oil - updates

Rappler's latest stories on oil

ARTICLE FINDER

Iraq oil exports sink to comply with OPEC cuts

Jul 01, 2020 - 11:30 PM

Iraq drops its oil exports to 84 million barrels in June 2020, its lowest monthly sales in several years

Gulf economies to shrink 7.6% over virus, oil slump – IMF

Jul 01, 2020 - 10:40 AM

The International Monetary Fund's 2020 projection for the 6-nation Gulf Cooperation Council dramatically worsens

EMPTY. An aerial view shows a deserted highway due to the COVID-19 pandemic, in the Saudi capital Riyadh on May 24, 2020. Photo by Faisal al-Nasser/AFP

Zimbabwe increases fuel price by 150%

Jun 25, 2020 - 2:35 PM

Zimbabwe has been facing fuel shortages since October 2018

FUEL SHORTAGE. Motorists form a long queue at a gas station in Harare, Zimbabwe, on September 10, 2019. File photo by Tony Karumba/AFP

Abu Dhabi's ADNOC sells pipeline firm stake to foreign investors

Jun 23, 2020 - 9:40 PM

A consortium acquires a 49% stake in Gas Pipeline Assets, a newly formed subsidiary of Abu Dhabi National Oil Company

ABU DHABI. The seafront promenade in the Emirati capital Abu Dhabi with the Abu Dhabi National Oil Company office complex (C) in the foreground on May 29, 2019. File photo by Karim Sahib/AFP

Without urgent reform, Iraq economy will face irreparable shocks – minister

Jun 23, 2020 - 12:05 PM

'If we do not amend the situation throughout the next year, we may face shocks we cannot fix,' warns Iraqi finance chief Ali Allawi

Iraq's Minister of Finance Ali Allawi listens during an interview at his residence in the capital Baghdad, on June 22, 2020. (Photo by AHMAD AL-RUBAYE / AFP)

Venezuelan oil production sinks to lowest output in 77 years

Jun 18, 2020 - 7:30 PM

Experts blame Venezuela's oil production drop on government mismanagement, corruption, and a failure over many years to invest in infrastructure upgrades and maintenance

(FILES) In this file photo taken on April 30, 2009, partial view of an oil refinery in the city of Moron, Venezuela. - Venezuela's oil production fell in May 2020 to 570,000 barrels per day, according to the Organization of Petroleum Exporting Countries (OPEC), a decline to levels of more than seven decades ago. (Photo by Thomas COEX / AFP)

OPEC throttles output in May 2020

Jun 17, 2020 - 10:00 PM

OPEC member states cut oil output by 6.2 million barrels per day in May 2020

OIL FEARS. In this file photo taken on December 11, 2019, an oil tanker is docked at the port of Ras al-Khair, about 185 kilometers north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. File photo by Giuseppe Cacace/AFP

IEA says aviation to hold back oil recovery

Jun 16, 2020 - 10:20 PM

'Unlike gasoline and diesel, which are likely to recover to close to pre-crisis levels by the end of 2020, the outlook for jet fuel is more uncertain,' says the International Energy Agency

This handout satellite image released by Maxar Technologies shows a close up of lineup parked planes at Charles De Gaulle International Airport, in Paris, France, on March 27, 2020, during the coronavirus (Covid-19) outbreak. (Photo by - / Satellite image ©2020 Maxar Technologies / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS /

UAE says low oil price unsustainable, warns of shocks

Jun 16, 2020 - 8:15 AM

'The last thing we want is to have shocks,' says United Arab Emirates Energy Minister Suheil al-Mazrouei

UAE. Cranes at a construction site with the world's tallest tower Burj Khalifa (background) in the Gulf emirate of Dubai on March 11, 2019. File photo by Karim Sahib/AFP

NGO accuses France of starting Mozambique 'climate bomb'

Jun 15, 2020 - 11:55 AM

'French machinations are forcing yet another African country into dependency on fossil fuels...in the name of the economic interests of French energy industrials and bankers,' says NGO Friends of the Earth

Virus crisis puts Nigeria corrupt fuel subsidy system in spotlight

Jun 14, 2020 - 3:15 PM

Nigeria's fuel subsidy scheme is described as a sprawling web of patronage and mismanagement

