International

Oil prices mixed as demand shrinks, but stimulus hopes support

Oil prices were mixed on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity.

Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse

As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still

Fleeting OPEC-Shale Détente Exposes Wildcat Roots of U.S. Oil

Prospects of a rare détente between OPEC and the biggest U.S. oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to cap crude output for the first time in almost 50 years.

Chinese Oil Refiner Says No to Crude Oil From Russia’s Rosneft

The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a unit hit by U.S. sanctions.

COVID-19 effects delay TechnipFMC split

LNG engineer TechnipFMC has put its planned split into TechnipFMC and Technip Energies on hold.

Wintershall DEA to host its Annual Press Conference “Fully Online”

Wintershall DEA revealed Thursday that it will host its annual press conference “fully online” this year and cancel in-person events. The move is based on health advice from the national authorities and in line with the company’s duty of care to its stakeholders and its own people, Wintershall DEA outlined. The press conference will be live-streamed on March 18.

Saudi Aramco to cut capital spending in 2020, posts drop in 2019 profit

Saudi Aramco 2222.SE on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, as it posted a 21% decline in 2019 net profit due to a drop in oil prices and production, its first earnings announcement as a listed company.

Almost all new wells lose money in shale’s ‘new normal’

America’s shale producers already had a profitability problem. It just got a lot worse.