Energy News Results

  • Oil majors slash 2020 spending by 20% after prices slump

    The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

  • GRAPHIC-Oil majors slash 2020 spending by 20% after prices slump

    * FACTBOX-Oil company spending cuts: * GRAPHIC-Big Oil's 2020 capex cuts: https://tmsnrt.rs/3dszVEO. * GRAPHIC-Big Oil's rising debt: https://tmsnrt.rs/2U73Jit. The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

  • Oil ends lower after U.S. crude stockpiles jump, gasoline demand sinks

    Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic. Crude inventories rose by 13.8 million barrels last week, the U.S. Energy Information Administration said.

  • Mexico's Pemex vows to maintain oil output as coronavirus erodes demand, prices

    Mexico's state oil company Petroleos Mexicanos said on Tuesday that it will maintain crude production levels even as the coronavirus pandemic erodes demand around the world and crude prices continue dropping to historic lows. Mexico's flagship grade to the U.S. Gulf Coast, Maya heavy crude, gained $1.22 per barrel on Tuesday to close at $10.46 per barrel, according to S&P Global Platts.

  • Two Texas shale producers ask state to curtail oil output

    Texas shale producers Pioneer Natural Resources (PXD) and Parsley Energy (PE) on Monday formally asked Texas regulators to curtail oil production for the first time in nearly 50 years. Oil prices have fallen more than 60% this year as the coronavirus pandemic has destroyed demand for fuel and Saudi Arabia and Russia have kicked off a price war in a battle for market share.

  • Mexico's Maya crude to U.S. Gulf Coast fell below $10/bbl - Platts

    Mexico's Maya crude official selling price for delivery to the U.S. Gulf Coast fell again on Monday to close at $9.24 per barrel, according to S&P Global Platts.

  • BRIEF-Helix Says Withdrawing Previously Issued Financial And Operational Performance Guidance For 2020

    Helix Energy Solutions Group Inc (HLX) : * HELIX PROVIDES OPERATIONAL AND FINANCIAL UPDATE. * Helix Energy Solutions Group Inc (HLX) - WITHDRAWING ITS PREVIOUSLY ISSUED FINANCIAL AND OPERATIONAL PERFORMANCE GUIDANCE FOR 2020. * Helix Energy Solutions Group Inc (HLX) - EXPECT SPOT MARKET FOR REMAINDER OF YEAR TO BE SIGNIFICANTLY WEAKER THAN PREVIOUSLY FORECAST.

  • Egypt's 2020-21 draft budget is based on oil at $61 per barrel

    Egypt's 2020-21 draft budget is based on an oil price of $61 per barrel, the finance ministry said on Monday, down from $68 in the current budget which ends on June 30 but around three times higher than the present price.

  • Global oil demand could fall around a third next month - Trafigura

    Global commodities trader Trafigura's chief economist said oil demand could fall by more than 30 million barrels per day in April, as the global economy grinds to a near halt due to the coronavirus. The forecast, the highest yet from a senior industry forecaster, equates to around a third of the world's daily oil consumption.

  • Bank cut to oil loans could push producers beyond the brink

    U.S. energy producers face the threat that banks will slash their credit as March's crash in oil prices means the asset backing their main loan facility - crude reserves - is worth less than half of what it was a month ago.

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