Tag: UNITED STATES

US crude, distillate stocks surge in latest week

US crude oil and distillate stocks rose sharply while gasoline inventories decreased, data from industry group the American Petroleum Institute showed

Russia sees global oil market balancing in June-July

The Russian Energy Ministry stated supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. Moreover, the surplus stands at around 7-12 million bpd

Saudi says ready to take extra steps to stabilise oil market

Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

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

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

IEA: Oil demand set for first contraction since 2009 due to coronavirus

The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020, lowering its annual forecast by almost 1 million and signaling a contraction of 90,000 bpd

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

BP cuts spend by quarter as virus slashes oil demand

British energy giant slashed its planned spending for 2020 by one quarter and announced a 1.0-billion dollars hit from collapsing oil prices as the coronavirus outbreak destroys demand