Edition:
United States

Devika Krishna Kumar

Oil slips after IEA lowers 2020 demand forecast

Aug 13 2020

NEW YORK Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses.

Oil companies start to take back crude from U.S. emergency reserve

Aug 10 2020

Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.

Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

Aug 05 2020

NEW YORK Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.

Dakota Access oil pipeline users downplay need for line to investors

Aug 05 2020

NEW YORK The largest oil pipeline out of the Bakken shale formation in North Dakota could be forced to shut this week, and the companies that use it are telling investors they can survive without it. But in legal filings, they have made its closure seem dire.

MPLX sees about $100 mln earnings hit if two Bakken oil pipelines shut

Aug 03 2020

NEW YORK, Aug 3 MPLX LP said on Monday that any closures of the Dakota Access Pipeline (DAPL) and the Tesoro High Plains Pipeline in North Dakota could potentially reduce its pre-tax earnings by about $100 million annually.

Mexico switches up fuel import contracts as it clamps down on costs

Jul 31 2020

NEW YORK/MEXICO CITY Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash.

Exclusive: Mexico moves to launch world's largest oil hedge - sources

Jul 24 2020

NEW YORK/MEXICO CITY Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal.

EXCLUSIVE-Mexico moves to launch world's largest oil hedge -sources

Jul 24 2020

NEW YORK/MEXICO CITY, July 24 Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal.

Bounceback in U.S. shale oil output is unlikely to last the summer

Jul 23 2020

HOUSTON/NEW YORK A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April.

Bounceback in U.S. shale oil output is unlikely to last the summer

Jul 23 2020

HOUSTON/NEW YORK A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April.

World News

As UAE hails Israel accord, silence from Saudi Arabia

As media and people in the United Arab Emirates hailed the Gulf state's deal to normalise relations with Israel as a diplomatic victory that helps the Palestinians, silence reigned in Saudi Arabia, longtime figurehead of regional policy towards Israel.