China Is Purchasing Canadian Crude Again
At least three tankers loaded with Canadian crude have headed to China since the start of the year, Bloomberg reports, citing shipping data. This is the latest sign of how the…
Saudi Arabia to sell 600,000 bbl of oil a day to the U.S. in the month of April
LONDON (Bloomberg) –Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi…
OPEC has projected lowest crude demand since the year 1989
LONDON (Bloomberg) --OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised…
Chinese Refiners Buy Rare North Sea, Guyana Crude at Low Prices
Chinese independent refiners have snapped up rare crude grades from the North Sea and Guyana at low prices in an oversupplied market after the coronavirus pandemic destroyed demand, four sources…
Canada: Crude is costing more to ship than to buy
CALGARY (Bloomberg) --Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in…
Oil Advances Despite Looming Demand Crisis
(Bloomberg) -- Oil clawed back some gains after plunging 29% last week as the U.S. signaled the possibility of a joint U.S.-Saudi Arabia alliance to stabilize prices. Futures in New…
World Oil: Research shows current oil price collapse near record proportions
The oil price collapse of the last two weeks has reached near-record territory, according to World Oil’s analysis of historical prices in constant dollars. Back on March 9, the current slide began,…
BP’s Dudley Discussing Plans to Retire Within 12 Months
Dudley, 64, has had detailed discussions with Chairman Helge Lund about his retirement plans, Sky News reported, without saying where it got the information. BP doesn’t comment on speculation about…
Big Oil Companies Take A Hit From Low Natural Gas Prices
The world's biggest oil companies have been steadily shifting investments toward natural gas, driven by an emerging globally traded market and environmental concerns. But right now they're taking a hit…
Large Crude Inventory Draw of 7.2 Million Barrels Lifts Oil Prices
The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.227 million barrels for the week ending September 5, compared to analyst expectations of a 2.6-million barrel draw.…