OIL PRODUCTION. The Egina Floating Production Storage and Offloading unit, shown here in Nigeria on February 23, 2018, has the capacity to produce up to 200,000 barrels of oil per day. File photo by Stefan Heunis/AFP

Death toll rises to 19 in China tanker truck blast

Jun 14, 2020 - 2:00 PM

(3rd UPDATE) The force of the blast causes nearby homes and factories to collapse

Wall Street rallies on reopening hopes, Nasdaq hits record

Jun 09, 2020 - 7:25 AM

The tech-rich Nasdaq closes more than 100 points over its previous high in February, while the Dow finishes up 1.1% on Monday, June 8

WALL STREET. The statue of the charging bull is pictured in New York City on April 20, 2020. Photo by Johannes Eisele/AFP

Oil giant BP to cut 10,000 jobs on virus fallout

Jun 08, 2020 - 10:30 PM

BP CEO Bernard Looney says oil prices have plunged 'well below the level' the group needs 'to turn a profit'

BP. The company's logo at a gasoline station in Fort Wayne, Indiana. Photo from Shutterstock

OPEC, allies agree to extend deep output cuts until July 2020

Jun 07, 2020 - 7:15 AM

(UPDATED) Algerian Oil Minister Mohamed Arkab, who currently holds OPEC's rotating presidency, says the agreed cut for July 2020 is 9.6 million barrels per day

OIL FACILITY. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Stock markets power ahead on surprise U.S. jobs rise

Jun 06, 2020 - 7:25 AM

The Dow piles on around 830 points, or 3.2%, to finish at 27,110.98 on Friday, June 5

STOCK EXCHANGE. The Fearless Girl statue stands in front of the New York Stock Exchange near Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP

Weak demand pushing oil, gas toward 'terminal decline' – report

Jun 04, 2020 - 8:30 AM

Think tank Carbon Tracker says future profits from oil, gas, and coal could collapse by nearly two-thirds

The trader who called the 2020 oil crisis

May 24, 2020 - 6:30 PM

Pierre Andurand correctly predicts that the coronavirus pandemic would send oil prices into negative territory

Pierre Andurand photo from Andurand Capital/AFP; oil rig photo from Shutterstock

Are oil prices over the worst of the crisis?

May 22, 2020 - 11:00 AM

While oil prices are recovering from historic lows, the market remains vulnerable to a much-feared second wave of coronavirus infections – and lockdowns

BATTERED INDUSTRY. An oil refinery. Photo from Shutterstock

Kuwait, Saudi halt oil production from neutral zone

May 21, 2020 - 4:15 PM

Kuwait and Saudi Arabia decide to shut down the offshore Khafji oil field for one month starting June 1

Petrobras books steep loss amid 'worst crisis in 100 years'

May 15, 2020 - 10:35 AM

The earnings of Brazil's Petrobras in the 1st quarter of 2020 are down more than 1,300% compared to a year ago, as the coronavirus pandemic hits oil demand

CONTROVERSIAL. The headquarters of Brazil's state-owned oil company Petrobras in the center of Rio de Janeiro, on January 21, 2016. Vanderlei Almeida/AFP

Virus crisis adds to woes of Africa's oil producers

May 14, 2020 - 7:35 PM

Here is a look at how African oil-exporting countries are faring in the midst of the coronavirus pandemic

A view of the Kaombo Norte, a Floating Production Storage and Offloading vessel(FPSO), a project operated by Total, the French multinational oil company, on November 8, 2018, about 250km off the coast of Angola in the Atlantic Ocean. - A column of flame emanates from the bow of the boat, illuminating the jet-black ocean for miles around. For three months now the Kaombo Norte has been anchored off the northern coast of Angola and has recently begun to pump up crude oil secreted in the depths below. The arrival of the platform ship which belongs to French oil giant Total has been a timely lifeline for the Angolan government. (Photo by Rodger BOSCH / AFP)

IEA says oil outlook improves 'somewhat' on easing virus lockdowns, output cuts

May 14, 2020 - 5:00 PM

Despite the improvement in the oil market, the International Energy Agency warns that 'major uncertainties remain'

