Trump Negotiating to Lease Oil Storage Space to Nine Companies
The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude.
Singapore Shipping Liner Fined for Dumping Oil in Pacific
A shipping company was ordered to pay a $1.65 million fine and given four years’ probation after one of its vessels was caught dumping oil bilge water into the Pacific Ocean, a short distance from the Golden Gate Bridge.
Trump Orders US to Stock Up Oil Reserve After Price Crash
President Donald Trump ordered U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.
March 14, 2020Oil Falls Further After Travel Ban Deals Blow to Demand
Oil headed for the biggest weekly decline since 2008 after President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days in an attempt to contain the coronavirus, pummeling fuel demand.
America’s Days as Net Oil Exporter Numbered Amid Price Rout
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to the world’s biggest producers.
OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance
OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.
March 6, 2020Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.
As Coronavirus Spreads, Global Demand for Oil Lessens, Prices Fall
NEW YORK — With the coronavirus outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further.
Oil Stalls After Rosneft Sanctions Offset Virus-Led Demand Fears
Oil ended the session Feb. 18 flat after U.S. sanctions on Russia’s largest oil producer helped to erase losses driven by lingering concerns that coronavirus will cut demand.
Oil Rallies for Fourth Day as Virus Fears Show Signs of Easing
Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.