Asian clean and dirty tankers have just had one of their best first quarters in years as traders rushed to store oil products on the water as the COVID-19 pandemic slashed oil demand globally, but the boom in rates is not expected to continue beyond Q2.
News ID: 9065 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: 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
US oil producers are likely to lower their output by some 30pc, as crude prices plummet after Saudi Arabia and Russia last month said they would increase production, and governments limits travel to contain the coronavirus, leading to a collapse in demand. Key Bakken operator Continental Resources executive chairman Harold Hamm spoke to Argus on how the Trump administration and US producers are responding to the changing market conditions. Edited highlights follow:
News ID: 9054 Publish Date : 2020/04/07
OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war.
News ID: 9052 Publish Date : 2020/04/05
Indian state-controlled refiners have slashed jet fuel prices by 29pc this month after cutting them by 22pc in March as the coronavirus outbreak restricts demand for air travel.
News ID: 9046 Publish Date : 2020/04/06
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
Crude and oil product storage is filling up fast in the Middle East's hub of Fujairah, UAE, because of lack of demand caused by the coronavirus pandemic.
News ID: 9029 Publish Date : 2020/04/02
Vietnam's latest measures to curb its coronavirus outbreak are dealing another blow to Asia-Pacific's stuttering oil products demand.
News ID: 9027 Publish Date : 2020/04/02
Crude futures rose by 10pc today after US president Donald Trump suggested that Saudi Arabia and Russia may be close to "a deal" to alleviate the oil price collapse.
News ID: 9024 Publish Date : 2020/04/02
The sharp fall in Brazilian gasoline consumption is prompting risk-adverse independent retailers and traders to considerably reduce import operations and rely more on domestic output.
News ID: 9022 Publish Date : 2020/04/02
As many as 25 very large crude carriers (VLCCs) were booked for floating storage during 1 February-30 March, according to shipping data obtained by Argus, as crude demand and prices plummet from a combination of the Opec+ battle for market share and the coronavirus pandemic.
News ID: 9006 Publish Date : 2020/04/01
North Atlantic will idle its 115,000 b/d refinery in Come-by-Chance, Newfoundland, on concerns that continued operations would be unsafe, the company said.
News ID: 9005 Publish Date : 2020/04/01
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
Benchmark US crude futures have fallen by more than 7pc to below $20/bl, as the expiry of the Opec+ production restrain deal and plunging demand from the coronavirus sent prices sharply lower.
News ID: 8970 Publish Date : 2020/03/30
Saudi Arabia is continuing to invest in its petrochemical sector, in contrast to cutbacks in large-scale capital projects around the world amid the oil price slump and coronavirus pandemic.
News ID: 8968 Publish Date : 2020/03/30
