coronavirus – Page 14 – Oil & Gas 360

Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact

March 20, 2020

CNBC Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices. The sum includes Riyadh’s 50 billion riyals package announced last week to support small and medium-sized businesses. Friday’s announcement introduces a further 70 billion riyals

Amid Coronavirus, steps President Trump must take to protect American energy

March 19, 2020

RealClear Energy Oil & Gas 360 Publishers Note: The American oil and gas industry has been navigating some very challenging times. A variety of ideas have been floated recently regarding how the Trump administration should respond in order to support the US oil and gas industry, to preserve jobs and defend our national security. The ideas addressed in the following

Amid Coronavirus, steps President Trump must take to protect American energy

March 18, 2020

U.S. oil and gas industry sees no supply chain threat from coronavirus: API

March 18, 2020

Reuters WASHINGTON – The American Petroleum Institute oil and gas industry group said on Wednesday that it does not see a significant threat to the U.S. energy supply chain from the coronavirus pandemic. Oil and gas companies are implementing contingency plans focused on ensuring continuity of supplies to market, and preventing the spread of the virus to workers and the

Historic slide in oil could cost energy industry thousands of jobs

March 18, 2020

CNBC This month’s historic swoon in oil prices has some on Wall Street worrying that crude will settle in a range under $40 a barrel. For the industry’s hundreds of thousands of workers, the bigger worry is their jobs. Though West Texas Intermediate crude has only plumbed its new lows for about a week, some are already warning that energy workers could

U.S. crude hits 18-year low as lockdowns spread

March 18, 2020

Reuters LONDON – Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand. U.S. crude Clc1 was down $3.25, or about 12%, at $23.70

Oil prices could hit teens in coming weeks as markets crater over coronavirus and price war

March 17, 2020

CNBC An end to the oil price plunge is nowhere in sight, energy experts say, as futures of international benchmark Brent crude fell below $30 a barrel Monday for the first time since 2016. That’s a stunning 54% drop year-to-date. “Oil could easily be in the teens at the bottom. Could even be low teens at the lowest,” Abhi Rajendran,

Saudis to hike oil export to record 10 million barrels a day

March 17, 2020

Houston Chronicle Saudi Arabia plans to boost oil exports even further from April to May, reaching a record of more than 10 million barrels a day as the kingdom taps a new field. The increase in shipments of about 250,000 barrels a day shows the kingdom is determined to carry on with its policy of pumping flat out after its

Based on history, the stock market is pricing in a recession and maybe something more ‘onerous’

March 16, 2020

CNBC The market’s blistering sell-off over the last month is so bad that investors have already pretty much priced U.S. stocks as if the economy is headed for a recession, based on a history of past declines around economic downturns by RBC. The median and average recession-related market decline sees the S&P 500 plunge 24% and 32%, peak to trough, respectively, RBC

Stock market rout doubles pain for energy firms that took shares for deals

March 16, 2020

Reuters Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up. EnCap’s big payday, 153 million WPX shares valued at $1.6 billion plus $900 million in

As oil prices tank, BP CFO warns demand could be negative in 2020

March 16, 2020

CNBC Demand for oil will likely be negative in 2020, adding further downward pressure to plummeting prices, according to BP CFO Brian Gilvary. Around the time of its earnings report in early February, the energy giant anticipated that demand would weaken by around 300,000 to 500,000 barrels a day. But on Monday, Gilvary told CNBC’s “Squawk Box Europe”: “If you

U.S. could start buying crude for Strategic Petroleum Reserve in as soon as two weeks

March 16, 2020

Reuters WASHINGTON – The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve in as soon as two weeks and fill it in several months, an Energy Department source said on Monday. President Donald Trump said late on Friday that he has ordered the Energy Department to fill the reserve. The move was aimed at

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