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Latest global oil price and market news

 

Global Oil Market News

Oil Majors Evacuating Platforms in Gulf of Mexico

Oil Majors Evacuating Platforms in Gulf of Mexico

BP has started evacuating workers from three platforms in the Gulf of Mexico and shutting down production as tropical storm Cristobal approaches the area before landing in Louisiana this weekend. Reuters reports that the platforms that are being evacuated are Thunder...

Crude Oil Benchmark Price Hits 21 Year Low

Crude Oil Benchmark Price Hits 21 Year Low

Brent futures for June delivery fell 15% to trade near $ 16 a barrel, while New York’s West Texas Intermediate fell 5% after losing nearly half its value on Tuesday. Prices continue to plummet as fears that the massive flooding that brought WTI to minus $ 40.32...

Price War Hits Africa’s Largest Oil Producer

Price War Hits Africa’s Largest Oil Producer

The largest oil producer in Africa, Nigeria, caught up in the Saudi-Russian oil price war, has reduced its crude oil considerably and tried to pump as much as possible to keep customers in the unprecedented decline in demand. However, the price to be paid in the oil...

Canada Prepares Multi-Billion Bailout for Oil Industry

Canada Prepares Multi-Billion Bailout for Oil Industry

Canada Prepares Multi-Billion Bailout for Oil Industry The Canadian federal government is preparing a billion dollar financial aid package for the oil and gas industry and could announce it next week, reports Globe and Mail, citing unnamed sources. Actions discussed...

Saudi Price War Wipes Billions Off Oil Majors

Saudi Price War Wipes Billions Off Oil Majors

Royal Dutch Shell and BP lose more than £32bn from their combined market value The oil price war in Saudi Arabia wiped billions of pounds off the market value of the largest companies in the industry after the oil markets experienced one of the largest price drops in...

Goldman Cuts Brent saying OPEC+ May Not Impact Oil Glut

Goldman Cuts Brent saying OPEC+ May Not Impact Oil Glut

Brent prices could fall to $45 per barrel in April Goldman Sachs lowered its Brent price outlook, saying OPEC + cuts and central bank rate cuts would not be enough to curb a large inventory build caused by declining demand due to the coronavirus outbreak. Brent prices...

Former Duopoly Executives Start New Oil Price Reporting Agency

Former Duopoly Executives Start New Oil Price Reporting Agency

Former Duopoly Executives Set Up New Oil Price Reporting Agency Two former executives from global oil and commodity price agencies Argus Media and the monopoly that you all love, have founded a new oil price reporting company that is aimed at traders and the entire...

Mena energy companies to launch new oil benchmark for Murban

Mena energy companies to launch new oil benchmark for Murban

Mena energy companies to launch new oil benchmark for Murban The Abu Dhabi National Oil Company (Adnoc) and a number of international energy traders have teamed with the Intercontinental Exchange (ICE) to develop the world’s first murban crude oil futures...

Benchmark Oil Price Has Its Highest Increase Ever!

Benchmark Oil Price Has Its Highest Increase Ever!

Benchmark Oil Price Has Its Highest Increase Ever! The crude oil benchmark recorded its largest ever rise in intraday business to more than $ 71 a barrel on Monday (September 16th) after a strike against a Saudi Arabian oil company struck around 5 percent of global...

The UAE is planning to launch regional oil benchmark

The UAE is planning to launch regional oil benchmark

The UAE is planning to launch regional oil benchmark The UAE government-led ADNOC, long regarded as one of the Middle East’s most conservative oil companies, plans to revise its trading activities to mimic the success of large oil companies and strengthen its...

Tension puts oil price benchmark into reverse

Tension puts oil price benchmark into reverse

Tension puts oil price benchmark into reverse The price of oil plummeted nearly 4 percent as fears of a weakening demand overshadowed the agreement of some of the world’s largest producers to continue limiting their production. Brent crude, the global oil...

Oil Traders Have Bigger Worries Than Tankers in Hormuz Strait

Oil Traders Have Bigger Worries Than Tankers in Hormuz Strait

Oil Traders Have Bigger Worries Than Tankers in Hormuz Strait Oil tankers in the Gulf of Oman and in the US in flames pointing at Iran should be enough to drive up the price of the world’s most important commodity. Instead, oil prices have barely moved. Traders...

When Oil Price Benchmarks Don’t Reflect Supply And Demand

When Oil Price Benchmarks Don’t Reflect Supply And Demand

The divergent assets of crude oil-derived fuel products impact two oil benchmarks more than the supply situation on the market. US sanctions against Venezuelan and Iranian oil, as well as production cuts by the Saudi Arabia-led OPEC + group, are leading to a shortage...

Argus Launches LSFO Fujairah Price

Argus Launches LSFO Fujairah Price

Argus, the oil price reporting agency has introduced LSFO price assessments for the former yard and supplied the bunker markets in Fujairah. Fujairah is a major bunker hub on the Gulf of Oman in the United Arab Emirates, delivering up to 1 million t / month of...

Oil Price Reporting Agency News

Crude Oil Benchmark Price Hits 21 Year Low

Crude Oil Benchmark Price Hits 21 Year Low

Brent futures for June delivery fell 15% to trade near $ 16 a barrel, while New York’s West Texas Intermediate fell 5% after losing nearly half its value on Tuesday. Prices continue to plummet...

Saudi Price War Wipes Billions Off Oil Majors

Saudi Price War Wipes Billions Off Oil Majors

Royal Dutch Shell and BP lose more than £32bn from their combined market value The oil price war in Saudi Arabia wiped billions of pounds off the market value of the largest companies in the...

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