CNBC The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020, with countries around the world effectively having to shut down in response to the pandemic. A public health crisis has prompted governments to impose draconian measures on the lives of billions of people. It has
CNBC The historic deal reached by OPEC and its oil-producing allies to cut production has worked to “stem the tide, stem the damage that was being done to the market,” since the onset of the coronavirus pandemic and the Saudi Arabia-Russia oil price war, U.S. Energy Secretary Dan Brouillette told CNBC. Oil prices are down more than 55% year-to-date, having experienced the
Reuters LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to
Reuters Oilfield services provider Baker Hughes Co said on Monday it will take a $1.5 billion charge to its first-quarter earnings, write down the value of its oilfield business and slash this year’s capital spending by 20%. Oil and gas producers have cut 2020 spending by about 30%, according to data compiled by Reuters, as oil prices have tumbled
Reuters ProPetro Holding Corp said on Thursday it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices. The Midland, Texas-based company said earlier this month it was experiencing a “severe, negative” impact on pricing for well-fracking services as customers clamor
Reuters LONDON- Oil prices rose on Thursday on expectations the world’s leading crude producers will at a meeting later in the day overcome obstacles that have so far prevented a deal to cut output in response to a collapse in global demand. Brent crude LCOc1 futures were up 3.9%, or $1.28, at $34.12 a barrel by 1340 GMT after hitting
Reuters Oilfield services firm Halliburton on Monday was cutting about 350 employees in Oklahoma, according to a filing with the state, amid a deepening oil bust from the spread of coronavirus and a price war between Russia and Saudi Arabia. Staff cuts could begin this week at its Duncan, Oklahoma facility, the filing said, and will be permanent. The facility
CNBC Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly said that the county wanted to see global action on cuts of around 10 million barrels per day. U.S. West
Reuters WASHINGTON – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. The administration may offer ways to help the industry weather the crisis, including waiving royalty payments drillers must pay for
CNBC Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a barrel. The benchmark Brent crude was trading up 9.92% trading at $32.91 on Friday afternoon in Asia, while West Texas Intermediate gained up 4.82% at $26.54. “We are
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
