oil production - updates

Rappler's latest stories on oil production

ARTICLE FINDER

Big Oil confronts possibility of terminal demand decline

Jul 06, 2020 - 1:45 PM

Some are questioning whether oil demand will ever get back to 2019 levels

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

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

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

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

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

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-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)

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)

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

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)

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

Devastating oil glut sends prices into negative, Wall Street down

Apr 20, 2020 - 9:35 PM

(3rd UPDATE) Oil prices in the United States tumble into negative territory for the first time, closing at -$37.63 a barrel on Monday, April 20

(FILES) In this file photo taken on March 12, 2019 a pump jack operates at an oil extraction site in Cotulla, Texas. - US crude crashed to below $15 a barrel on April 20, 2020, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal. (Photo by Loren ELLIOTT / AFP)

Saudi Aramco to supply 8.5 million barrels per day starting May

Apr 18, 2020 - 12:15 AM

Oil giant Aramco does not clarify whether or how this would be split between exports and domestic supply

SAUDI ARAMCO. Investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum in Riyadh on January 25, 2016. File photo by Fayez Nureldine/AFP

OPEC says oil market undergoing 'historic shock'

Apr 16, 2020 - 11:10 PM

The Organization of the Petroleum Exporting Countries now forecasts a drop of around 6.8 million barrels per day in average daily demand for 2020

PRICE DROP. An oil refinery. Photo from Shutterstock

Global stocks mostly rise as oil prices suffer another blow

Apr 15, 2020 - 7:30 AM

Stock markets focus on improving coronavirus figures in some areas, but oil markets tumble on Tuesday, April 14

NEW YORK, NEW YORK - JANUARY 21: People walk by the New York Stock Exchange (NYSE) on January 21, 2020 in New York City. Markets were down slightly in morning trading as investors weigh concerns over a virus outbreak in China and continued trade concerns between the U.S. and China. Spencer Platt/Getty Images/AFP

Saudi says total oil curbs could reach 19.5 million barrels

Apr 14, 2020 - 8:15 PM

The Organization of the Petroleum Exporting Countries and its allies are cutting output to arrest the slump in oil prices

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

Top oil producers agree on 'historic' cuts due to coronavirus crisis

Apr 13, 2020 - 8:10 AM

(UPDATED) In a compromise, major oil-producing countries agree to slash output by 9.7 million barrels per day starting May 1, down slightly from 10 million barrels per day envisioned earlier

A picture taken on September 15, 2019 shows an Aramco oil facility at the edge of the Saudi capital Riyadh. - Saudi Arabia raced today to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed thi weekend's strikes on two plants owned by state giant Aramco in eastern Saudi Arabia. (Photo by FAYEZ NURELDINE / AFP)

Oil prices, virus, instability put Algeria on edge

Apr 12, 2020 - 11:30 PM

(UPDATED) The drop in oil prices, the coronavirus, and ongoing political uncertainty create a perfect financial and social storm in Algeria

Municipal workers dressed in protective gear disinfect a street during the COVID-19 coronavirus pandemic in the Bab el-Oued district of Algeria's capital Algiers on April 9, 2020. (Photo by RYAD KRAMDI / AFP)

Nigeria hopes for $15 price rebound from oil cut deal

Apr 10, 2020 - 8:30 PM

Nigeria, Africa's most populous nation and biggest oil producer, is hoping for additional revenues once oil prices bounce back

A photo taken on February 23, 2018 shows the Egina FPSO berthed in Lagos harbour, Nigeria. - The Egina FPSO (Floating Production Storage and Offloading) unit is the largest FPSO ever installed in Nigeria and has the capacity to produce up to 200 000 barrels of oil per day. (Photo by Stefan HEUNIS / AFP)

Top oil producers except Mexico agree to output cuts – OPEC

Apr 10, 2020 - 3:35 PM

Oil output will be cut by 10 million barrels per day in May and June, though Mexico rejects its share of cuts, which would have been 400,000 barrels per day

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

ExxonMobil latest petroleum giant to slash oil field spending

Apr 07, 2020 - 11:55 PM

The coronavirus pandemic and plunging oil prices force ExxonMobil to cut spending

A picture taken on May 23, 2016 in Notre-Dame-de-Gravenchon, northwestern France shows the ExxonMobil refinery. (Photo by CHARLY TRIBALLEAU / AFP)

Stocks surge on hopes for easing virus crisis

Apr 07, 2020 - 7:00 AM

An analyst says 'investors are shrugging off the pessimism' as coronavirus deaths slowed in a number of European countries like Italy, Spain, and France on Monday, April 6

