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Oil News

Virus crisis threatens to set back oil platform decommissioning

London - Oil companies are being forced to cut spending due to a fall in global oil prices, threatening funds earmarked to dismantle dated off-shore rigs, despite environmental risks.

Two dead as fire rages after India gas well blowout

Tinsukia - Two workers have been found dead near the site of a huge fire ignited by gas that has been spewing from an oil field in India for two weeks, officials said Wednesday.

Huge fire breaks out at India gas well blowout

Guwahati - A huge fire broke out at an oil field near popular ecotourism spots in northeastern India on Tuesday, after gas that had spewed for two weeks from a blown-out well ignited, officials said.

OPEC, allies agree to extend deep output cuts through July

Vienna - OPEC members, led by Saudi Arabia, and other key oil producers agreed Saturday to extend historic output cuts through July, as oil prices tentatively recover and coronavirus lockdowns ease.

OPEC, allies meet to discuss output cuts

London - OPEC and its allies are to meet via video conference Saturday to assess their current deal to slash production as oil prices tentatively recover on easing coronavirus lockdowns.

Venezuela raises fuel prices after arrival of Iranian oil tankers

Caracas - Venezuela will increase fuel prices in June, the president said, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free.

Are oil prices over the worst of the crisis?

London - World crude prices have staged a modest recovery from last month's dizzying collapse, prompting analysts to wonder whether the worst of the 2020 oil crisis is over.

Venezuela says Iranian tankers will get military escort

Caracas - Venezuela on Wednesday said its navy and air force would escort Iranian tankers arriving with much needed fuel, after Tehran warned of "consequences" if the US stopped the ships from reaching their destination.

Nigeria oil industry scrambles as price fall slams economy

Lagos - The collapse in oil prices linked to the coronavirus crisis has seen Nigeria's revenues from crude dry up and left Africa's largest economy more threatened than ever by its dependence on black gold.

Oil-hungry Asian nations pounce on low prices to build stockpiles

Fpo - Some oil-hungry Asian nations are taking advantage of the collapse in prices caused by the coronavirus pandemic to build up their crude stockpiles.

Crude extends rally as output cuts begin

Fpo - Oil prices rose Friday as massive output cuts began to kick in and top producers said they would turn the taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen.

Oil rebounds above $14 after massive sell-off

Fpo - US oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.

Venezuelan oil price falls below $10, lowest level in 20 years

Caracas - The price of Venezuelan oil has fallen to below $10 a barrel -- its lowest level in more than two decades, the government said on Friday.The oil ministry said the price between Monday and Friday was 70.62 Chinese yuan -- $9.

Venezuelan oil price falls to $9.90, lowest level in 20 years

Caracas - The price of Venezuelan oil has fallen to its lowest level in more than two decades to just $9.90 a barrel, the oil ministry said on Friday.The ministry said the price between Monday and Friday was 70.

Impact of the coronavirus on the African oil and energy market Special

Coronavirus is impacting heavily on every sector of the economy. But how are different sectors responding and how can responses be coordinated? We take a look at Africa's energy sector with NJ Ayuk.

Oil crash means more misery ahead for US shale producers

New York - An unprecedented crash in oil prices is adding pressure to already stressed US producers, threatening key shale regions and putting vulnerable companies at risk of going under.

Trump orders plan to fund US oil companies

Washington - President Donald Trump on Tuesday ordered his administration to come up with a plan to aid US oil companies struggling with a massive supply glut and record-low crude prices."We will never let the great U.S. Oil & Gas Industry down," Trump tweeted....

Saudi says closely monitoring oil markets, ready to act

Apo - OPEC kingpin Saudi Arabia said Tuesday it was closely monitoring oil markets and stood ready to take further measures after crude prices plunged to historic lows.

Singapore police probe oil trading giant

Fpo - Singapore has launched a probe into an oil trading firm that allegedly covered up hundreds of millions of dollars in losses, police said Tuesday.

US oil prices tumble into negative territory for first time

New York - Oil prices ended New York trading in the negative on Monday for the first time ever, as a supply glut forced traders to pay others to take the commodity.

Canada funds oil sector environmental cleanup during pandemic

Ottawa - Prime Minister Justin Trudeau on Friday announced Can$1.7 billion (US$1.2 billion) to help Canada's oil sector, struggling with low prices, survive a pandemic-related downturn by cleaning up environmental messes.

Trump says OPEC+ planning to cut production 20 mn bpd

Washington - Top global oil producers are considering slashing output by 20 million barrels a day under the terms of a deal to boost prices, US President Donald Trump said on Monday.

