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Oil is off to the worst start to a year since 1991, tumbling 16% in January on concern that the spread of coronavirus will curb demand for transportation fuels. Futures fell 1.1% in New York on Friday, capping the worst month since May as investors were rattled by the fear of demand destruction after the
Sales of Latin American oil cargoes to China have ground to a halt this week as the deepening crisis around the coronavirus further stifles an already quiet holiday period. Zero sales have been reported since last week for March cargoes from Brazil and Colombia and unsold cargoes are piling up, according to people familiar with
Exxon Mobil and Chevron posted the weakest results in years because of disappointing results in almost all of their business lines. Exxon appeared to defy investor demands for financial discipline and heftier returns by outspending cash flow for the eighth time in 10 quarters. Meanwhile, U.S. rival Chevron registered its steepest loss in a decade
The AEO2020 Reference case, which serves as a baseline for exploring the effects of different assumptions about the economy, policy, and technology, projects renewables to be the fastest-growing source of electricity generation through 2050, driven by continued declines in the capital costs for solar and wind technologies. Slow growth in U.S. energy consumption, as a
Mexico’s government-owned oil company just laid claim to most of the country’s biggest private discovery, putting it on a collision course with the U.S. firm that made the find five years ago. Petroleos Mexicanos Chief Executive Officer Octavio Romero Oropeza said the majority of the giant Zama field is probably the property of the state
OPEC members are considering holding an emergency meeting next month, as oil prices sink on concern the coronavirus outbreak will hit demand. Algerian Energy Minister Mohamed Arkab said the producer group’s meeting scheduled for March is likely to be moved to February, the Algerie Presse Service reported. A decision may be taken “in the coming
Tankers have begun to leave Libyan ports without cargoes after waiting for days for the end of a blockade of the country’s export terminals by forces loyal to Libyan commander Khalifa Haftar. The blockade has virtually halted crude exports from the North African country, which had been running at about 1 million barrels a days
As part of a new development strategy, Lukoil plans to invest more than US$100 billion in various projects, primarily in Russia, Vagit Alekperov, the chief executive of Russia’s second-largest oil producer, told President Vladimir Putin during a meeting on Tuesday. Lukoil is preparing a new strategy and will start actively working in the Baltic shelf, Alekperov told
ExxonMobil and Egypt have signed two oil and gas exploration deals in the Eastern Mediterranean, the Egyptian Ministry of Petroleum said on Tuesday, weeks after Exxon said it had secured exploration acreage offshore Egypt. The two exploration deals call for a total investment of at least US$332 million, according to a statement from Egypt’s petroleum ministry, carried
The global gas glut continues to grow worse, with LNG prices recently dropping to a 10-year low. NG prices in Asia recently fell below $4/MMBtu, down 40 percent from a year earlier. Prices in NW Europe (TTF) are down by nearly 50 percent, and Europe has record-high inventories for this time of year. Mild weather in Asia,