China's State Oil Giants Slash Spending
While the U.S. oil industry is in the throes of panic as demand has fallen out of the oil market, China is suffering its own oil crisis? resulting in capex?
Norway To Slash Oil Output By 250,000 Bpd
Norway said that it would reduce its crude oil production by 250,000 bpd in June, and then maintain a 134,000-bpd lower rate of production for the rest of 2020, the?
Crashing Fuel Demand Leads To Large Loss For This Big U.S. Refiner
U.S. refiner Valero Energy Corporation (NYSE: VLO) reported on Wednesday a net loss of $1.9 billion for Q1, compared to a profit for the same period last year, after?
Italian Car Sales Plunged 98% In April
You can't get much more of a "worse case scenario" in auto sales than watching numbers plunge an astounding 98%. But that's exactly what has happened with new car sales?
The World's Largest Oil Fund Is Sitting On $725 Million In Unrealized Losses
The United States Oil Fund (USO), the world's most popular exchange-traded fund linked to crude oil prices, was sitting on US$725.5 million in unrealized losses on futures as of the?
Kazakhstan Negotiating 22% Oil Output Cut
Kazakhstan is in talks with the companies operating its two large oil projects to reduce total output by 22 percent in compliance with the latest OPEC+ production cut agreement. The?
Is Venezuela's PDVSA Abandoning Its Socialist Agenda?
Venezuela seems to be changing tactics when it comes to managing its oil resources. PDVSA is considering a major industry reform that would increase private company activities in its troubled?
Chinese Oil Giant CNOOC Cuts US Shale, Canada Oil Sands Output
China National Offshore Oil Corporation (CNOOC), a major oil operator with assets around the world, is reducing its 2020 production and spending guidance in light of the unprecedented market downturn,?
Another Big Shale Driller Stops Operations In The Bakken
After Continental Resources suspended drilling in North Dakota and started shutting in operating wells, now another company has followed: Oasis Petroleum. Reuters?quotes?unnamed sources that said the company has started?
Continental Resources Sued Over Failed Oil Deal Amid Price Crash
A small privately held oil and gas company from Tulsa, Oklahoma, is suing Continental Resources over a deal from which Continental withdrew after oil prices plunged in early March, Reuters?