Reuters Devon Energy, Apache Corp and Murphy Oil Corp on Thursday became the latest in a string of North American oil producers to slash their capital spending and drilling plans as crude prices tumble. Oil producers have been scaling back spending since the last price crash in 2014, and the latest cuts come as the coronavirus outbreak crimps demand and
Reuters LONDON – Oil prices fell more than 6% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic. The slump in oil is being compounded by the threat of a flood of cheap supply after
Reuters LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak. Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas
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 A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday. “These attempts by state actors to manipulate and shock oil markets reinforce the importance of the role of the United States as a reliable energy
CNBC Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday. U.S. West Texas Intermediate crude slid more than 8.8% to a session low of $41.77, its lowest level since August 2016. International benchmark Brent crude slid more than 8.5%, or $4.29, to trade at $45.70 per barrel. At its
Reuters LONDON – Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude LCOc1 was up by 91 cents, or 1.7%, at $52.77 a barrel at 1442 GMT. U.S. West Texas Intermediate (WTI) CLc1
CNBC OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank. Oil prices have been under pressure since the outbreak of the coronavirus in January dampened the demand outlook for the year. Following the “massive sell-off” in recent weeks, Ehsan Khoman, head of MENA research at MUFG, said his “baseline scenario” is 1.2 million barrels a day
Houston Chronicle Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilize financial markets, while hopes grew that OPEC+ will deepen output cuts following the coronavirus outbreak. Futures rose as much as 4.4% in New York, after sinking 16% last week. Russia, which is due to meet other OPEC+ members in Vienna this week,
Reuters NEW YORK – Oil prices plunged more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude LCOc1 was down $2.29, or 4.3%, at $51.14 a barrel at 10:31
Reuters NEW YORK – Oil prices edged higher on Thursday, as investors hoped the world’s biggest producers would cut output more, while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China. Brent crude LCOc1 was up 58 cents, or 1.04%, at $56.37 a barrel by 12:20 p.m. ET, while U.S. West
Houston Chronicle Last month, two days before the latest government prediction that U.S. shale production would hit new heights, an oil industry conference in Houston opened with a clip of Eeyore making one of his bleak utterings: “End of the road, nothing to do and no hope of things getting better.” It made sense to kick things off with Winnie
