OPEC

U.S. oil prices continued their freefall Wednesday, with crude prices reaching a 17-year low, down to $26.95 a barrel as the spread of the coronavirus triggers further panic in the markets. The last time oil prices were this low was in 2002. The demand for fuel is also in decline due...

Russia and Saudi Arabia clashed over the oil price, both trying to keep or increase their share in the market. The coronavirus outbreak was at least the official beginning of the conflict. As millions of people are in quarantine, and traveling is reduced to a minimum, oil has faced a sharp decrease...

Supply-shock joined demand-shock in the oil markets this week following Russia’s departure from the OPEC+ alliance. The reverberations of the 2020 Crude Crash have been deep and wide, sending equity markets limit-down Monday and putting credit markets on edge. Russia’s decision left...

Good day, The chaos is far from over for the oil markets, as prices continued to fall today after Saudi Arabia stated that Aramco, the country's state-owned oil company, will increase its maximum sustainable production capacity from 12 million to 13 million barrels per day (b/d). This announcement...

Saudi Arabia was not bluffing when it said it would focus on crude-oil market share. New tanker charter contracts at extremely high rates confirm that a large wave of Saudi oil is definitely en route. Rates for VLCCs (very large crude carriers; tankers that carry 2 million barrels of crude oil)...

Good day, Since launching its Delo 600 ADF diesel oil in November 2019, Chevron Corporation (NYSE: CVX) has been promoting the oil's capability to improve diesel particulate filter performance (DPF) and extend the time between DPF cleanings. At the Technology & Maintenance Council's annual...

Since the U.S. introduced nuclear-related sanctions in 2018, production has stalled at more than 25% of Iran’s oil rigs, according to a Reuters report. Of the state’s 160 rigs, about 40 stand idle or require repair. The sanctions depressed global demand of Iranian oil and led the state...

It looks like a little comeback attempt is brewing on hopes of government stimulus, but investors could be excused for not getting too excited yet. Last week, two monster rallies got snuffed out the very next day. There’s no guarantee of that happening again, but this is a skittish, nervous...

The extreme volatility of the past two weeks continued yesterday. Stocks saw their worst day since 2008 with the S&P futures contract sinking more than 7.75%, and other equity indices showing similar sharp declines as traders continue to assess the effects of coronavirus. But news of possible...

Exxon Mobil Corporation’s (NYSE: XOM) shares fell sharply on Monday after talks between OPEC and its allies failed in Vienna. What Happened Exxon Mobil shares suffered their steepest decline in 11 years on Monday in an upheaval that saw broad declines in energy stocks. The oil company’s...

OPEC and its allies "failed miserably" at reaching a consensus during last week's Vienna meeting, although it occurred in part due to differing objectives, JBC Energy Group Chairman Johannes Benigni said on CNBC. Saudi Arabia's ruling monarchy wants to see oil prices trade "...

Oil markets plummeted Friday, and the biggest loser in the collapse is likely to be the U.S. shale sector. From the perspective of truckers, the inevitable slide in diesel prices that is coming is going to be small comfort if you're a trucking company servicing the oil patch. In a week when the U....

Global indices and interest rates continue to point south this morning as concerns related to the spread of the coronavirus and the impact it will have on economic conditions weigh on investor sentiment. Overnight U.S. stock index futures markets hit limit down. The S&P 500 futures contract...

At one point Sunday, oil futures were trading lower by as much as 30% after the Organization of Petroleum Exporting Countries failed to reach an agreement with some previously cooperating countries — namely Russia — to cut output in a bid to prop up already sagging prices....

Crude oil futures on Sunday dropped by the most percentage points since the gulf war of 1991, as Saudi Arabia and Russia engaged in a price war. What Happened Saudi Arabia announced that it is cutting the price for April crude oil to all destinations by $6 to $8, as reported by Reuters, causing the...