LONDON: Oil prices rocketed on Thursday (Apr 2) after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by ...
LONDON: Oil prices rocketed on Thursday after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output.
"I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" said Trump.But the Kremlin denied Putin had spoken to the crown prince. The kingdom, which is the cartel's kingpin, launched last month a vicious price war, after the Organization of the Petroleum Exporting Countries and Russia failed to clinch a deal to slash output as the deadly coronavirus battered oil demand.Slashed global demand, along with the price war, sent oil prices to their lowest levels in 18 years this week. WTI slumped below US$20, having lost around 65 per cent of its value in the first quarter.
Despite evaporating demand, production has continued apace as Russia and Saudi Arabia vie for market share, with the excess oil struggling to find space in overstretched storage facilities around the world.Western Canadian Select had earlier this week traded at"four to five dollars. With the transport cost it means that the price is negative", Per Magnus, head of analysis at Rystad Energy, told AFP.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia, US hold energy talks, as Trump complains about oil cheaper than waterU.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President ...
Read more »
Trump invites oil CEOs to discuss help for ailing industryWASHINGTON: US President Donald Trump has invited oil executives to the White House to discuss potential aid for the industry as the coronavirus ...
Read more »
Trump invites oil CEOs to discuss help for ailing industry: sourceU.S. President Donald Trump plans to meet with oil executives on Friday to discuss potential aid to the industry, including possible tariffs on ...
Read more »
US shale company Whiting becomes first major bankruptcy of oil-price crashShale producer Whiting Petroleum Corp said on Wednesday it filed for Chapter 11 bankruptcy, the first major casualty of a free fall in crude ...
Read more »
Exclusive: US plans to lease space to energy companies to store oil in emergency reserveThe U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the Strategic Petroleum Reserve ...
Read more »