Oil prices fell by more than 30 percent on Monday, in the wake of the OPEC oil producers’ failure to agree on deeper production cuts amid the outbreak of the coronavirus, officially known as COVID-19.
After the talks failed, Saudi Arabia slashed the official selling price for its crude.
OPEC has had production cutting pacts since 2016 with its non-member allies, led by Russia. The wider alliance, known as OPEC+, met in Vienna on 7 March to discuss a potential cut of another 1.5 million barrels per day (bpd) above an existing pact to reduce production by as much as 2.2 million bpd from the start of 2020.
Amid a slump in demand for oil and dwindling storage capacity due to the COVID-19 pandemic, it was earlier reported that tankers carrying Saudi Arabian oil launched by the kingdom before it called a halt to the price war and agreed new production cuts were on course for the US coast, to join the congestion of tankers there waiting to offload.
In April, the Interior Department’s Bureau of Land Management was cited by The Hill as confirming royalty-rate cuts to oil and gas companies were possible if they could show that otherwise they were not able to successfully operate public energy leases economically or maintain enough staff at drilling sites.
In April, Venezuela, which has been struggling under a COVID-19 quarantine while crippled by US sanctions, demanded that the Bank of England sell part of the gold reserves it has kept there to help fund the country’s efforts to fight the pandemic.
Amid the COVID-19 pandemic and the toll it has taken on global economies, EU leaders have been in an acrimonious debate for weeks over how best to support struggling member-states, with France, Italy and Spain more inclined to resort to grants, while Germany and the Netherlands preferred economic recovery to be stimulated by loans.
Beijing's recent decisions come against the backdrop of heightened diplomatic tension between China and Australia, following a push by Prime Minister Scott Morrison for an independent COVID-19 investigation amid allegations the Asian country had downplayed the seriousness of the virus.
According to Ola Grytten, a professor of economic history at the Norwegian School of Economics, the last time a similar GDP drop occurred was in 1931, during the Great Depression.
MOSCOW (Sputnik) - Saudi Arabia's state oil giant Aramco has raised most June pricing to Asia, the Bloomberg news agency reported Thursday, citing the official price list.
Traders, refiners and infrastructure companies have been scrambling to find fuel storage alternatives to onshore tanks amid an oil glut after COVID-19 lockdowns crippled demand and crude prices nosedived to all-time lows.
Petrostates across the globe have been forced to reconcile themselves with a future when one of their most prized commodities - oil - has dramatically shed its worth amid economies battered by the COVID-19 pandemic.
Criminals on the dark web are taking advantage of promising research on blood plasma therapy as a COVID-19 novel coronavirus treatment and have begun peddling blood belonging to supposed virus survivors as a “passive vaccination.”
The economic impact of the coronavirus outbreak is beginning to be felt with British Airways announcing they are laying off 12,000 employees and the German economy forecast to shrink by 6.6 percent over the next year.
On Tuesday, US President Donald Trump invoked the Defense Production Act, signing a presidential order decreeing that meat packing plants must stay open to buttress the nation’s food supply amid widespread disruptions from the COVID-19 pandemic.
On 27 April US crude prices dropped 25 per cent on fears that storage space was fast running out in the country amid a universal oil glut witnessed as a result of the COVID-19 pandemic and its crippling repercussions for the global economy.
Previous reports suggested a record amount of crude oil was being stored offshore in tankers after coronavirus lockdowns had forced refineries to suspend operations and demand for crude plummeted over protocols introduced by nations in an effort to slow the spread of the pandemic.
According to the United States Department of Labor, the US now has 26.5 million people who have filed for initial unemployment claims since mid-March after losing their jobs amidst the COVID-19 pandemic, putting an end to over 100 months of record job growth.
As the coronavirus pandemic continues to hit global markets, oil prices have experienced dramatic falls. On 23 April, however, Brent and WTI crude reported modest gains, reaching $22.25 and $15.7 per barrel, respectively.
The ongoing coronavirus pandemic, which has halted economic activities and travel, has crippled demand for crude, resulting in an oil glut and sending prices plunging, heralding more shocks to the industry.
Sources from the shipping industry were earlier cited by Reuters as saying at least 160 million barrels of oil are currently being stored in large tankers due to a lack of storage space as the COVID-19 pandemic has torpedoed demand.
Washington might acquire stakes in American oil companies that have recently been suffering from a sharp decline in oil prices caused by the coronavirus pandemic, the US treasury secretary revealed.
The ongoing coronavirus pandemic has sent global oil prices into a deep dive, with the price for the US WTI crude mix at one point going negative due to a lack of demand and oversupply that filled nearly all storage facilities. A restoration of the market is not expected until the second half of 2020, according to many energy experts.