Crude oil prices closed lower on Monday, starting the week with a negative performance, as concerns about the surging number of coronavirus cases in many countries overshadowed positive impact from COVID-19 vaccine news and smaller than expected increase in output by the OPEC+ alliance. Heightened tensions between the United States and China put further pressure on WTI price. Hence, Brent crude declined by 0.9% to settle at $48.79 a barrel. Meanwhile, WTI crude decreased by 1% to end at $45.46 a barrel.
read more... 08/12/2020
Crude oil futures retreated from multi-month highs on Monday as OPEC+ postpones output cut decision to Thursday. Hence, Brent crude declined by 1.2% to settle at $47.59 a barrel. Meanwhile, U.S. WTI crude lost 0.4% to close at $45.34 a barrel. For November, both contracts rallied by around 27%, their biggest monthly gains since May on hopes of upcoming vaccines for COVID-19 that would help economic activity and oil demand resume.
read more... 01/12/2020
China Petroleum & Chemical Corp, or Sinopec, said on Thursday it plans to produce more than 30 billion cubic metres (bcm) of natural gas in 2020, marking an increase of just 1.1% from its output in 2019.
read more... 19/11/2020
Crude oil prices were little changed on Tuesday as optimism about a second promising coronavirus vaccine faded in the face of concerns about the immediate outlook for demand. However, the conclusion of Monday’s OPEC+ meeting, with the majority of the producer countries supporting an extension of the output cuts beyond January has failed to boost the market sentiment. Hence, Brent crude lost 0.2% to end at $43.75 a barrel. At the same time, U.S. WTI crude added 0.2% to settle at $41.43 a barrel.
read more... 18/11/2020
Once again, the Equinor-operated Johan Sverdrup field is increasing its daily production capacity, expecting to reach around 500,000 barrels of oil per day by the end of the year.
read more... 18/11/2020