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Daily (16.04.2020) Brent crude hit an 18-year low on Wednesday, due to the biggest weekly rise in the U.S crude stocks
Oil futures posted losses on Wednesday, fluctuating around 18-year lows, due to the biggest weekly surge ever in the U.S. crude inventories (19 million barrels). The coronavirus pandemic also put pressure on prices, as global demand is expected to fall to quarterly-century lows. As a result, Brent crude dropped by 6.5% to $27.69 a barrel. WTI futures traded 1.2% lower at $19.87 a barrel.
read more... 16/04/2020
Russia expects oil cuts of 5 mln bpd on top of OPEC
Russian Energy Minister Alexander Novak said on Friday he expected oil production cuts by countries outside of the OPEC+ group to amount to 5 million barrels per day (bpd).
read more... 13/04/2020
Daily (10.04.2020): Oil prices turned bearish on Thursday due to traders’ skepticism towards the OPEC historic deal
Oil futures fell sharply on Thursday as the traders doubted that the OPEC+ agreement to cut oil output by 10 million barrels per day would be enough to offset the massive destruction of the demand hit by the coronavirus pandemic.
read more... 10/04/2020
Russia To Cut 1 Million Barrels Per Day, But Under One Condition
Russia may be willing to reduce its oil production by as much as 1 million bpd, or a little under 10 percent of its March average but only if the United States joins the cuts, Bloomberg has reported citing sources it said were familiar with the dominant sentiment in the industry.
read more... 07/04/2020
Angola: Total Invests Usd 2.5 Billion in Block 17
French oil company Total will invest USD 2.5 billion in Angolan offshore block 17 by 2023, which will allow the Angolan subsidiary to add more than 100,000 barrels of crude to its daily production.
read more... 17/12/2019