OIL FACILITY. The Marathon Refinery is seen in Carson, California, on March 9, 2020. Photo by David McNew/AFP

Nigeria oil industry scrambles as price fall slams economy

May 14, 2020 - 3:30 PM

The future is bleak for Nigeria, Africa's largest oil producer, with plunging crude prices and the coronavirus pandemic

OIL PRODUCTION. The Egina Floating Production Storage and Offloading unit, shown here in Nigeria on February 23, 2018, has the capacity to produce up to 200,000 barrels of oil per day. File photo by Stefan Heunis/AFP

OPEC sees oil market already rebalancing

May 13, 2020 - 9:20 PM

The Organization of the Petroleum Exporting Countries says 'speedy supply adjustments' are already 'showing positive response'

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

Norway taps sovereign wealth fund for record $41 billion

May 13, 2020 - 12:55 AM

The Norwegian government plans to use 420 billion Norwegian kroner ($41 billion) to support an economy badly hit by the coronavirus pandemic and plunging oil prices

A picture taken on April 20, 2020 shows leisure properties on Lake Sjusjøen, as the ban to use them has been lifted amid the new coronavirus pandemic. (Photo by Vidar Ruud / NTB Scanpix / AFP) / Norway OUT

U.S. oil producers struggle to stay afloat in sea of excess

May 12, 2020 - 2:40 PM

The collapse in oil prices leads to massive losses for companies drilling in the Permian Basin

Craig Blair, co-owner of Capitan Energy is pictured in front of a "Christmas Tree", which is installed at the top operational fracking wells, on May 7, 2020 in Culberson County, Texas. - For oil and gas producers in the world's largest oil field, straddling the border between Texas and New Mexico, the losses due to the collapse of oil prices are colossal. (Photo by Paul Ratje / AFP)

Global stocks mixed amid fears of second virus wave

May 12, 2020 - 7:10 AM

While some European countries and US states are easing restrictions, there are fears of 'second wave' coronavirus outbreaks in parts of Asia

TRADING. A view of the New York Stock Exchange is seen on Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP

Saudi to cut oil output by another 1 million barrels a day

May 11, 2020 - 11:10 PM

The move will reduce Saudi Arabia's oil production to 7.5 million barrels per day starting June 2020, in a bid to stabilize the global oil market

OIL PRODUCTION. An Aramco oil facility at the edge of the Saudi capital Riyadh on September 15, 2019. File photo by Fayez Nureldine/AFP

Saudi to triple VAT, suspend handouts in virus-led austerity drive

May 11, 2020 - 8:10 PM

(UPDATED) The Saudi Arabian government announces that the cost of living allowance given to citizens will be halted beginning June, and value-added tax will be raised from 5% to 15% starting July

OUTBREAK. A Saudi man, wearing a protective mask as a precaution against COVID-19, walks past a mural showing the face of King Salman bin Abdulaziz in Riyadh on March 15, 2020. Photo by Fayez Nureldine/AFP

With prices down and jobs leaving, U.S. oil workers learn patience

May 11, 2020 - 4:00 PM

Many oil workers in Carlsbad, New Mexico, find themselves jobless as oil prices plunge

Jace Gentry, 21, from Hornbeck, Louisiana is pictured in front of his trailer on May 6, 2020 in Carlsbad, New Mexico. - Gentry lost his job in the oil fields and is headed back home to wait and see if jobs will come back. Waiting for an upturn or pulling out, a dilemma faced in recent weeks by oil industry workers in Carlsbad, in the southwestern United States, where the sharp drop in oil prices has dealt a blow to the local economy. (Photo by Paul Ratje / AFP)

Oil collapse wipes out profits at Total

May 05, 2020 - 5:35 PM

French oil giant Total's net profit plummets to $34 million in the 1st quarter of 2020, a 99% drop from the $3.1 billion a year earlier

TOTAL. The French company is a global energy player. Photo from Shutterstock

Oil-hungry Asian nations pounce on low prices to build stockpiles

May 03, 2020 - 10:00 PM

Here are some questions and answers about strategic reserves and Asia's oil supplies