The wall Street street sign is seen on March 23, 2020 in New York City. - Wall Street fell early March 23, 2020 as Congress wrangled over a massive stimulus package while the Federal Reserve unveiled new emergency programs to boost the economy including with unlimited bond buying. About 45 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 19,053.17, and the broad-based S&P 500 also fell 0.6 percent to 2,290.31 after regaining some ground lost just after the open. (Photo by Angela Weiss / AFP)

Stock markets go topsy turvy as oil jumps, U.S. data stoke fear

Apr 03, 2020 - 7:05 AM

Investors are now a 'bundle of nerves,' says AxiCorp's Stephen Innes

NEW YORK, NY - APRIL 02: A person walks down Wall Street on April 02, 2020 in New York City. Hospitals in New York City, which has been especially hard hit by the coronavirus, are facing shortages of beds, ventilators and protective equipment for medical staff. Currently, over 92,000 people in New York state have tested positive for COVID-19. Spencer Platt/Getty Images/AFP

As prices fall, what are the threats to oil giant Iraq?

Apr 02, 2020 - 10:00 PM

Here are the challenges facing the only significant industry in Iraq

(FILES) In this file photo taken on March 3, 2016, an Iraqi labourer turns a valve at an oil refinery in the newly opened section at the oil refinery of Zubair, southwest of Basra in southern Iraq. - As crude prices plunge, Iraq's oil sector is facing a triple threat that has slashed revenues, risks denting production and may spell trouble for future exports. (Photo by HAIDAR MOHAMMED ALI / AFP)

Saudi oil supply hits record as price war rages

Apr 02, 2020 - 7:00 AM

On a single day, Saudi Aramco says it is 'breaking records to supply 15 tankers loading more than 18.8 million barrels of oil'

A handout picture provided by the Saudi Arabian Oil Company (Saudi Aramco) on April 1, 2020 shows Aramco tankers being loaded with oil at an undisclosed sea location. - Saudi Aramco supplies a record 18.8 million barrels of crude on a single day, escalating an price war with Russia while defying pressure from the United States. (Photo by - / Saudi Aramco / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / SAUDI OIL COMPANY ARAMCO" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

Dow ends disastrous quarter on weak note while European stocks gain

Apr 01, 2020 - 7:00 AM

The Dow suffers a loss of more than 23% for the 1st quarter of 2020, its worst since 1987

(FILES) In this file photo a view of New York Stock Exchangeis seen on Wall Street March 23, 2020 in New York City. - Wall Street stocks opened lower on March 31, 2020 as the Federal Reserve unveiled a new vehicle to boost market liquidity and the coronavirus case count continued to climb. Shortly after the opening bell, the Dow Jones Industrial Average was down 0.3 percent at 22,251.38.The broad-based S&P 500 fell 0.4 percent to 2,616.01, while the tech-rich Nasdaq Composite Index shed 0.4 percent to 7,744.65. (Photo by Angela Weiss / AFP)

Gulf stocks battered by coronavirus, oil price war in Q1 2020

Mar 31, 2020 - 9:45 PM

The 5 major bourses in the Gulf region plummet in the first 3 months of the year, with Dubai's market losing more than a third of its value

SLUMPING STOCKS. A Kuwaiti trader wearing a protective mask follows the market at the Boursa Kuwait stock exchange in Kuwait City on March 1, 2020. Photo by Yasser al-Zayyat/AFP

Saudi to raise oil exports to record levels as price war rages

Mar 30, 2020 - 10:25 PM

(UPDATED) With oil prices already at 17-year lows, Saudi Arabia announces it is ramping up exports beginning May

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

Oil prices at 17-year lows as virus ravages world

Mar 30, 2020 - 12:45 PM

US benchmark West Texas Intermediate falls 5.3% to trade at $20 a barrel, while international benchmark Brent crude is off 6.5% at $23 on Monday, March 30

PRICES DOWN. An employee wearing a face mask fills up a car at a gas station in Bangkok, Thailand, on March 9, 2020. Photo by Mladen Antonov/AFP

Oil storage buckles as coronavirus saps demand

Mar 27, 2020 - 5:35 PM

Despite the coronavirus pandemic, crude oil production continues at full steam, pushing storage capacity to its limits

(FILES) In this file photo taken on April 20, 2016 This photograph taken on April 20, 2016 shows oil storage tanks on Jurong island off Singapore. - Despite the coronavirus pandemic that is devastating the world economy and oil demand, crude oil production continues at full steam, particularly in Saudi Arabia and the United States, pushing storage capacity to its limits. (Photo by ROSLAN RAHMAN / AFP)

U.S. urges Saudi Arabia to 'reassure' oil and financial markets

Mar 25, 2020 - 11:00 PM

'We agreed all countries need to work together to contain the pandemic and stabilize energy markets,' says US Secretary of State Mike Pompeo

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