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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

Libyan oil uncertainty grows as crippling civil war drags on

CAIRO (Bloomberg) - The revival of Libyas oil industry looks even less certain following recent setbacks suffered by Khalifa Haftar, the commander trying to take over the last swaths of the country outside his control. Forces aligned with F......【More】

2020-05-22

Alaskan and Canadian oil finds new Chinese buyers as their economy restarts

CALGARY (Bloomberg) - Canadian and Alaskan crude that normally travels to the U.S. West Coast is finding a market in China, where demand is almost back to pre-pandemic levels. The Sofia became the second oil tanker in less than a month to s......【More】

2020-05-21

Oil highest since March as Chinese demand reaches 13 MMbpd

SINGAPORE (Bloomberg) - Oil rose to close at its highest in two months as demand in China returned to near pre-virus level and output curbs continued in the U.S. and elsewhere. Futures in New York climbed as much as 9.8%. Chinese oil use is......【More】

2020-05-19

U.S. shale’s quick response to falling oil prices is paying off

CALGARY (Bloomberg) --In brokering the end to the global oil-price war last month, the Trump administration assured leaders that Americas shale patch would throttle back production. But few expected that the cuts would run this deep -- and......【More】

2020-05-18

China paying a premium for select crudes illustrates demand’s return

(Bloomberg) --For a sneak peek at the return of Chinese oil demand, look no further than the rebound in price of the nations favorite grades. In the last few days a Chinese state-owned refiner bought Brazils Lula crude for August arrival at......【More】

2020-05-15

Undercutting rivals helps Saudis grow share in key oil markets

DUBAI (Bloomberg) --The uneasy truce that settled over oil markets this month as some of the worlds largest producers began cutting output belies the raging competition among exporters seeking to preserve their share of a diminished market.......【More】

2020-05-08

Oil at $30 may be enough to revive shale activity, say drillers

HOUSTON (Bloomberg) --A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracing new wells. Diamondback Energy Inc. is curbing production this month by 10%......【More】

2020-05-06

Ample storage and a recovering China insulate Petrobras from the oil glut

RIO DE JANEIRO (Bloomberg) --Petrobras, Brazils state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Deman......【More】

2020-04-30