Prices have been declining since Saudi Arabia and Russia launched an oil price war earlier this year, pumping out millions of barrels of oil just at the moment coronavirus caused demand to collapse. Some of the world’s biggest producers have now agreed to implement production cuts from May 1, reducing some […]
Oil
Oil price plunge puts North Sea rigs under threat
Producers and traders can collect Brent in the North Sea by ship and store it at sea, unlike their American counterparts, who must find storage space in Cushing or transfer thousands of barrels more than 500 miles to the coast, Gilks says. This constraint was largely the cause of Monday’s historic rout. […]
Singapore oil trader Hin Leong battered by crude crash
SINGAPORE — One of Singapore’s foremost oil traders, Hin Leong Trading, is now struggling to stay afloat amid a plunge in crude oil prices and greater scrutiny by banks that has left it facing a cash crunch. The company had by Wednesday submitted a court filing requesting a moratorium on […]
Why the cost of petrol won’t follow the collapse in oil prices
Drivers expecting a noticeable fall in their petrol bills following the recent collapse of the price of oil will be disappointed, experts have said. The AA said NHS and other essential workers commuting by car were overpaying by more than £5 per tank as petrol prices have not fallen alongside […]
Four things to know about the historic oil price plunge
TOKYO — Even in a world becoming more used to the convulsions of the coronavirus pandemic, Monday’s breakdown in oil trading — turning the price negative for the first time in history — was astonishing. West Texas Intermediate, a reference benchmark for U.S. oil trading, plummeted to a barely comprehensible […]
Coronavirus latest: Oil plunges to minus $37 a barrell
The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan. Global cases have reached 2,319,066, according to the World Health Organization. The worldwide death toll has hit 157,970. To see how the disease has spread, click this interactive virus […]
Coronavirus latest: Oil plunges to minus $37 a barrel
The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan. Global cases have reached 2,285,210, according to the World Health Organization. The worldwide death toll has hit 155,124. To see how the disease has spread, click this interactive virus […]
OPEC and Russia approve biggest oil cut amid coronavirus pandemic
BAKU/DUBAI/LONDON (Reuters) — OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20%. Measures […]
Coronavirus latest: Big oil states agree to largest ever cut
The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan. Global cases have reached 1,699,595, according to the World Health Organization. The worldwide death toll has hit 106,138. To see how the disease has spread, click this interactive virus […]
Oil powers reach global pact to cut production
A global pact to stem the biggest rout in oil prices for almost two decades has been all but sealed as the Opec cartel and its key allies agreed to slash production by 10 million barrels a day. Further G20 talks also saw major producers including the US and Canada […]