Photo: By Oleksandr Kalinichenko / Shutterstock By Roslan Khasawneh SINGAPORE, April 8 (Reuters) - Supertanker freight rates have fallen after last week's highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said. Freight rates could drop further if the Organization of the … [Read more...]
Oil Posts Biggest Single-Day Gain After Trump Touts Saudi-Russia Oil Deal
Photo: Garry2014 / Shutterstock By Scott DiSavino NEW YORK, April 2 (Reuters) - Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market … [Read more...]
Saudi Arabia Tanker Power Play Could Backfire as Oil Demand Shrinks
Photo: By G-Valeriy / Shutterstock By Jonathan Saul and Dmitry Zhdannikov LONDON, March 23 (Reuters) - Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments. That could leave the kingdom stuck with tens of millions of barrels … [Read more...]
Oil’s 24% Plunge in a Day Signals No End in Sight for Meltdown
Photo: Anatoly Menzhiliy / Shutterstock By Alex Longley, Javier Blas and Jackie Davalos (Bloomberg) -- Oil is ensnared in such a crisis that Wednesday’s 24% plunge in New York wasn’t even its worst day this month. Futures are now at the lowest level in almost two decades after Saudi Arabia signaled it’s doubling down on a price war with Russia just as demand evaporates. … [Read more...]
Saudi Arabia Floods Market with Cheap Oil to Squeeze Out Russia
REUTERS/Maxim Shemetov/File Photo By Olga Yagova and Gleb Gorodyankin MOSCOW, March 12 (Reuters) - Saudi Arabia has stepped up efforts to squeeze Russia's Urals oil grade out of its main markets by offering its own cheap barrels instead after their long-standing deal to support global oil prices fell apart, seven oil sources said. Cooperation between Moscow and Riyadh … [Read more...]