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ConocoPhillips announced that it is taking several actions in response to the recent oil market downturn. “Our industry is clearly experiencing an unprecedented event brought about by simultaneous supply and demand shocks,” said Ryan Lance, chairman and chief executive officer. “The actions we are now taking reflect an acknowledgement of current events as well as
How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one. Riyadh has waged four price wars, including the current one, over the last 35 years. All of them lasted at least a year, and prices plunged at least 50%. This
Oil extended its slide to the lowest level in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes. Futures in New York fell as much as 4.2% to $25.83 a barrel, the lowest since May 2003, extending losses this week to almost
More than 200 oilfield services companies might be forced to declare bankruptcy – most of them in Norway and the UK – due to the effects of the Covid-19 pandemic and its effect on oil prices. This is according to Norway-based energy intelligence firm Rystad Energy, which on Tuesday said, that around 20% of Europe’s
More than a dozen U.S. Republican senators wrote to Saudi Crown Prince Mohammed bin Salman to urge him to take action to cool tensions in the oil market at a time when the world economy is already being battered by the coronavirus. “It was greatly concerning to see guidance from the Kingdom’s energy ministry to
The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a unit hit by U.S. sanctions. Sinochem International Oil (Singapore) on Monday sought crude for May-to-June delivery, company documentation seen by Bloomberg shows. While Sinochem didn’t say why it had excluded Rosneft Oil Co.
Oil opened on Monday down roughly 25 percent, the sharpest decline in decades, and broader financial markets fell so precipitously that the circuit breakers put in place during times of volatility tripped, temporarily halting trading. The list of adjectives available to describe what is happening to the oil market is not adequate. There are now
Due to the coronavirus outbreak weighing on economic growth, OPEC now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed its forecasts by 920,000 bpd from last month’s assessment. In its closely watched Monthly Oil Market Report (MOMR) published on Wednesday, OPEC said that the near-zero growth projection for this year
Abu Dhabi National Oil Co. will boost crude supply to customers to more than 4 million barrels a day in April as OPEC’s third-biggest producer joins an oil supply battle sparked by Saudi Arabia and Russia. Adnoc is also accelerating plans to boost output to 5 million barrels a day, the company said in a
America’s shale producers already had a profitability problem. It just got a lot worse. At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price, according to