Oil and Gas

Oil price rise continues

22 May 2020 @ 00:45
Oil prices have reached their highest level since March, after a drawdown of US crude inventories and output cuts by major producers helped ease concerns about excess supply. Brent Crude futures for July delivery were trading up 62 cents, or 1.7 per cent, at $36.37 per barrel at 05:50 BST, rising for a second day. US West […]
 

Saudi Aramco earnings take 25 per cent hit

13 May 2020 @ 00:40
Saudi Aramco has reported a 25 per cent fall in first-quarter earnings, due to the oil price collapse and lack of demand stemming from the coronavirus pandemic. The state energy company reported net income of $16.7bn (£13.5bn, €15.4bn) in the first three months of the year, compared to $22.2bn a year earlier, as lockdowns reduced global […]
 

Saudi Arabia triples VAT after oil price plunge

12 May 2020 @ 02:42
Saudi government will also suspend its cost of living allowance for state workers Saudi Arabia is to increase its value added tax (VAT) by three times as part of austerity measures to support its economy hit by the coronavirus. The government also said it will suspend its cost of living allowance for state workers as […]
 

Exxon reports first quarterly loss in three decades

05 May 2020 @ 00:15
Energy giant loses $610m in Q1 Exxon Mobil (XOM) has reported its first quarterly loss in 32 years, as the plunge in global oil prices continues to haemorhage the energy giant.               The company lost $610m (£488m, €555m) in the first quarter of 2020, largely thanks to the $2.9bn in […]
 

Oil falls to $26 a barrel due to weak demand

01 May 2020 @ 23:48
Brent for July fell 46 cents, or 1.7 per cent, to $26.02 this morning Oil fell to around $26 a barrel as weak demand and excess supply pressured the mark, despite major producers beginning output cuts. The global oil benchmark, Brent crude, has collapsed 60 per cent in 2020 and reached a 21-year low last […]
 

Shell slashes dividend for the first time since World War Two

30 Apr 2020 @ 23:48
Royal Dutch Shell has cut its dividend for the first time since World War Two, following a coronavirus pandemic-engendered halving of quarterly earnings. Net income adjusted for cost of supply dropped to $2.9bn (£2.3bn, €2.7bn) in the three months to March 31 compared with $5.3bn in the same period the previous year. Analysts had estimated $2.3bn. […]
 

OMV posts first-quarter loss and lowers yearly production target

30 Apr 2020 @ 23:39
Austrian energy group OMV posted a net loss for the first quarter due to high inventory costs. It has also lowered its production target and crude price forecasts in response to the fall in oil demand. OMV said it lost €68 million ($74 million) in the three months to the end of March after making […]
 

Russian energy minister calls for shift in OPEC+ focus

30 Apr 2020 @ 00:46
Alexander Novak argues consortium should concentrate on its market share when oil demand recovers Russia’s energy minister, Alexander Novak, has called for the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to concentrate on their market share as demand for oil slowly picks up. Novak said: “Stocks, supply and demand balance should be […]
 

Diamond Offshore Drilling goes bankrupt with debts of more than $2.6 billion

30 Apr 2020 @ 00:44
Texas headquartered Diamond Offshore Drilling has filed for bankruptcy with debts of more than $2.6bn (€2.36bn, £2.06bn), due to the “unprecedented” impact of an oil price war and the global coronavirus outbreak. The collapse of the company comes 12 days after it missed an interest payment on $500m worth of bonds and said it was working with advisers […]
 

Crude Oil: WTI Stays Subdued As Bears Snap Towards $13 in Oversupply

29 Apr 2020 @ 01:13
USDWTI Price Analysis – April 27 Oil prices started on a sour note in the last week of April, dropping over 8 percent during Monday’s session on sustained over-supply fears. A barrel of the North American benchmark, West Texas Intermediate (WTI), is losing value close to $14.50 level, marking an 8.85 percent decline on the day. […]
 
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