A worker takes a break beneath the natural gas storage tanks at an exploration site in the Longgang gas field in Lishan, in southwest China's Sichuan province, 17 May 2007, potentially the largest natural gas reserves on the mainland. Energy-hungry China has started drilling what it says will be Asia's deepest oil and gas well, as state-owned Sinopec plans for the Chuanke No. 1 Well in southwest Sichuan province to reach a depth of 8,875 metres (30,000 feet) -- more than the height of Mount Everest, while natural gas output in China in 2006 reached 58.6 billion cubic metres, up 16.9 percent over the previous year but growing slower than the 20.6 percent in 2005. AFP PHOTO/LIU Jin (Photo by LIU JIN / AFP)

U.S. petroleum giants slash capital budgets after oil price crash

May 01, 2020 - 9:55 PM

ExxonMobil reduces capital spending by 30% to around $23 billion for 2020, while Chevron further trims its capital spending to $14 billion

OIL GIANT. The ExxonMobil refinery in Notre-Dame-de-Gravenchon, France, on May 23, 2016. File photo by Charly Triballeau/AFP

Crude crash brings down Singapore oil tycoon

May 01, 2020 - 5:20 PM

Singapore tycoon OK Lim admits his firm Hin Leong Trading had hidden $800 million in losses over the years, while it also owes almost $4 billion to banks

(FILES) In this file photo taken on February 19, 2018, oil tankers are anchored off the western shores of Singapore. - Singapore tycoon O.K. Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. But it all came crashing down when oil markets were plunged into unprecedented turmoil by the coronavirus pandemic and revealed the keen poker player appeared to have overplayed his hand. (Photo by Roslan RAHMAN / AFP)

Stock markets drop on devastating growth data

May 01, 2020 - 7:45 AM

As jobless claims continue surging in the United States and the European Union economy shrinks, stocks dip on Thursday, April 30

The US flag is seen at the New York Stock Exchange (NYSE) on April 30, 2020 in New York City. - Wall Street stocks opened lower Thursday following another spike of jobless claims in the wake of coronavirus shutdowns, offsetting strong results from tech giants. Another 3.84 million US workers filed for unemployment benefits last week and the total has now passed 30 million in six weeks, according to the Labor Department data. (Photo by Johannes EISELE / AFP)

Royal Dutch Shell cuts dividend for first time since WWII on oil crisis

Apr 30, 2020 - 8:25 PM

With oil prices plummeting, Royal Dutch Shell sinks into a $24-million net loss in the 1st quarter of 2020

SHELL. The headquarters of Royal Dutch Shell in the Netherlands. Photo from Shutterstock

Oil producers keep pumping despite price crash

Apr 30, 2020 - 7:30 AM

Storage for excess crude is running out, but 'producers remain reluctant to cut production in the short term as there are costs and consequences'

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

Stock markets rise on virus hopes as oil tanks

Apr 28, 2020 - 7:15 AM

United States markets follow Asia and Europe higher on Monday, April 27, after coronavirus figures provided hope. But an analyst warns the stock market has become 'divorced from fundamental reality.'

WALL STREET. A person walks down Wall Street in New York City on April 2, 2020. Photo by Spencer Platt/Getty Images/AFP

Venezuelan oil price falls to $9.90, lowest level in 20 years

Apr 25, 2020 - 9:30 AM

Oil prices have been sliding in Venezuela since 2014 and exacerbating the country's ongoing economic crisis

GAS ISSUES. A Petroleos de Venezuela SA (PDVSA) worker pumps gas in a car in Caracas, on May 21, 2019. Photo by Marvin Recinos/AFP

Oil prices gain on U.S.-Iran tensions, mixed day for global stocks

Apr 24, 2020 - 7:00 AM

'One other option is to fuel geopolitical tensions in the Middle East to threaten supply and support [oil] prices. This is what Donald Trump is doing right now,' says an analyst

(FILES) In this file photo taken on October 11, 2019 US President Donald Trump speaks to the press at the South Lawn of the White House in Washington, DC. - President Donald Trump leaves Washington for a rally with supporters and a Thanksgiving break at his Florida home on November 26, 2019 but impeachment storm clouds threaten to spoil the party. Before boarding Air Force One, the president will act out the quirky annual ritual of pardoning two enormous turkeys, sparing them from the national day of feasting on Thursday. (Photo by Nicholas Kamm / AFP)

