Cristobal Batters Mexico Before Heading North to Gulf Coast
Tropical Storm Cristobal brought heavy rain to southern Mexico June 3, and with a forecast that has it re-entering the Gulf of Mexico within a day, oil-platform workers are already being evacuated.
OPEC+ Edges Closer to Compromise to Extend Deepest Ever Cuts
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.
June 2, 2020Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain Rally
OPEC+ and its allies will decide as soon as this week whether to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month.
Saudi Oil Flood to China Persists Despite Historic Cuts
An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.
Oil Declines From 11-Week High
Russia’s lack of support for continuing global production curbs in July punctured oil’s rally to a nearly three-month high and raised questions about OPEC+’s ability to drain a massive supply glut.
Oil Rallies With Producers Showing Confidence by Hiking Prices
Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing.
Unlike China, India Oil Demand Stays Weak as Economy Falters
It’s going to take months for oil demand in the world’s third-biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown.
May 21, 2020Chinese Revival Draws Rare Shipments of Alaskan, Canadian Oil
Canadian and Alaskan crude that normally travels to the U.S. West Coast is finding a market in China, where demand is almost back to pre-pandemic levels.
Oil Falls Despite Signs of Tightening Market, Demand Recovery
Oil prices fell even as supply curbs tightened the market and demand rebounded with the reopening of major economies.