Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated TNK Trading International S.A. (TTI) for operating in the oil sector of the Venezuelan economy.
Saudi Arabia increases efforts to send Russia’s Urals oil grade out of its markets as it offers its own cheap barrels, as the two countries’ deal to support global oil prices fell apart.
With global markets experiencing the oil price crash, Wood Mackenzie’s Tom Ellacott believes that the price collapse could lead to a new phase of deep industry restructuring, bringing similar changes as those of the late-1990s.
In view of the ongoing oil demand situation and the disruption brought by coronavirus, OPEC recommended extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020, as previously announced.
In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.
Although several forecasts estimated that the oil demand will drop due to the coronavirus outbreak, oil prices ended up higher about 1%, for 3rd straight session, while investors expected that the oil producers would cut more output.
In his 2020 State of the Union Address, the U.S. President Donald Trump highlighted the success of the oil and gas industry.
APM Terminals shake hands with Brasco, a Wilson Sons Group company and inked an agreement in order to boost oil exploration operations. Specifically, Brasco as an offshore security support company, will further secure oil explorations located at Pecém Industrial and Port Complex.
The Tanker Research & Consulting department at Poten & Partners recently informed on the potential impact of the Coronavirus outbreak on the tanker market. In fact, Poten & Partners highlight that it is highly uncertain at this point how the virus outbreak, which started in the city of Wuhan in China and has spread across several countries in Asia and the world, will further develop and what the implications will be on the Chinese as well as the global economy.
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