Increase in Oil Shipments to China as coast clears in February
Oil markets have focused on a drop in crude demand due to the COVID-19 epidemic, but shipments of oil into China show a year-on-year climb last month and tankers don’t…
Kuwait supports efforts towards oil market stability
KUWAIT: Kuwait backs all efforts aimed at restoring stability to the global oil market, said a minister yesterday, ahead of marathon talks OPEC and its allies will hold to decide whether…
Overcapacity Pushes Chinese Refiners’ Profits Down 42% In 2019
New refining capacity depressed margins for Chinese refiners, with profits down 42 percent on the year in 2019, Reuters reports, citing the China Petroleum and Chemical Industry Federation. Capacity increased by almost 900,000…
OPEC’s oil cut proposal would boost price to $60 a barrel: Russia’s Lukoil
BRUSSELS (Reuters) - OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60…
Chevron leans on Permian Basin to return $80 billion on investors
Chevron Corp. plans as much as $80 billion in dividends and share buybacks over the next five years, boosting distributions by 20 percent compared with the most recent pace of…
Oil Jumps on Reassurances by Central Bankers
Central bankers from around the world offered reassurances they'll take stabilization measures as the coronavirus disrupts economic activity. (Bloomberg) -- Oil advanced the most in five months amid expectations central…
OPEC will ‘go beyond’ what the market has currently priced in, strategist says
OPEC could deliver a 1.2 million barrels a day production cut at its meeting later this week, according to MUFG Bank’s head of MENA research, Ehsan Khoman. “We think that…
US Fracking Ban Could Cost The Economy $7 Trillion
A ban on oil and gas drilling in the United States proposed by US Democrat presidential hopefuls will cost the economy $7 trillion, US oil industry lobby group American Petroleum Institute…
Chinese oil trader Hontop Energy goes into receivership in Singapore
SINGAPORE (REUTERS) - Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, has gone into receivership, according to its business profile on the website of Singapore's accounting…
Russia to work with Opec+ but comfortable with current crude price
Russian President Vladimir Putin chairs a meeting at Vnukovo II government airport outside Moscow yesterday. The Opec+ mechanism “has already established itself as an effective tool in ensuring long-term stability…