Energy News Results

  • Saudis Take Big Stakes In European Oil Firms -- WSJ

    By David Hodari, Summer Said and Rory Jones. This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal. Saudi Arabia's sovereign-wealth fund has amassed stakes worth roughly $1 billion in four major European oil companies, according to people familiar with the matter, buying assets it perceives as undervalued in a market depressed by the coronavirus pandemic and low oil prices.

  • Saudis Take Big Stakes in European Oil Companies

    By David Hodari, Summer Said and Rory Jones. Saudi Arabia's sovereign-wealth fund has amassed stakes worth roughly $1 billion in four major European oil companies, according to people familiar with the matter, buying assets it perceives as undervalued in a market depressed by the coronavirus pandemic and low oil prices. The stakes in Equinor ASA (EQNR), Royal Dutch Shell PLC (RDS/A), Total SA (TOT) and Eni SpA (E) were all bought by the Public Investment Fund on the open market in recent weeks, said the...

  • Divergence in Oil Prices Shows Collapse in Demand -- Update

    Oil futures have rallied over the past week, lifted by hopes that the U.S. will join other producers in cutting production. But the price of actual barrels of oil has lagged behind, showing that supply is swamping demand as the coronavirus pandemic sparks a downturn in the global economy. The price of Dated Brent, a key gauge of the market for oil cargoes in the North Sea, has been at least $5 a barrel lower than the price of Brent-crude futures since March 24. This gap expanded to $10.82 a...

  • Divergence in Oil Prices Shows Collapse in Demand

    Oil futures have rallied over the past week, lifted by hopes that the U.S. will join other producers in cutting production. But the price of actual barrels of oil has lagged behind, showing that supply is swamping demand as the coronavirus pandemic sparks a downturn in the global economy. The price of Dated Brent, a key gauge of the market for oil cargoes in the North Sea, has been at least $5 a barrel lower than the price of Brent-crude futures since March 24. This gap expanded to $10.82 a...

  • Oil Continues to Slide as Traders Look to OPEC+ Meeting

    Oil prices continued to slide Tuesday, erasing gains from earlier in the day as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures fell 9.4% to $23.63 a barrel, while Brent, the global gauge of prices, fell 3.6% to $31.87 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia were close to...

  • U.S. Oil Prices Edge Up as Traders Look to OPEC+ Meeting

    U.S. crude prices edged up Tuesday, paring some of the previous day's losses as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures rose 0.8% to $26.30 a barrel midday Tuesday, while Brent, the global gauge of prices, was roughly flat at $33.02 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia...

  • Oil Slides After Delay of OPEC+ Summit

    Oil prices fell Monday, paring some of their recent rebound after a virtual summit for producers to discuss supply cuts was postponed to later in the week. U.S. crude futures dropped 8% to $26.08 a barrel on the New York Mercantile Exchange, coming off their largest one- week percentage advance ever. After tumbling to an 18- year low, prices soared late last week after President Trump said that Russia and Saudi Arabia were close to reaching a deal to curb supply.

  • Origin Cuts Capex, Aussie Dollar Weakness Offsets Oil Fall

    SYDNEY--Origin Energy Ltd. (OGFGF) said the steep fall in the Australian dollar is mitigating the impact of lower oil prices, while announcing new targets to reduce capital expenditure. Origin said Monday it continues to expect total cash distributions from its flagship Australia Pacific liquified natural gas project of between 1.1 billion Australian dollars and A $1.3 billion in the year through June. It said cost cutting had lowered the breakeven mark for distributions to an...

  • OPEC, Allies Set to Debate Oil Cuts as Saudis Delay Pricing Move

    The Saudi-led Organization of the Petroleum Exporting Countries will convene a virtual meeting on Thursday with other oil-producing nations including Canada and Russia, aiming to negotiate a truce in a Saudi-Russia fight for market share that has cratered oil prices over the past month. Saudi Arabia has delayed pricing its crude for May delivery as it awaits the result of the meeting. The move represents a cease-fire in a price war that has contributed to a 70% drop in oil...

  • Crude Leaps More Than 20% on Hopes Price War Will End -- Update

    U.S. oil prices jumped 25% Thursday in their biggest one-day rally on record, lifted by investors' hopes that initial steps to end a global price war will offer a reprieve to an industry battered by coronavirus. The gains capped a wild day of trading, in which an early climb accelerated after President Trump tweeted that he expected Russia and Saudi Arabia to agree to cut production by millions of barrels a day. Prices then soared as much as 35% before turning lower after the Kremlin...

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