(Bloomberg) — The Trump administration announced sanctions on eight companies involved in the sale of Iranian petrochemicals and said previous seizures of Iranian petroleum bound for Venezuela brought the U.S. $40 million that will be given to American victims of terrorism. The actions announced on Thursday gave the administration a chance to highlight President Donald
(Bloomberg) — Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery. Futures fell 1.1% in New York on Friday to end the week below $36 a barrel taking their cue from a broader market selloff and the worst week for U.S.
(Bloomberg) — Oil futures fell to multi-month lows as record growth in coronavirus cases in the U.S. and Europe raised the specter of more demand destruction from tighter lockdown measures. Futures in New York fell to their lowest since June, while the global Brent benchmark slid to a five-month low. The Covid-19 surge in the U.S. Midwest rose
(Bloomberg) — Oil hit a four-month low in London alongside a broader market selloff as swelling U.S. crude stockpiles added to concerns that a fresh surge in coronavirus cases may derail the global economic recovery. Global benchmark Brent futures plunged to the lowest since June, while futures in New York slid 5.5% on Wednesday, falling
(Bloomberg) — Oil rose the most in nearly three weeks in the wake of a weakening dollar and as Tropical Storm Zeta leads U.S. Gulf crude producers to shut almost half their total oil output. Futures climbed 2.6% in New York following Monday’s slide below $39 a barrel. The Bloomberg Dollar Spot Index declined as
(Bloomberg) — Oil slid to a three-week-low amid concerns that rising coronavirus cases coupled with diminishing prospects for a U.S. stimulus deal will crimp the demand recovery. Futures in New York fell 3.2% on Monday as hopes of a virus relief package before the election faded. At the same time, Europe took a step closer to
Rigzone’s downstream-focused readers devoted considerable attention to an offshore pipelay project and efforts to reduce carbon dioxide emissions, according to recent pageview data. Keep reading for summaries and links to the articles. TechnipFMC Gets Significant Equinor EPCI Deal TechnipFMC revealed that it won an engineering, procurement, construction and installation (EPCI) contract for Equinor’s Breidablikk project.
(Bloomberg) — Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil-sands industry to idle more output than required. A cap on production that’s currently at 3.81 million barrels a day will no longer be in effect in December, with
(Bloomberg) — Oil retreated as a further increase in Libyan output threatens to return more supply to a market that’s already grappling with a pandemic-induced slump in demand. Crude futures fell 1.9% in New York on Friday and posted their first weekly decline in three. Libya lifted force majeure on its Ras Lanuf and Es
(Bloomberg) — Oil rose with signs of progress on a U.S. stimulus deal that could buoy the ailing demand outlook. Futures in New York advanced 1.5% to near $41 a barrel Thursday, the second gain so far this week. House Speaker Nancy Pelosi said she and Treasury Secretary Steven Mnuchin are “just about there” on
(Bloomberg) — Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages. Both crude and gasoline futures in New York declined 4% on Wednesday. Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase
(Bloomberg) — Pioneer Natural Resources Co. agreed to buy Permian Basin peer Parsley Energy Inc. for $4.5 billion in stock, the latest in a flurry of mergers that’s quickly reshaping the beleaguered U.S. shale oil industry. Pioneer said Tuesday in a statement the transaction represents a 7.9% deal premium for Parsley holders based on closing
DUBAI, United Arab Emirates — The International Monetary Fund downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole — 1.3 percentage points worse than its previous assessment in April — in its latest regional outlook report released Monday. Jihad Azour, director of the
(Bloomberg) — Oil in New York fell slightly under $41 a barrel after the OPEC+ Joint Ministerial Monitoring Committee made no mention of any changes to a plan to further ease oil-output cuts from January. Still, Saudi Oil Minister Prince Abdulaziz Bin Salman called on the OPEC+ alliance to be proactive in the face of uncertain demand,
Articles about a big management change, a big step for one project and a potentially big headache for another endeavor recently commanded a significant share of attention from Rigzone’s downstream audience. Read on for a review of some of the most popular articles linked to the downstream – based on pageviews – that ran on
The total number of rotary drilling rigs operating in the United States rose by 13 this week, Baker Hughes Co. (NYSE: BKR) reported Friday. The 282-rig U.S. count includes 205 oil rigs (up 12 from last week), 74 gas rigs (up one) and three miscellaneous rigs (unchanged), Baker Hughes noted in a written statement emailed
(Bloomberg) — Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market. Futures in New York edged lower on Friday, but still managed to record an advance of 0.7% this week on shrinking U.S. crude stockpiles and
(Bloomberg) — Oil recovered from early losses as shrinking American crude and refined product stockpiles offset signs that the fragile demand recovery is under threat. Futures in New York ended the session little changed just under $41 a barrel after earlier falling as much as 4.4%. The Energy Information Administration reported a decline in U.S.
(Bloomberg) — Oil rose to its highest in nearly a week amid a weaker dollar and signs of improving demand in China and India. Crude futures gained 2.1% in New York, while the Bloomberg Dollar Spot Index slipped as much as 0.3%, raising the appeal for commodities priced in the currency. Meanwhile, refinery activity in
(Bloomberg) — Oil advanced after data showing a rise in China crude imports signaled strengthening demand, even as uncertainty over U.S. fiscal stimulus kept price gains in check. Futures in New York rose 2% on Tuesday, buoyed by data showing Chinese crude imports climbed 2.1% month-on-month in September, according to the General Administration of Customs.