Trump says OPEC+ planning to cut production 20 mn bpd

Washington - Top global oil producers are considering cutting production by 20 million barrels per day under the terms of a deal to boost prices, US President Donald Trump said on Monday.

Top oil producers agree 'historic' cuts due to coronavirus crisis

Vienna - Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.The US benchmark WTI climbed 7.7 percent to $24.

G20 ministers vow to calm oil markets but quiet on output cuts

Apo - G20 energy ministers pledged to work together to ensure oil "market stability", in a statement released Saturday after a virtual summit hosted by Saudi Arabia that did not mention production cuts.

G20 energy ministers scramble to finalise oil output deal

Apo - G20 energy ministers held virtual talks Friday as major oil producers scrambled to finalise output cuts to shore up prices, with Mexico announcing a deal with the United States that could end an impasse.

OPEC, allies consider output cut after price crash

London - Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.

Saudi to raise oil exports to record levels as price war rages

Apo - Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia.

US demands Venezuela free Citgo executives as virus hits

Washington - US Secretary of State Mike Pompeo on Thursday demanded that Venezuela release six detained former Citgo executives, five of whom are US citizens, due to risks from the coronavirus.

Saudi to boost oil output capacity by 1 mn barrels per day: Aramco

Apo - Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.
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The Athabasca Oil Sands  Alberta Canada.
The Athabasca Oil Sands, Alberta Canada.
Oil pump in Russia
Oil pump in Russia
Yukon White Light
The TransAlaska Pipeline carries oil from Prudhoe Bay on the North Slope to Valdez  Alaska.
The TransAlaska Pipeline carries oil from Prudhoe Bay on the North Slope to Valdez, Alaska.
Ryan McFarland from Petersburg, AK
Public understanding of the difference between Beach advisory and beach closure can make the differe...
Public understanding of the difference between Beach advisory and beach closure can make the difference of whether beach rentals stay in business or fold.
Protesters in Rio de Janeiro over oil royalties.
Protesters in Rio de Janeiro over oil royalties.
YouTube
Bob Dudley is CEO of BP
Bob Dudley is CEO of BP
BP America
Protesters in Rio de Janeiro over oil royalties.
Protesters in Rio de Janeiro over oil royalties.
YouTube
DISASTER: Boats equipped with water cannons fight the devastating fire at the Deepwater Horizon dril...
DISASTER: Boats equipped with water cannons fight the devastating fire at the Deepwater Horizon drilling platform in the Gulf of Mexico in 2010.
U.S. Coast Guard/Wikimedia Commons
A scene from a documentary shot in Kamloops  British Columbia  showing life on a cattle ranch.
A scene from a documentary shot in Kamloops, British Columbia, showing life on a cattle ranch.
screen grab
Dry sand from a tailing pond  water is used to remove the oil from the sand. The water and sand whic...
Dry sand from a tailing pond, water is used to remove the oil from the sand. The water and sand which is left over is moved to holding ponds.
Untitled
ConocoPhillips
Manatee s seen in Kings Bay
Manatee's seen in Kings Bay
The ship POLAR ADVENTURE (IMO: 9244063  MMSI: 303031000) is a Oil tanker registered in Alaska (US).
The ship POLAR ADVENTURE (IMO: 9244063, MMSI: 303031000) is a Oil tanker registered in Alaska (US).
Steven Pavlov (CC BY-SA 4.0)
A rig in the gulf where an explosion occurred on April 20  2010.
A rig in the gulf where an explosion occurred on April 20, 2010.
KK+
Untitled
YouTube screen capture
ENERGY: A major oil refinery in Port Arthur  Texas  is shown after it was damaged by Hurricane Rita ...
ENERGY: A major oil refinery in Port Arthur, Texas, is shown after it was damaged by Hurricane Rita in 2005.
Leif Skoogfors-FEMA/Wikimedia Commons
World energy consumption  1970-2025.
World energy consumption, 1970-2025.
United States Department of Energy
OIL TRAIN: Rail cars loaded with crude oil burn on the tracks in the Columbia River Gorge near Mosie...
OIL TRAIN: Rail cars loaded with crude oil burn on the tracks in the Columbia River Gorge near Mosier, Ore., after a 100-car train derailed on June 3.
U.S. Coast Guard PFC Levi Read/Wikimedia Commons
The new ship and the world s largest  The Prelude
The new ship and the world's largest, The Prelude
Shell Oil
File: Oil rig.
File: Oil rig.
aka4ajax (CC BY 3.0)

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