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March 28, 2020
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Oil plunges posting fifth straight weekly loss despite stimulus efforts

Reuters
NEW YORK (Reuters) – Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field......
Reuters - Business

Global oil refiners shut down as coronavirus destroys demand

Reuters
SINGAPORE/NEW DELHI/SEOUL/LONDON (Reuters) – The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns. FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production......
Reuters - Business

Oil plunges more than 5% despite stimulus efforts

Reuters
NEW YORK (Reuters) – Oil prices plunged more than 5% on Friday and were on track for a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. FILE PHOTO: A pump jack operates in front of a drilling rig at......
Reuters - Business

Oil majors slash 2020 spending 20% after prices slump

Reuters
LONDON (Reuters) – The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia. FILE PHOTO: The sun is seen behind a......
Reuters - Business

Ten signs the oil industry is bent out of shape

Reuters
(Reuters) – The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals. FILE PHOTO: The sun sets behind a crude oil......
Reuters - Business

Oil prices settle higher on stimulus package, fuel demand sinks

Reuters
NEW YORK (Reuters) – U.S. crude prices settled higher on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, even as government data showed the coronavirus pandemic started undercutting U.S. fuel demand last week. FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11,......
Reuters - Business

Factbox: Global oil, gas producers cut spending after crude price crash

Reuters
(Reuters) – Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. FILE PHOTO: A long exposure image shows the movement of a crude oil pump jack in the Permian Basin in Loving County,......
Reuters - Business

Occidental slashes budget, salaries in bid to cope with falling oil prices

Reuters
HOUSTON (Reuters) – Occidental Petroleum Corp (OXY.N) on Wednesday unveiled a new round of deep spending cuts, slashing budget for a second time this month and sharply reducing salaries, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices. FILE PHOTO: The logo for Occidental Petroleum......
Reuters - Business

Oil rises over 3% on Fed steps to support economy, hopes of U.S. aid package

Reuters
NEW YORK (Reuters) – Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a $2 trillion coronavirus economic package. FILE PHOTO: The sun is seen behind......
Reuters - Business

Chevron cuts 2020 spending, Permian production forecasts

Reuters
(Reuters) – Chevron Corp (CVX.N) will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices. FILE PHOTO: An entrance sign at the Chevron refinery, located near the Houston Ship Channel,......
Reuters - Business

Oil prices climb as U.S. ramps up economic support measures

Reuters
SINGAPORE/MELBOURNE (Reuters) – Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand. FILE PHOTO: The sun is seen behind a crude......
Reuters - Business

Crude extends fall with U.S. gasoline down 20% as global shutdowns sap demand

Reuters
NEW YORK (Reuters) – Oil prices extended their decline on Monday, with record low U.S. gasoline prices leading the energy complex lower, as the coronavirus pandemic crushes demand worldwide after travel and industrial activity contracted across the globe in a bid to stem the spread of the virus. FILE PHOTO:......
Reuters - Business

Shell cuts 2020 spending by $5 billion, suspends share buyback

Reuters
LONDON (Reuters) – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday. FILE PHOTO – A sign is seen at a Shell facility near the......
Reuters - Business

Shell lowers 2020 capex, suspends share buyback

Reuters
FILE PHOTO – A sign is seen at a Shell facility near the Houston Ship Channel in Galena Park, Texas, U.S., May 5, 2019. REUTERS/Loren Elliott (Reuters) – British oil major Shell joined other companies in the sector in lowering capital expenditure for the current year by about $5 billion......
Reuters - Business

Brent crude extends fall as coronavirus shutdowns sap demand

Reuters
TOKYO (Reuters) – Brent crude prices extended falls on Monday amid more action by governments to contain the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a worldwide economic contraction. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian......
Reuters - Business

Oil markets slump amid coronavirus chaos

Reuters
TOKYO (Reuters) – Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian......
Reuters - Business

Downgrade doom looms for coronavirus-hit firms and markets

Reuters
LONDON/NEW YORK (Reuters) – A wave of credit rating downgrades in the corporate sector risks deepening a funding crisis for company bosses and spreading it to other markets. FILE PHOTO: The Canary Wharf financial district is seen from the construction site of 22 Bishopsgate in London, Britain June 25, 2019.......
Reuters - Business

OPEC supply curbs, U.S. measures could support oil prices near term: Goldman

Reuters
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger (Reuters) – Supply restraint by core-OPEC producers could push second-quarter Brent oil prices up to $30 a barrel, while U.S.......
Reuters - Business

Oil extends recovery as Trump hints at intervening in Saudi-Russia price war

Reuters
SINGAPORE (Reuters) – Oil prices recovered further on Friday, following steep gains in the previous session after U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia at an “appropriate time”. FILE PHOTO: The sun sets behind a crude oil pump jack on......
Reuters - Business

U.S. oil reverses losses, posts largest one-day gain on record

Reuters
NEW YORK (Reuters) – U.S. crude oil prices spiked by 25% on Thursday, the largest single-day gain on record, recouping some losses from three days of selling that drove the benchmark to near 20-year lows. Analysts saw the rebound as a brief reprieve, anticipating additional weakness as the coronavirus outbreak......

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