It’s been a remarkable turnaround. Just a few weeks back, oil analysts were writing obituaries for OPEC+, an alliance between the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and a handful of other oil producers, helmed by Russia – as Riyadh and Moscow engaged in...
https://www.hellenicshippingnews.com/will-coronavirus-oil-shock-rein-in-opec-cheaters/
Venezuela’s oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according to documents from state-run PDVSA and vessel tracking data. Venezuela shipped 31 cargoes of crude and refined...
Benchmark Dubai crude futures and intermonth spreads were relatively steady during mid-morning trading hours in Asia on Monday, with traders exercising caution ahead of a possible turnaround in market sentiment. At 11 am in Singapore (0300 GMT), the new front-month July Dubai futures contract was...
Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude was down 30 cents, or 1.1%, at $26.14 at 1201 GMT while U.S. West …
https://www.hellenicshippingnews.com/oil-falls-on-renewed-u-s-china-tensions-global-glut/
Indian refiners have stored about 32 million tonnes of oil in tanks, pipelines and on ships, taking advantage of low oil prices to help the nation cut its import bill, oil minister Dharmendra Pradhan said on Monday. India, the world’s third biggest oil importer, buys over 80% of its oil needs from...
Developments in the oil market over the past two months have been catastrophic. From the price war between Saudi Arabia and Russia, the collapse of demand caused by the coronavirus pandemic, historic (but ultimately unsuccessful) OPEC+ cuts, to negative prices, the prospects of a crude market...
https://www.hellenicshippingnews.com/oil-prices-may-recover-before-2021/
Goldman Sachs said it believes oil prices are due for a three-stage rally that can extend further into May after a “violent rebalancing.” In a note, analysts at the investment bank outlined why oil bulls should stay patient as fundamentals finally show signs of improvement. “Supplies have started...
Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments in the Permian shale...
https://www.hellenicshippingnews.com/exxon-chevron-slam-brakes-on-shale-as-oil-demand-tumbles/