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Government, Business, Fuel

Oil Traders Are Big Winners in Saudi-Russia Price War

Oil refinery in Russia A worker overlooks the Novokuibyshevsk oil refinery plant, operated by Rosneft PJSC, in Russia. (Andrey Rudakov/Bloomberg)

Saudi Arabia and Russia’s price war is handing over a multibillion-dollar profit opportunity to the world’s largest oil traders.

Javier Blas | Bloomberg News
March 11, 2020
Government, Business, Fuel

OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast

pumping gas in UAE An attendant operates fuel pumps at an Eppco gas station in Dubai, United Arab Emirates, on March 10. (Christopher Pike/Bloomberg)

OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.

March 11, 2020
Business, Technology, Fuel

Future Truck Trends on Display at Work Truck Show

Work Truck Show The exhibit floor at the show. (Connor Wolf/Transport Topics)

INDIANAPOLIS — The momentum with which electrification for commercial trucks is evolving was a key topic at the Work Truck Show and accompanying Green Truck Summit here, with discussions focused on the technology’s potentially robust pulling power, the challenges of building out a charging network and the pace at which innovation and consolidation are constantly bringing change to this nascent market.

Connor D. Wolf | Staff Reporter
March 11, 2020
Business, Technology, Safety, Fuel

Mercedes-Benz Unveils Upgrades to Vito Vans

Mercedes-Benz Vito van The Mercedes-Benz diesel-powered Vito van. (Mercedes-Benz AG - Global Communications Mercedes-Benz Cars & Vans)

Mercedes-Benz, a unit of Daimler AG, announced March 10 extensively upgraded versions of its diesel-powered Vito van available for ordering in Europe now and its battery electric eVito model available for ordering this summer.

Roger Gilroy | Senior Reporter
March 10, 2020
Government, Business, Fuel

Saudi Arabia Increases Oil Output to Record High

Masked person at Saudi Aramco A security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia, on March 9. (Amr Nabil/AP)

DUBAI, United Arab Emirates — Saudi Arabia’s state-run oil giant Saudi Aramco said March 10 it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.

Jon Gambrell | Associated Press
March 10, 2020
Government, Business, Fuel

Global Markets Pick Up After Plunge on Coronavirus, Oil

Maked woman walking by statue A woman wearing a face mask walks by the investment icon bull statue on display outside a bank in Beijing on March 10. (Andy Wong/AP)

BEIJING — Global stock markets rebounded March 10 from record-setting declines after U.S. President Donald Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.

Joe McDonald | Associated Press
March 10, 2020
Government, Business, Fuel

Diesel Falls 3.7¢ to $2.814 a Gallon; Oil Slides Most Since 1991

Diesel nozzle Diesel fuel drips from a filling nozzle. Trucking's main fuel costs 26.5 cents less than it did a year ago, according to DOE. (Daniel Acker/Bloomberg News)

The U.S. average retail price of diesel fell 3.7 cents to $2.814 per gallon, the Department of Energy reported March 9.

Roger Gilroy | Senior Reporter
March 9, 2020
Government, Business, Fuel

America’s Days as Net Oil Exporter Numbered Amid Price Rout

Oil tanker An oil tanker loads at a dock near refineries at the Port of Corpus Christi in Texas. (Eddie Seal/Bloomberg News)

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.

Sheela Tobben | Bloomberg News
March 9, 2020
Government, Business, Fuel

Stocks, Oil Plunge Over Global Fight for Crude Production

Man in mask in Hong Kong A man wearing a mask walks past a share index board outside a bank in Hong Kong. (Kin Cheung/AP)

BEIJING — Global stock markets and oil prices plunged March 9 after a fight among major crude-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak.

Joe McDonald | Associated Press
March 9, 2020
Government, Business, Fuel

Oil Demand to Drop This Year for First Time Since 2009, IEA Says

oil drilling rig Luke Sharrett/Bloomberg News

Global oil demand will decline this year for the first time since the 2009 financial crisis as the coronavirus slams the world economy.

Grant Smith | Bloomberg News
March 9, 2020

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