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by Patrick GALEY Agence France-Presse PARIS, France (AFP) — COVID-19 is expected to cause global energy emissions to fall a record eight percent this year due to an unprecedented drop in demand for coal, oil and gas, the International Energy Agency said Thursday. The IEA’s Global Energy Review was based on an analysis of electricity demand over more than 100 days, during which much of the world has entered lockdown in a bid to control the […]
SINGAPORE, Singapore (AFP) — US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal. West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.78 a barrel. International benchmark Brent dropped 4.1 […]
RIYADH, Saudi Arabia (AFP) — Oil output cuts by OPEC and its allies, together with pledges from other G20 nations and purchases by strategic reserves, could remove 19.5 million barrels per day from the market, the Saudi energy minister said. US President Donald Trump said Monday that the actual output cuts may be deeper than the headline figure of 9.7 million bpd — with top producers considering slashing output by 20 million barrels a day […]
SINGAPORE, Singapore (AFP) — Oil prices rose Tuesday after US President Donald Trump said producers are considering cutting 20 million barrels per day — more than double the figure publicly announced — to help the virus-hit sector. US benchmark West Texas Intermediate rose nearly 2 percent to trade at $22.85, while international benchmark Brent crude climbed 1.5 percent to trade at $32.26. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out […]
SINGAPORE, Singapore (AFP) — Oil rebounded Tuesday as investors bought at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus. Analysts said, however, that any recovery in oil prices is likely to be shortlived as travel restrictions and other tough measures rolled out to fight the virus sap demand amid a production glut and price war. US benchmark West Texas Intermediate (WTI) […]
SINGAPORE, Singapore (AFP) — Oil prices plunged about six percent Thursday after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic. West Texas Intermediate slipped 6.2 percent to $31 a barrel while Brent crude was off 5.8 percent at under $34 a barrel. Both contracts extended heavy losses from a day earlier, which came after Saudi Arabia and Gulf partner the UAE stepped […]
RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million BPD as a price war with Russia intensifies. “Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million BPD to 13 million BPD,” the company said in a statement to the Saudi Stock Exchange. The […]
SINGAPORE (AFP) — Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh […]
SINGAPORE, Singapore (AFP) — Oil plunged about 20 percent Monday after top exporter Saudi Arabia made deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets. The two main contracts were both down about 20 percent in morning Asian trade, with West Texas Intermediate sliding to around $32 a barrel and Brent crude to some $36 a barrel. Bloomberg News reported on Sunday that Saudi Arabia […]
by Richard LEIN Agence France Presse Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday. “Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China’s economy,” the International Energy Agency said in its latest monthly report. “Demand is now expected to fall by […]
by Anuj Chopra with Luc Olinga in New York RIYADH, Saudi Arabia (AFP) — Saudi Aramco on Thursday priced its long-awaited IPO at the high end of the target range, raising $25.6 billion and giving the energy giant a valuation of $1.7 trillion in the world’s biggest stock sale. Aramco priced its initial public offering at 32 riyals ($8.53) per share, surpassing the $25 billion raised by Chinese retail giant Alibaba when it debuted on […]
RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco, the world’s largest company, has lifted the lid on its secretive operations in a prospectus ahead of a highly anticipated listing on the Riyadh stock exchange. As a legal requirement for its initial public offering, expected to be the world’s biggest, Aramco has published major risks and strengths that could impact the company’s operations. Here are the factors that the energy Goliath said investors must take […]
