Production

OPEC rotating president and Energy Minister of Algeria, Mohamed Arkab, believes oil prices will rise to $40 per barrel following the implementation of the OPEC+ output cut deal on May 1. Speaking during an interview on the country’s national radio...

While trading at Brent futures does not necessarily provide insulation from the oil price volatility gripping the global industry at present, it puts producers in this class in a better position to rally as storage space for crude continues...

The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...

Oil futures on Friday headed higher for a third straight session, but with U.S. prices on track for a more than 30% weekly loss as commodity investors attempted to take stock of a historic collapse in prices that cast...

While the sale of crude from the Liza Field in Guyana and in neighbouring Trinidad and Tobago (T&T) has not shared the same fate as US oil, former Energy Minister of Trinidad and Tobago, Kevin Ramnarine, says the Caribbean...

Oil tankers carrying enough crude to satisfy 20 per cent of the world’s daily consumption are gathered off California’s coast with nowhere to go as fuel demand collapses, Bloomberg said in a report on Tuesday. Almost three dozen ships —...

As the global population puts the breaks on ground transportation thanks to lockdowns, road fuels – which make up about half of the world’s oil demand – has become the segment most impacted by the COVID-19 pandemic. Among road...

(Bloomberg) The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19. “The available capacity on...

West Texas Intermediate crude turned negative today, reaching the lowest on record with its seventh consecutive decline and the biggest fall on record. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday...

After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...