European stocks rose Friday, rebounding from an historic losing day Thursday, as more government support appeared for hard-hit economies in the region, while several exchanges banned short selling of hard-hit Spanish and Italian equities.
Reuters Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey showed on Friday. Analysts in the snap poll slashed their forecasts of Brent crude prices LCOc1 to $42 a barrel
Reuters LONDON – Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 4% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply. Brent crude LCOc1 was up $1.24, or 3.7% on the day, at $34.46 per barrel by 14075 GMT after rising earlier by over 7%. They
Houston Chronicle Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders. With both Riyadh and Moscow outdoing each other by pumping more oil into an already flooded market, crude prices have flipped. A new price structure, called a contango, allows the traders to make easy money by buying crude
Oxy.com HOUSTON – March 10, 2020 – Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors approved a reduction in the company’s quarterly dividend to $0.11 per share from $0.79 per share, effective July 2020. The company also announced it will reduce 2020 capital spending to between $3.5 billion and $3.7 billion from $5.2 billion to $5.4 billion and will
Houston Chronicle Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the coronavirus and a price feud between major producers. Futures climbed 10% in New York, advancing in tandem with equities after President Donald Trump said his administration will discuss a possible payroll tax cut with Congress. Prices mostly
Reuters LONDON – Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after
Reuters OSLO – The coronavirus outbreak will cut growth in global oil demand by more than half this year compared to earlier forecasts, Norway’s biggest independent energy consultancy Rystad Energy predicted on Thursday. Oslo-based Rystad now predicts global oil demand will grow by 500,000 barrels per day (bpd) in 2020, down from a February forecast of 820,000 barrels per day
Houston Chronicle Exxon Mobil Corp. 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 company said
Houston Chronicle Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed. During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning
Reuters BRUSSELS – OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, told Reuters. The comments from Fedun, who was talking on the sidelines of the company’s presentation of its low-carbon energy
Houston Chronicle Russia is ready to cooperate with its OPEC+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The OPEC+ mechanism “has already established itself as an effective tool in ensuring long-term stability in global energy markets,” Putin told a meeting with ministers in Moscow on Sunday. The fact
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