Oil Drops to 18-Year Low on Record Demand Collapse
Oil plunged to the lowest in two decades amid a record collapse in U.S. fuel demand and the biggest-ever weekly build in domestic crude supplies.
Saudi Oil Keeps Flooding Market With Output Pact Yet to Begin
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then — swelling stockpiles for at least a few more weeks.
OPEC, Oil Nations Agree to Nearly 10 Million Barrel Cut Amid Virus
OPEC, Russia and other oil-producing nations on April 12 finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.
Mexico Strikes Deal With US, Paving Way for OPEC Output Cuts
Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.
Oil Soars After Trump Says Saudis and Russia Will Cut Production
Oil soared after President Trump said that he expects Saudi Arabia and Russia to cut output back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman.
Oil Tanks at Vital Africa Hub Almost Full as Crude Floods Market
Oil tanks at one of the world’s largest storage hubs on Africa’s southern tip already are almost full, limiting traders’ options as a historic flood of crude hits the market.
Trump: World’s Biggest Oil Producers to Meet on Market Crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching a historic plunge in oil prices.
Canadian Crude Now Costs More to Ship Than to Buy
Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.
Projections Show World Could Run Out of Places to Store Oil
The world will run out of places to store oil in as little as three months, according to an industry consultant.
Oil Market Fears US Running Out of Storage Space
The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.
March 25, 2020