Oil and Gas

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 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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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 […]

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. […]

Brent Crude oil prices remain under pressure, and yesterday the future slid by 8.72% as traders are disappointed with the latest OPEC+ deal, stockpiles are increasing rapidly, and US economic indicators for March were shockingly weak. Brent Crude oil prices have now given up 61.8% of their 68.6% gain from the 2020 low of $21.58. […]