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Bleak air travel forecasts lead IEA to lower oil demand projections

LONDON (Bloomberg) --The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected. The IEA reduced estimates for almost every quarter through to the......【More】

2020-08-14

Oil tests $40 as OPEC’s extra barrels loom on the horizon

SINGAPORE (Bloomberg) --Oil edged below $40 a barrel as OPEC+ producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus. The Organization of Petroleum Exporting Countries......【More】

2020-08-04

OPEC+ plans to pump more crude into a precarious global oil market

LONDON (Bloomberg) - From quiet skies over Europe to sparse traffic in Americas biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC carte......【More】

2020-08-03

Ecopetrol revises 2020 capital plan upwards on signs of oil market recovery

BOGOTA - Ecopetrol S.A. reports that the Board of Directors approved a new organic investment plan for the Ecopetrol Group (GE) with an estimated amount between US $3 $3.4 billion by 2020. This level of organic investments is similar to the......【More】

2020-07-20

Oil prices stabilize as OPEC compliance eases U.S. demand fears

NEW YORK (Bloomberg) --Crude futures in New York rose in tandem with a broader recovery in equities markets, as initial signs that OPEC members intend to comply with promised oil-production cuts assuaged fears that a resurgence in coronavir......【More】

2020-07-15

Second Libyan oil field restarts, potentially complicating OPEC+ deal

CAIRO (Bloomberg) --Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt. Pumping began on Sunday at the El-Feel deposit, which had suspended operatio......【More】

2020-06-09

Oil price slide continues on OPEC+ strife, questionable demand data

SINGAPORE (Bloomberg) - Oil retreated from a three-month high as OPEC+ unity was threatened by a long-running feud over complying with production cutbacks, while U.S. data cast doubt on the strength of the demand recovery. Futures in New Yo......【More】

2020-06-05

Shale’s reawakening begins as oil holds above $30

HOUSTON (Bloomberg) - Early signs of a shale rebound are becoming evident as crude prices emerge from their dramatic collapse earlier this year. EOG Resources Inc., Americas largest shale-focused producer, plans to accelerate output in the......【More】

2020-06-03

Oil prices climb on prediction of swift demand rebalance

SINGAPORE (Bloomberg) - Oil rose above $34/bbl, following a prediction from Russia that the market may rebalance as early as next month due to historic output cuts from global producers. Russia, a key member of the OPEC+ alliance that has p......【More】

2020-05-27

Swift production declines may keep shale operators on oil rebound’s sidelines

HOUSTON (Bloomberg) --Oil prices have surged more than 75% in the U.S. this month. But dont expect a quick rebound in supply from shale explorers. The quick turnaround in oil markets is exposing the shale industrys Achilles heel: Lightning-......【More】

2020-05-25