Chinese refiners have stopped importing US crude oil since early 2019 amid an increasingly bitter trade dispute between Washington and Beijing.
June 24, 2020
International oil and gas companies have suffered from negative earnings in the first quarter of 2020 as a result of weaker petroleum demand worldwide.
June 18, 2020
It was agreed at the 10th extraordinary OPEC and non-OPEC ministerial meeting on April 12 that another gathering would be held in early June via videoconference.
The purpose of that meeting will be to determine what further action is needed to balance the market.
June 03, 2020
The collapse of oil prices had a devastating impact on the earnings of many international oil companies during the first quarter of the year.
Brent crude averaged $32 in March while April was even worse at just $18 per barrel.
May 20, 2020
The additional measures undertaken by Saudi Arabia to further cut output by 1 million barrels per day (bpd) next month will help to stabilize the market balance between supply and demand.
May 13, 2020
Although Saudi Arabia is the largest oil exporter in the world, crude oil prices from the Kingdom are linked to regional international benchmarks: ASCI for the US, ICE Brent for Europe and the Average of Oman (as traded on the DME) and Dubai for the Far East.
April 23, 2020
The first non-OPEC large producer open to joining any potential global oil output cuts with OPEC+ to reduce the huge surplus in the oil market was Canada, the home of the world’s third-largest oil reserves (around 172 billion barrels).
April 06, 2020