to China in 2020 were rose 1.9% from a year earlier to 84.92 million tonnes, or about 1.69 million bpd, data from the General Administration of Chinese Customs showed