Oil news
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- US oil storage may have room for 'several hundred million barrels’
The US is working on ways to expand storage space to add several hundred million more barrels to it, Treasury Secretary Steven Mnuchin said at a White House briefing, as quoted by Reuters. - Russia to boost coal production & sales, will be world’s top exporter within decadeThe world’s largest coal-producing country, Russia, plans to increase its output and exports over the next 15 years. Russia’s share of the global coal export market is projected to expand to 25 percent from the current 11 percent.
- Oil prices grow as historic OPEC+ production cut deal comes into effectThe prices for Brent crude and WTI have increased after the hard-fought OPEC+ deal took effect on Friday. The oil market had seen a dramatic crash last month due to global glut and fears of a lack of storage capacity.
- Oil pirates have a new favorite hotspotGone are the days when Somalia's Gulf of Aden was considered the most dangerous piracy zone for oil companies and other seafarers.
- Putin calls for global effort to stabilize energy market as coronavirus crushes demandEnergy markets in Russia elsewhere in the world have experienced some serious shocks in recent months, Russian President Vladimir Putin has said. He called for a global effort to balance the energy market.
- The death of US oilThe US oil industry is facing an unprecedented collapse, and as the global economy faces its worst recession since the 1930s, the industry isn’t likely to recover to pre-crash levels ever again.
- The LNG market is “IMPLODING”While everyone is understandably watching the meltdown in the crude oil market, the global market for natural gas is also cratering.
- ‘The cure for low oil prices is low prices,’ energy expert tells Boom BustThe Covid-19 outbreak has severely cut demand for crude and tumbled oil prices. As the crisis hits the US oil industry hard, with 40 percent of rigs going offline, Boom Bust investigates how the sector is coping.
- Crude oil’s crash below $0 was ‘a pure freak of markets,’ economist tells Keiser ReportA week after the price US WTI crude plunged into negative territory for the first time ever, oil prices continue to freefall as concerns mount about the oversupply on the market.
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