Tag: JOINT ACTION

WTI plunges to lowest level in history

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel

OPEC says oil market undergoing ‘historic shock’

The Organization of the Petroleum Exporting Countries stated that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand

IEA sees record 2020 oil demand fall due to coronavirus

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency stated

Producers pin hopes for massive cuts on unprecedented stockpile purchases

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal

OPEC slashes 2020 oil demand view on coronavirus

The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day in 2020, a reduction of 920,000 from its previous forecast

Norway to announce oil output decision soon

The energy minister of Western Europe’s largest oil producer will announce its decision on whether to slash crude output soon, potentially adding its weight to a global push to shore up prices

OPEC+ approve biggest-ever oil cut to support prices

OPEC+ said it had agreed to reduce output by 9.7 million barrels per day for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline

OPEC+ oil output cuts depend on US and others joining

Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the US and several others join in with curbs to help prop up prices

OPEC+ meeting over oil price collapse delayed

OPEC+ works on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the US

Donald Trump seeks for solutions to oil crisis

US President Donald Trump invited US oil executives to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia