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Tag Archives: oil

Crude Oil Price Update – Correction is expected to start if the move remains below $ 39.36

US West Texas Intermediate’s crude oil futures closed at their high on Thursday as traders responded to better-than-expected U.S. non-agricultural pay slips and a fall in the unemployment rate, while little on rising and rising weekly unemployment claims COVID-19 cases responded. Prices were also supported by a fall in US crude stocks, which was reported earlier this week. On Thursday, …

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Venezuela still exports oil to China despite sanctions

Venezuela is still sending oil to China despite suffocating U.S. sanctions, Bloomberg reported, citing shipping data from Kpler. According to the data, 3.3 million barrels of Venezuelan crude were awaiting unloading in Chinese ports this Monday and another 5 million barrels on the way to Qingdao port. “Most of the oil goes to China after a simple ship-to-ship transfer, often …

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BP cuts 10,000 jobs as oil stocks rise

British oil and gas giant BP (NYSE: BP) is to reduce its global workforce by around 10,000 employees. In an email to employees, CEO Bernard Looney announced the job cuts, which will affect approximately 15% of the company’s workforce. This is a reversal of the company’s moratorium on job cuts as the COVID-19 crisis hit the industry hard. The announcement …

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Opec and allies extend oil production cuts to Opec late July

Opec, Russia and its allies have agreed to extend the record cuts in oil production until the end of July, thereby extending a contract that has helped crude oil prices to double in the past two months by nearly 10% of global supplies from Market were taken. The group, known as Opec +, also called on countries like Nigeria and …

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OPEC and allied nations are extending their oil production by almost 10 million barrels a day and reducing it by a month

OPEC and the Allied Nations agreed on Saturday to extend the cut in production of nearly 10 million barrels of oil per day until the end of July to promote stability in the energy markets that have been severely affected by the global economic crisis resulting from the coronavirus pandemic . The cartel and foreign ministers led by Russia met …

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EXCLUSIVE US Sources are considering blacklisting more oil tankers to trade with Venezuela

LONDON / NEW YORK, June 5 (Reuters) – The U.S. is considering sanctioning at least 40 additional foreign oil tankers to trade with Venezuela, four shipping sources told Reuters on Friday. The sources said that the possible sanctions against the various ships could be imposed immediately, although no decision has yet been made. Ships that could be targeted included 25 …

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