International

The Wave Of Shale Well Closures Has Finally Begun

U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history

ConocoPhillips to sharply cut oil production as low prices hit earnings

ConocoPhillips said on Thursday it would sharply reduce oil output in coming weeks, aiming to shut 35% of its volume by June after weak energy prices led to a loss of $1.7 billion in the first quarter.

The Pandemic Is Accelerating Coal’s Demise

You can add coal to the list of global commodities struggling during the pandemic. Prices haven’t yet turned negative (like oil), but coronavirus is accelerating the demise of the dirtiest fossil fuel.

BP warns of exceptional uncertainty as crisis hits oil inventory value, output levels

BP warned Tuesday of "exceptional" uncertainty over oil and gas demand and a risk of long-term consequences from the current market turmoil

South Korea Has Run Out of Commercial Storage Space for Oil

All of the around 38 million barrels of onshore commercial capacity owned by state-run Korea National Oil Corp

Saudi Arabia to take on billions in debt to survive the oil price crisis

Saudi Arabia may have to borrow as much as $58 billion this year to cover a budget shortfall caused by the oil price slump

Eni Reports 94% Slump in Profit, Cuts Production Forecast

Eni SpA reported a 94% drop in first-quarter profit and cut its production forecast for the year as demand is crushed by the coronavirus pandemic.

Saudis join three other OPEC+ nations cutting output early

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.