CNBC April is going to be a hellish month for the oil industry. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that
Reuters DENVER – Once the fastest growing – and most controversial – oilfield services in the U.S. shale boom, fracking is getting hammered as oil prices near a two-decade low and producers stop completing new wells. Fracking companies, which pump water, sand and chemicals into wells to release trapped oil and gas, helped turn the United States into the largest
CNBC President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC. The president is expecting a cut of 10 million barrels, although the cut could be as high as 15 million barrels. U.S. West Texas Intermediate crude surged more than 30% to
CNBC Wednesday’s Chapter 11 bankruptcy filing for Colorado-based Whiting Petroleum is a grim omen of things to come, experts say, as oil prices face historic collapse amid the coronavirus crisis and the Saudi-Russia oil price war. The company is the first U.S. shale producer to go under since the start of the year, when oil prices began to fall. “I don’t want
Reuters DUBAI/MOSCOW – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a deal to curb output and a collapse in demand. After the deal collapsed, Russia and Saudi Arabia both said they
CNBC Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output. The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of
Reuters WASHINGTON – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. That the concept was even considered at high levels reflects both the depth
CNBC Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. U.S. crude was up by 39 cents, or 1.9%, to trade at $20.48 per barrel. Earlier in the session WTI traded as high as $21.89
Houston Chronicle Parsley Energy and Pioneer Natural Resources, two of the most active oil companies in Texas, on Monday asked the Railroad Commission to hold an emergency meeting and order production cuts at a time when record low crude prices threaten hundreds of thousands of jobs. The request comes as the U.S. benchmark crude settled Monday just above $20, nearly
CNBC The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.” A global health crisis has meant countries around the world have effectively had to shut down, with many governments placing massive restrictions on the daily lives of hundreds of millions
Reuters LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries. Extreme high and low prices are usually fleeting because they are dynamically unstable and contain the seeds of their own destruction, forcing large and
Houston Chronicle A new problem attributed to the coronavirus pandemic is slowly brewing out in the oil patch. Pipeline operators with full storage tanks are asking some Texas oil companies to stop production as the ongoing price war between Russia and Saudi Arabia has exacerbated a global supply while the pandemic has dramatically cut global demand. In a Saturday morning tweet,
