It now expects MENA economies to contract 5.7% in 2020. In April, it predicted that the region would shrink 3.3% for the year.
- July 13 @ 6:00 am
Libya's National Oil Corporation has declared force majeure on exports from its largest oil field Tuesday, after a militia group shut it down just days after it resumed production following a six-month blockade.
The call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March.
"The Covid-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," Aramco President and CEO Amin Nasser said.
"The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," Aramco President and CEO Amin Nasser said.
Oil and gas companies delayed far too long in transitioning away from fossil fuels and already lost many investors. The oil price crash caused by the coronavirus threatens to make this shift permanent.
The crazy action in crude oil futures was not the only recent extreme energy trade. The XLE was up over 10% last Friday. Here is how the Dow and S&P do one month after similar rallies since 2000.
The overnight partial recovery in oil prices isn't a rebound, but simply a "breather," as weak demand and storage issues would continue to pressure prices, which are likely to turn negative again, analysts say.
America's shale patch was seen to be vulnerable when oil prices went into a free fall amid the Russia-Saudi Arabia price war, but the latest OPEC+ deal will save jobs in the U.S. oil industry, said Kirill Dmitriev of RDIF.
Energy ministers from the world's largest industrialized nations did not discuss specific production numbers at their extraordinary meeting, meaning the 10 million barrels per day production cut proposed by OPEC and its allies remains uncertain.
G20 energy ministers did not discuss specific production numbers at their extraordinary meeting, meaning the 10 million barrels per day production cut proposed by OPEC and its allies remains uncertain.
The oil market is facing a "double crisis" with a collapse in the OPEC+ alliance affecting supply and the slowdown in the world economy crushing demand, oil guru Dan Yergin said this week.
Oil prices fell to the lowest in more than 17 years as demand plunged as a result of the pandemic, and an unrelenting price war between Saudi Arabia and Russia showed no signs of easing.
The U.S. Department of Energy is suspending its plans to buy crude for the country's Strategic Petroleum Reserve after a requested $3 billion in funding for the project was left out of the $2 trillion stimulus package.