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The oil price crash has led to Danish offshore wind developer Orsted overtaking Norwegian oil major Equinor as the most valuable energy company in the Nordics, highlighting the appeal to investors of renewables over fossil fuels. Shares in Equinor slid nearly 18% on Monday as crude prices plunged 25% after top producers Saudi Arabia and
A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it. With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping, even in an extremely bearish price scenario, analysts
Saudi Arabia is preparing to unleash so much oil on the world that its own fleet can’t handle it all. The kingdom’s National Shipping Co., also known as Bahri, has booked on a preliminary basis at least eight supertankers to load this month and next from Saudi Arabia’s main oil ports, according to people familiar
America’s shale drillers have never faced an oil bust quite like this. The split between Russia and its one-time OPEC allies last week has ignited an all-out price war, leaving oil markets defenseless against the unprecedented demand shock brought on by the coronavirus. Crude plunged by the most since the 1990s on Monday, with West
A crude-oil price war in the middle a worsening global virus outbreak sent a fresh wave of volatility surging through financial markets beginning on Monday in Asia. Oil futures tumbled the most since the Gulf War in 1991, Norway’s krone slid to its weakest against the dollar since the 1980s and Australia’s benchmark stock index
The Norwegian economy remains strong despite the sharp fall in the price of oil, Norway’s biggest export, but it is too early to tell what the full impact will be from cheaper crude and the coronavirus, Finance Minister Jan Tore Sanner said on Monday. Norway’s currency weakened to an all-time low against the euro in
Russia’s state oil company Rosneft is planning to lift oil production as soon as the current OPEC+ deal ends, according to a person close to the company. The comments, the first Russian response to the oil price war launched by Saudi Arabia over the weekend, suggest that Rosneft could start boosting output as soon as
Despite lower returns than offshore oil and gas, offshore wind will become an increasingly attractive investment destination in the energy transition. Global investments in offshore wind are expected to total US$211 billion between 2020 and 2025, and the offshore wind market will become more attractive to oil and gas companies, Wood Mackenzie said in a new report
The opening battle of the global oil price war got under way in Asia as some of the world’s biggest buyers said they’d try to buy more Saudi crude than planned in April after the exporter offered them unprecedented discounts. Even as they grapple with a collapse in fuel demand because of the coronavirus, at
Exxon Mobil is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices. The U.S. energy giant will cut Permian production growth by about 10% over the next two years, the