Photo: By Oleksandr Kalinichenko / Shutterstock By Alex Longley (Bloomberg) -- Oil is headed for its largest weekly collapse since 2008 as a bitter price war erupted between Saudi Arabia and Russia, and coronavirus contagion cratered demand. Futures in New York are down 18% this week. The crude surplus may reach a record high by April as the two former OPEC+ allies race … [Read more...]
Saudis Make Rare Supertanker Bookings to Carry Flood of Oil
Photo: Garry2014 / Shutterstock By Sheela Tobben, Alaric Nightingale and Serene Cheong (Bloomberg) -- Saudi Arabia’s biggest tanker company booked a batch of ships to transport the kingdom’s crude to U.S. customers in what shipbrokers say is a highly unusual step for the company. National Shipping Co., also known as Bahri, has booked around five Very Large Crude Carriers … [Read more...]
Oil Prices Tank as Saudi-Russian Pump War Looms
tcly / Shutterstock By Dmitry Zhdannikov LONDON, March 9 (Reuters) - Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed. Despite sliding demand for crude due to the … [Read more...]
The Impact of U.S. Sanctions on Oil Market and Rosneft
Photo: tcly / Shutterstock By Gleb Gorodyankin and Polina Devitt MOSCOW/LONDON, Feb 19 (Reuters) - The United States on Tuesday ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that Washington said provides a financial lifeline to President Nicolas Maduro's government. The U.S. sanctions threaten Venezuela's ability to … [Read more...]
Guyana’s First Oil Sets Sail for United States
By Marianna Parraga and Neil Marks Jan 20 (Reuters) - A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter. The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound … [Read more...]