The US is rethinking the premise behind its earlier decision to allow Chevron and other US and international firms to continue their presence in Venezuela, as it steps up the pressure of sanctions designed to force Venezuelan president Nicolas Maduro to step down.
News ID: 9179 Publish Date : 2020/04/16
Opec said today that it expects an "historic decline" in 2020 global oil demand to reflect the effect of the Covid-19 pandemic on consumption. It marks a drastic revision from its previous demand projection.
News ID: 9170 Publish Date : 2020/04/16
Global oil demand will fall this month to a level last seen in 1995, the IEA said today. But it did not give any clear indication that a week of diplomacy by its executive director Fatih Birol has achieved any concrete pledges of extra production reductions or purchases for strategic storage.
News ID: 9158 Publish Date : 2020/04/15
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it will not be enough to head off oversupply with the coronavirus pandemic hammering demand.
News ID: 9149 Publish Date : 2020/04/13
With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil -trading hub has run out of room to store unwanted barrels.
News ID: 9148 Publish Date : 2020/04/13
A historic production cut agreement between OPEC and its allies, known as OPEC+, hit a roadblock after Mexico refused to agree to its share of the cuts after a marathon meeting between the oil -producing nations that lasted more than nine hours.
News ID: 9104 Publish Date : 2020/04/10
Iranian Oil Minister Bijan Namdar Zanganeh said he has held consultations with several foreign officials about plans to restore stability to the global oil market ahead of a meeting between OPEC and its allies.
News ID: 9086 Publish Date : 2020/04/08
Saudi Arabia, Russia and other large oil producers are racing to negotiate a deal to stem the historic price crash as diplomats said some progress was made on Sunday.
News ID: 9082 Publish Date : 2020/04/07
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand.
News ID: 9064 Publish Date : 2020/04/06
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand.
News ID: 9063 Publish Date : 2020/04/07
India's demand in March for diesel fell by around 26pc, gasoline dropped by 18pc and jet fuel was down by 32pc from a year earlier, according to industry data from state-controlled companies but excluding private-sector refiners. Anecdotal data from retail outlets shows demand for transport fuel has fallen by 70pc since a 21-day nationwide lockdown from 25 March was brought in to combat the country's coronavirus outbreak.
News ID: 9059 Publish Date : 2020/04/07
Algeria's oil minister has called on producing nations to "seize the opportunity" offered by this week's proposed meeting to bring stability to oil markets.
News ID: 9045 Publish Date : 2020/04/06
President Vladimir Putin’s government is rewriting its budget to prepare for oil prices at $20 a barrel this year despite US-led efforts to get major producers to rein in production.
News ID: 9039 Publish Date : 2020/04/04
Brazil's state-controlled Petrobras has doubled production cuts to 200,000 b/d in response to the oil price collapse.
News ID: 9004 Publish Date : 2020/04/01
The US government would suspend oil sanctions on Venezuela in the early stages of a political transition plan that was to be laid out by senior US officials this morning.
News ID: 8983 Publish Date : 2020/03/31
Western Australia (WA) has stopped all fly-in, fly-out (FIFO) workers to its resources projects from New South Wales (NSW) that has the highest number of coronavirus infections in the country.
News ID: 8972 Publish Date : 2020/03/30
These days, the oil market is facing an unprecedented crisis; on one hand the demand for oil has fallen drastically due to the slowdown in the global economy following the coronavirus outbreak and on the other hand the start of a price war between Saudi Arabia and Russia hit the market so hard that oil crashed to a level not seen in 29 years.
News ID: 8931 Publish Date : 2020/03/22
South Korean petrochemical producer SKGC is planning to idle its small cracker in Ulsan from December this year after the plant struggled to stay competitive.
News ID: 8874 Publish Date : 2020/03/26
Workers on oil and gas projects in Western Australia (WA) will be exempt from travel restrictions imposed by the state government that has halted travel as part of emergency measures to combat the spread of the coronavirus.
News ID: 8848 Publish Date : 2020/03/24
China is ramping up production of oil , petrochemicals, metals and coal as the coronavirus outbreak comes under control, with a lockdown in hardest-hit Wuhan set to be lifted early next month. But demand may take longer to recover.
News ID: 8844 Publish Date : 2020/03/24