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April 3, 2020
Geoffrey Craig, Global Energy Analyst
Talk of a potential deal among the world’s major oil producers to cut supply by historic proportions caused crude futures to skyrocket this week.
The development began Thursday with a tweet by President Trump raising expectations that OPEC and Russia could strike a deal that would lift oil prices after recording a 65% d...
March 27, 2020
Global crude inventories have begun to show significant increases caused by an unprecedented drop in oil demand, an outcome of the ongoing economic paralysis.
With Saudi Arabia vowing to supply record-high volumes starting next week, the trend of inventory builds looks set to continue.
How much more room even exists unt...
March 20, 2020
Will the world run out of storage to place unwanted barrels of oil?
The reduction in oil demand caused by coronavirus-related turmoil and Saudi Arabia’s record-high production have combined to create a massive oversupply. Where will it all go?
Oil prices have collapsed over the last few weeks, with NYMEX crude and ICE Br...
March 13, 2020
This week’s oil price crash was historic in scale, with Monday’s price decline ranking as the second-largest ever in percentage terms.
The catalyst came Friday when talks in Vienna between OPEC and Russia failed to deliver a new round of supply cuts.
For three years, this coalition representing 40% of the world’s oil had...
March 6, 2020
Could OPEC and Russia agree to cut oil production by enough to offset the loss of demand resulting from the coronavirus?
That question framed this week’s gathering of oil ministers in Vienna, with the outcome no doubt having a big impact on oil prices.
The global crude benchmark plunged more than $18 per barrel (-26%) to...
February 28, 2020
It’s the biggest week on the social calendar for folks in the oil industry.
In late February, London hosts a week of conferences and cocktail parties, drawing thousands from around the world.
But far fewer made the journey this year, as the coronavirus outbreak forced many to stay home instead.
Shortly before the event, o...
February 21, 2020
Oil prices rebounded this week after being pummeled for the last month by economic concerns stemming from the spread of the coronavirus.
Those fears remain in place, but oil traders saw some positive headlines elsewhere.
China’s central bank lowered its benchmark lending rate, injecting a dose of stimulus into the worl...
February 14, 2020
This week the International Energy Agency (IEA) weighed in on the biggest question facing the oil market.
“Global oil demand has been hit hard by the novel coronavirus and the widespread shutdown of China’s economy,” the IEA said in its latest monthly report.
Oil demand will fall by 435,000 barrels per day (bpd) in the...