crude oil

Government, Business, Fuel

Anguish Grows in Russia Oil Sector Overwhelmed by Price Fall

An illuminated oil drilling rig and drill pipes near Nizhnevartovsk, Russia in March 2017. An illuminated oil drilling rig and drill pipes near Nizhnevartovsk, Russia, in March 2017. (Andrey Rudakov/Bloomberg News)

As Russia’s small oil producers struggle to survive a historic price crash, some say in private they wish they could just set their crude ablaze.

April 23, 2020
Government, Business, Fuel

OPEC+ Ministers Hold Impromptu Call to Reflect on Price Rout

Lights illuminate oil storage tanks at night in Tuapse, Russia. Lights illuminate oil storage tanks at night in Tuapse, Russia. (Andrey Rudakov/Bloomberg News)

Oil ministers from the OPEC+ coalition held an unscheduled conference call on April 21 to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new policy measures.

April 21, 2020
Business, Fuel

Negative WTI Offers Glimpse of Future for Oil Market in Meltdown

Pumpjacks operate on oil wells in the Permian Basin in Crane, Texas, in 2018. Pumpjacks operate on oil wells in the Permian Basin in Crane, Texas, in 2018. (Bloomberg News)

Traders may have hoped that the April 20 collapse in U.S. oil prices below zero for the first time in history was an aberration.

Jack Farchy | Bloomberg News
April 21, 2020
Business, Fuel, Logistics

World’s Biggest Oil Storage Firm Says Almost All Space Sold

Storage containers stand at an oil terminal, operated by Koninklijke Vopak NV, at the Port of Rotterdam in Netherlands in April 2017. Storage containers stand at an oil terminal, operated by Koninklijke Vopak NV, at the Port of Rotterdam in Netherlands in April 2017. (Simon Dawson/Bloomberg News)

The world’s biggest independent oil storage company has all but run out of space for crude and refined products as a result of the fast-expanding glut that COVID-19 has created.

Fred Pals and Jack Wittels | Bloomberg News
April 21, 2020
Business, Fuel

Oil Plunges Below Zero for First Time in Unprecedented Fall

Oil storage tanks in Cushing, Okla. Oil storage tanks in Cushing, Okla. (Daniel Acker/Bloomberg News)

Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.

April 20, 2020
Business, Fuel, Top 100

Stocks Sink Under Weight of Another Collapse in Oil Prices

Oil storage tanks stand in Tuapse, Russia, on March 23. Oil storage tanks stand in Tuapse, Russia, on March 23. (Andrey Rudakov/Bloomberg News)

Stocks have fallen in early trading on Wall Street April 20, as energy stocks get hammered by the latest collapse in the price of oil.

Stan Choe | Associated Press
April 20, 2020
Government, Business, Fuel

Oil Drops to 18-Year Low on Record Demand Collapse

Pipelines run near oil storage tanks in Cushing, Okla., in 2015. Pipelines run near oil storage tanks in Cushing, Okla., in 2015. (Daniel Acker/Bloomberg News)

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.

Robert Tuttle | Bloomberg News
April 15, 2020
Government, Business, Fuel

Saudi Oil Keeps Flooding Market With Output Pact Yet to Begin

An employee looks out over a facility in Saudi Aramco's oilfield in Shaybah, Saudi Arabia. An employee looks out over a facility in Saudi Aramco's oilfield in Shaybah, Saudi Arabia. (Simon Dawson/Bloomberg News)

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.

April 15, 2020
Government, Business, Fuel

OPEC, Oil Nations Agree to Nearly 10 Million Barrel Cut Amid Virus

In this photo released by Saudi Energy Ministry, Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia, third right, chairs a virtual summit in Saudi Arabia on April 10. Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia, third right, chairs a virtual summit of the G20 energy ministers in Saudi Arabia on April 10. (Saudi Energy Ministry via AP)

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.

April 13, 2020
Government, Business, Fuel

Mexico Strikes Deal With US, Paving Way for OPEC Output Cuts

The sun sets behind an idle pump jack near Karnes City, Texas, on April 8. The sun sets behind an idle pump jack near Karnes City, Texas, on April 8. (Eric Gay/Associated Press)

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.

Jon Gambrell | Associated Press
April 10, 2020

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