Saudi Arabia is flooding Europe with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in an escalation of its fight with Moscow for market share, five trading sources said on Friday.
The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Persian Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices.
Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 US-led war against Iraq as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed.
A multinational investment bank has ended support for offshore drilling in the Arctic amid efforts to tackle climate change, a move that could affect future funding for oil and gas projects in Alaska, a newspaper said.
Saudi Arabia’s economy barely grew last year, increasing the need for the government to turn on the fiscal taps to deliver faster growth in 2020 in the face of disruptions from the coronavirus and the prospect of lower energy prices.
Indian refining companies are snapping up rare crude grades as the coronavirus outbreak curtails China's demand for processing, executives and traders said, with prices for some grades falling by as much as 15 percent.
Libya will face a financial crisis and a budget deficit in 2020 because of a blockade of oil terminals and oil fields by groups loyal to eastern-based commander Khalifa Haftar, the head of Libya's internationally recognized government said.