Tuesday, September 22, 2020
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International Oil & Gas News

Baker Hughes posts second quarterly loss as oil slump slams demand

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility. Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that...

Oil prices jump on vaccine hopes & EU deal

Oil rose on Tuesday, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.24 cents at $44.52 by 1337 GMT, on track...

China’s record crude oil storage flies under the radar

China's refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it's worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil...

Israel approves pipeline deal to sell gas to Europe

The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, which has been in planning for several years, is meant to transport gas from offshore Israel and Cyprus...

Oil prices slip amid uncertainty about fuel demand, rising output

Oil prices slipped on Friday amid growing uncertainty about the recovery in fuel demand as coronavirus cases surged in several countries, while major crude producers prepared to lift output. Brent crude futures fell 32 cents to $43.05 a barrel by 1122 GMT. U.S. West Texas Intermediate (WTI) crude dropped 25 cents...

Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts

Oil prices rose 1% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic. Brent crude was up 64 cents, or...

Total seeks buyers for stake in North Sea gas pipeline

French energy company Total is seeking to sell its 25.7% stake in the Shearwater Elgin Area Line (SEAL) natural gas pipeline in the British North Sea, industry sources said. The sale could raise about $200 million, one of the sources said. Total has engaged in direct discussions with several interested parties...

Oil diplomacy and the U.S. presidential election

Slower growth in petroleum consumption has intensified competition among the major oil producers and contributed to periodic volume wars and price slumps as they have fought for market share. For now, the big three producers, Russia, the United States and Saudi Arabia, have reached a truce to stabilise prices during the...

OPEC chief sees oil market moving closer to balance before key meeting

The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been...

Brazil’s offshore oil workers chilled by coronavirus outbreaks

On Friday, May 1, two workers on the PXA-1 offshore platform owned by Brazil's state-run oil company Petrobras checked into the facility's infirmary complaining of headaches and fever-like symptoms. Another Petrobras employee fell visibly ill the following day, three workers from the platform told Reuters. The sickness spread further in the subsequent...
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Recently Added

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly...

Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep...
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