Oil recovered some ground on Wednesday after slumping below $16 a barrel to its lowest since 1999, but prices remained near two-decade lows with the market awash with crude due to the economic fallout from the coronavirus pandemic.
— Read on www.reuters.com/article/us-global-oil/oil-steadies-after-hitting-lowest-this-century-on-coronavirus-crisis-idUSKCN224055
Tag: Oil
Ships, trains, caves: Oil traders chase storage space in world awash with fuel – Reuters
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.
— Read on www.reuters.com/article/us-global-oil-storage/ships-trains-caves-oil-traders-chase-storage-space-in-world-awash-with-fuel-idUSKCN2240MF
Oil glut may overwhelm global storage tanks within weeks: IEA – BNN Bloomberg
Oil glut may overwhelm global storage tanks within weeks: IEA – BNN Bloomberg
— Read on www.bnnbloomberg.ca/oil-glut-may-overwhelm-global-storage-tanks-within-weeks-iea-1.1421664
OPEC and its allies reach deal to cut oil production by nearly 10 million barrels per day [Video]
On Sunday, OPEC and its allies said they agreed to a production cut of nearly 10 million barrels per day to help ease a mounting supply glut. Ben Cook, Hennessy BP Energy Fund Portfolio Manager, joined Yahoo Finance’s Myles Udland, Jen Rogers, Melody Hahm, and Dan Roberts to discuss.
— Read on ca.finance.yahoo.com/video/opec-allies-reach-deal-cut-220244494.html
OPEC and allies finalize record oil production cut after days of discussion
OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world’s largest energy producers.
— Read on www.cnbc.com/2020/04/12/opec-and-allies-finalize-record-oil-production-cut-after-days-of-discussion.html
Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends – Bloomberg
The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to a devastating price war but not going far enough offset the impact of the coronavirus pandemic.
— Read on www.bloomberg.com/news/articles/2020-04-12/oil-price-war-ends-with-historic-opec-deal-to-cut-production
Global Oil Deal Gains Traction With U.S. Predicting Big Drop
(Bloomberg) — The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically.While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers
— Read on ca.finance.yahoo.com/news/global-oil-powers-grope-way-182054291.html
Oil Moves Higher With Impact of Possible Output Cuts in Focus
(Bloomberg) — Oil rose after a two-day drop as investors weighed whether output cuts being discussed by the world’s top producers will be enough to offset the demand destruction wrought by the coronavirus.Futures in New York climbed around 4% toward $25 a barrel after losing a sixth of their value over
— Read on ca.finance.yahoo.com/news/oil-holds-below-25-worries-222256973.html
Oil prices turn lower despite hints Russia and Saudi Arabia are ‘very close’ to a deal
Oil prices dipped during morning deals, after a meeting between OPEC and its allies, initially scheduled for Monday, was delayed.
— Read on www.cnbc.com/2020/04/05/oil-drops-9percent-following-a-record-surge-last-week-as-opec-meeting-on-a-production-cut-is-delayed.html
OPEC+ pushes for global coalition to stem oil rout – BNN Bloomberg
OPEC+ pushes for global coalition to stem oil rout – BNN Bloomberg
— Read on www.bnnbloomberg.ca/opec-pushes-for-global-coalition-to-stem-oil-rout-1.1416824