crude oil

Business, Fuel

US Oil Production Has Already Passed Its Peak, Occidental Says

The silhouette of a contractor is seen walking up stairs at an oil rig site in Colorado. (Jamie Schwaberow/Bloomberg News)

America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp.

Kevin Crowley | Bloomberg News
October 14, 2020
Government, Business, Fuel

Oil Drops With Rising US Supplies Adding to Stimulus Concern

A pump jack operates in Kansas on Sept. 25. A pump jack operates in Kansas on Sept. 25. (Angus Mordant/Bloomberg News)

Oil held onto losses after U.S. government data showed the first crude stockpile gain in four weeks, adding to concerns over a demand recovery with stimulus talks in limbo.

Andres Guerra Luz | Bloomberg News
October 7, 2020
Business, Fuel

Most US Oil Job Losses in Pandemic to Remain, Report Says

Trucks leave the MarkWest Energy plant in Cadiz, Ohio, on Feb. 25. Trucks leave the MarkWest Energy plant in Cadiz, Ohio, on Feb. 25. (Justin Merriman/Bloomberg News)

Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte.

Katrina Lewis | Bloomberg News
October 5, 2020
Government, Business, Fuel

Oil Falls on Growing Chorus of Warnings About Demand Recovery

A pump jack operates near Stratford, Texas, on Sept. 26. A pump jack operates near Stratford, Texas, on Sept. 26. (Angus Mordant/Bloomberg News)

Oil in New York plunged below a key technical level for the first time since June as concerns over progress on another round of U.S. fiscal stimulus compounded growing fears that a sustained recovery in demand is still some way off.

Andres Guerra Luz | Bloomberg News
September 29, 2020
Government, Business, Fuel

Oil Dips in Wake of Renewed Concerns Over Virus Surge

Pipework and towers at an oil refinery in Poland. Pipework and towers at an oil refinery in Poland. (Bloomberg News)

Oil fell amid growing concerns that another wave of the coronavirus pandemic will lead to tighter lockdown measures and further stifle crude demand.

September 25, 2020
Government, Business, Fuel

Oil Pares Gains as Stocks Slip on Fed Warnings on Economy

Oil pumping jacks operate in a Russian oilfield on Aug. 16. (Andrey Rudakov/Bloomberg News)

Oil pared its advance Sept. 23 as stocks fell on the latest warnings from Federal Reserve officials about the economic outlook due to the coronavirus.

September 23, 2020
Business, Fuel

Oil Surges With High Hopes Ahead of Federal Reserve Meeting

A valve wheel sits attached to crude oil pipework in a Russian oilfield on Aug. 16. A valve wheel sits attached to crude oil pipework in a Russian oilfield on Aug. 16. (Andrey Rudakov/Bloomberg News)

Oil extended gains above $40 a barrel in New York as shrinking crude stockpiles and speculation that the Federal Reserve will keep interest rates low raised hopes that an economy ravaged by the pandemic may be on the mend.

September 16, 2020
Government, Business, Fuel

OPEC Forecasts Lower Demand; BP Sees ‘Peak Oil’ in 2020s

BP says it expects demand for crude oil to peak in the early 2020s. Bernard Looney, CEO of BP, is photographed in London on Sept. 11. The company said it expects crude oil demand to peak in the early 2020s. (Matt Dunham/Associated Press)

Developing countries’ difficulty in containing the spread of the coronavirus pandemic will keep a lid on global oil demand, particularly in India, the OPEC cartel said Sept. 14 as it cut its forecasts.

September 14, 2020
Government, Business, Fuel, Logistics

Oil Traders Snap Up Tankers in Sign Second-Wave Glut Is Near

Oil tankers sit anchored off the coast of Long Beach, Calif., on April 22. Oil tankers sit anchored off the coast of Long Beach, Calif., on April 22.(Tim Rue/Bloomberg News)

Some of the world’s biggest oil traders are getting ready for the possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for monthslong charters so that they can be ready to store excess barrels if necessary.

September 11, 2020
Government, Business, Fuel, Logistics

Oil Market Buckles Under Pressure of Pandemic’s Second Wave

Gas flares from pipes burn aboard an offshore platform in the Persian Gulf's Salmon Oil Field. Gas flares from pipes burn aboard an offshore platform in the Persian Gulf's Salmon Oil Field. (Ali Mohammadi/Bloomberg News)

Six months after the coronavirus pandemic’s initial punch, signs of a second wave are already emerging in the oil market.

September 9, 2020

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