Energy News Results

  • Exxon says 2nd lift of Guyanese crude is underway, sold on open market

    Exxon Mobil's (XOM) second lift of Guyanese crude from the offshore Liza Destiny platform is underway and has been sold on the open market, the company said on Monday.

  • Oil hits 13-month lows as coronavirus cuts demand

    Oil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies. Brent crude settled down $2.17, or 3.8% at $54.45 a barrel, its lowest since January last year.

  • Unipec stops West African crude buying as virus hits Chinese demand - sources

    Unipec, the trading arm of Chinese refiner Sinopec, has stopped buying West African crude cargoes as the coronavirus outbreak in China leads to refinery run cuts in the world's biggest oil importer, two trading sources said on Monday. Unipec was also offering to re-sell at least five Angolan crude cargoes loading in March, one of the sources said.

  • Coronavirus tips jet fuel margins into biggest monthly fall in over a decade

    The suspension of flights to China by global airlines due to the coronavirus epidemic resulted in Asian refining margins for jet fuel in January showing their biggest monthly decline in a more than a decade. Refining margins or cracks for jet fuel dropped 34% in January, their biggest monthly drop according to data going back to as far as April 2009, Refinitiv Eikon showed.

  • Imperial Oil says 'it makes good economic sense' to move crude by rail

    Canada's Imperial Oil Ltd (IMO) on Friday vowed to move more crude-by-rail to take most advantage of exemptions on production curtailments imposed by the Alberta government. Last year, Alberta introduced mandatory production limits to cut oversupply that was choking export pipelines, and later extended the restrictions into 2020 due to slow progress in building new pipelines.

  • OPEC curbs, supply risks to buoy oil prices in 2020: Reuters poll

    - Oil prices will remain supported near current levels this year as persistent geo-political risks and OPEC-led output curbs help offset growing supply from other producers, a Reuters poll showed on Friday. The survey of 50 economists and analysts, mainly conducted before the coronavirus outbreak, forecast benchmark Brent crude to average $63.48 per barrel in 2020.

  • Oil slides as virus outbreak shakes economic growth predictions

    Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries, killing more than 200 people.

  • Enterprise Products expects to complete part of Wink-to-Webster crude pipeline by year-end

    Enterprise Products Partners LP (EPD) said on Thursday it will own a 29% undivided joint interest in the Wink-to-Webster crude pipeline system and construction on the segment to Webster, Texas, is expected to be completed by the end of 2020.

  • Oil falls to new three-month lows as virus fears grow, OPEC mulls meeting

    Oil prices fell more than 2% on Thursday to the lowest in three months on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting. Brent crude was down $1.52, or 2.5%, to settle at $58.29 a barrel.

  • Mexican state oil company Pemex has contracted oil hedge for 2020 - CEO

    Mexican state oil firm Pemex's Chief Executive Octavio Romero said on Wednesday the company has contracted its oil hedge for 2020, which protects its revenues from a potential drop in international oil prices. Earlier this month, the finance ministry said Mexico has completed its annual oil hedging program for 2020 at $49 a barrel.

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