Crisis-hit oil market in frantic hunt for storage

Apr 23, 2020 - 12:00 PM

Oil companies are racing to locate adequate storage facilities – either on land or at sea

OIL STORAGE. This photograph, taken on April 20, 2016, shows oil storage tanks on Jurong island off Singapore. Photo by Roslan Rahman/AFP

Oil rockets higher, boosting global equities

Apr 23, 2020 - 7:00 AM

Oil prices rally on Wednesday, April 22, as United States President Donald Trump threatens to shoot at Iranian boats in a key waterway for crude shipments

The Marathon Refinery is seen in Carson, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by DAVID MCNEW / AFP)

Australia pounces on oil glut to build strategic reserve

Apr 22, 2020 - 1:20 PM

Australia will spend Aus$94 million (US$59 million) to begin developing an oil stockpile established on United States soil

Nozzles labeled with different types of fuel are seen at a filling station in Sydney on April 22, 2020. - Oil resumed its painful retreat on April 22, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. (Photo by Saeed KHAN / AFP)

Oil price drop during pandemic a win for Philippines – NEDA chief

Apr 22, 2020 - 11:25 AM

Acting Socioeconomic Planning Secretary Karl Chua says Filipino consumers will benefit from the drastic drop in oil prices in the world market

Oil crash means more misery ahead for U.S. shale producers

Apr 22, 2020 - 9:20 AM

'Who survives will be the firms with strong balance sheets. The ones that have too much debt are really going to have a problem,' says an analyst

LOST HILLS, CA - MARCH 24: Pump jacks are seen at dawn in an oil field over the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom on March 24, 2014 near Lost Hills, California. Critics of fracking in California cite concerns over water usage and possible chemical pollution of ground water sources as California farmers are forced to leave unprecedented expanses of fields fallow in one of the worst droughts in California history. Concerns also include the possibility of earthquakes triggered by the fracking process which injects water, sand and various chemicals under high pressure into the ground to break the rock to release oil and gas for extraction though a well. The 800-mile-long San Andreas Fault runs north and south on the western side of the Monterey Formation in the Central Valley and is thought to be the most dangerous fault in the nation. Proponents of the fracking boom saying that the expansion of petroleum extraction is good for the economy and security by developing more domestic energy sources and increasing gas and oil exports. David McNew/Getty Images/AFP

Continued oil market turmoil weighs on global stocks

Apr 22, 2020 - 7:00 AM

'Ever thought that it could be imaginable to see the price of US oil valued at less than a pizza? Or even a slice of pizza?' an analyst says

The statue of the charging bull is pictured on April 20, 2020 in New York City. - Wall Street opened lower on Monday as traders grappled with a drop in oil prices to 22-year lows as the coronavirus pandemic sapped demand for energy. The Dow Jones Industrial Average was down 1.8 percent to 23,798.01 about 10 minutes into the trading session.The broad-based S&P 500 had declined 1.3 percent to 2,835.08, while the tech-rich Nasdaq had fallen 0.7 percent to 8,588.66. (Photo by Johannes EISELE / AFP)

Saudi Arabia wins oil price war – at a huge cost

Apr 21, 2020 - 11:05 PM

'Riyadh may have unleashed something it is unable to control,' says an analyst

DE FACTO LEADER. Saudi Arabia's Crown Prince Mohammed bin Salman attends a signing ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh on October 14, 2019. File photo by Alexey Nikolsky/Sputnik/AFP

How can oil prices be negative?

Apr 21, 2020 - 10:15 PM

Here's how the value of a barrel of oil plunged into negative territory for the first time

OIL PRODUCTION. A view of a refinery at the Jubail Industrial City in Saudi Arabia on December 11, 2019. File photo by Giuseppe Cacace/AFP

TIMELINE: The oil market's 6-week plunge

Apr 21, 2020 - 11:15 AM

Here is a look back at a tumultuous 6-week period for oil, which saw United States prices plummeting to below zero

HUNTINGTON BEACH, CA - APRIL 20: A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields on April 20, 2020 in Huntington Beach, California. Oil prices traded in negative territory for the first time as the spread of coronavirus (COVID-19) impacts oil demand. Michael Heiman/Getty Images/AFP