Loren Dawson
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Crude Oil
Argentinean Drillers Benefitting from Government’s Efforts to Set Oil Prices
West Texas Intermediate has been rising since its history-making crash in the U.S. last month, trading at around $25. Brent crude has been hovering, reaching $30 in London. They can’t come near the criollo barrel in Argentina, although — $45 guaranteed, no matter what. That dream worth doesn’t actually exist, but it surely might soon. The administration of President Alberto…
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Crude Oil
Russia Boosts Oil and Gas Production in April Ahead of Reductions
Russia boosted oil and gas condensate output in April to 46.45 million tonnes, or 11.35 million barrels per day (BPD), from 11.29 million BPD in March, Interfax reported on Saturday, before it makes reductions this month under a global supply pact. The report, which cited Energy Ministry data, confirmed April’s figure was the highest month-to-month average production C-RU-OUT since January…
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Crude Oil
Diamond Offshore Drilling Files for Chapter 11 Bankruptcy Protection As Demand Drops
Diamond Offshore Drilling., the rig contractor, owned by Loews Corp., filed for bankruptcy amid an unusual crash in crude prices that is dampening demand for oil exploration at sea. The firm listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 records. It has nearly $434.9 million of money…
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Crude Oil
Oil And Chemical Companies Are Going To Slash Capex
Within the wake of the coronavirus and collapse in crude oil costs, chemical, and oil and fuel, and midstream corporations will all slash capital spending (capex) for development initiatives to protect money. In consequence, the US and international chemical funding waves seem to sluggish significantly within the years forward. Whereas main US chemical tasks beneath building ought to proceed, the…
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Crude Oil
Investors Suggest Big Oil Firms to Break Dividend Taboo As Debt Elevates
The world’s most significant oil and gas companies should break a business taboo and consider reducing dividends, somewhat than taking on any extra debt to maintain payouts as they weather the fallout from the coronavirus pandemic, traders say. The top five so-called oil giants have avoided decreasing dividends for years to keep traders sweet and added a $25 billion collectively…
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Crude Oil
Oil to Fall Lowest Since 2008 Financial Crisis Despite Rising Over 3%
Oil prices had been set for their worst weekly drop since the 2008 financial crisis, regardless of rising over 3% Friday, as investors worried over evaporating demand from the coronavirus pandemic and a production increase by top producers. Brent crude was up $1.12, i.e., 3.4%, at $34.33 per barrel after tanking over 7% Thursday. For the week, Brent is set…
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Crude Oil
Oil State Senators Urge Trump Administration to Revoke Decision to End Biofuel Waivers
The oil sector and its Capitol Hill aides are pressing the Trump administration to defend its decision to eliminate oil refineries from requirements they mix biofuels into gasoline and diesel. The administration has time until the next Monday to request the 10th Circuit U.S. Appeals Court to rehear a verdict that threatens to reduce the use of waivers. Republican senators…
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Crude Oil
US Oil and Gas Sector Affected Massively by Coronavirus
The worldwide vitality sector is sick due to the coronavirus. However, the illness might have its most deleterious impact on the U.S. oil and gas industries, on condition that the president is making an attempt to stress China to purchase more U.S-produced fossil fuels. China’s concessions throughout commerce talks are doubtful. However, the coronavirus makes them much more uncertain. And…
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Crude Oil
Asian VLSFO Comes Down After Enjoying Record Peaks
Asia’s market for very low-sulfur fuel oil (VLSFO) has departed from its record peaks near the beginning of the year, as demand crumbles under seasonal elements and an outbreak in China. At the same time, supply expectations improve, analysts and traders stated. Cooling VLSFO prices are an early signal of stabilizing market fundamentals after months of dryness triggered by the…
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Crude Oil
China Virus Affects the Crude Oil Market
International oil demand will endure its first quarterly drop in a decade because the COVID-19 virus lashes the economic system in China, and its impression ripples all through the world, the IEA mentioned. Whereas the IEA nonetheless expects demand for oil to develop for this year because the outbreak is restrained, it slashed its forecast for the rise in world…
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