29 C
Lagos, South Africa and New York
Saturday, June 6, 2020

Don’t Mistake Higher Oil Prices for a License to Pump

Opening the taps too soon risks another price crash just as demand starts to recover. By Julian Lee For the first time in weeks the oil news isn’t all bad. Output cuts are starting to make big inroads into supply, and demand is beginning to recover,...

Oil price bullish as Saudi Arabia says it will reduce output further

Oil prices reversed gains and turned positive on Monday after Saudi Arabia's energy minister said the kingdom aims to provide additional voluntary cuts in an effort to support global markets. Brent crude futures gained 26 cents to trade at $31.23 per barrel, U.S. West Texas...

Covid-19 crisis will wipe out demand for fossil fuels – IEA

The Covid-19 pandemic represents the biggest shock to the global energy system in more than seven decades, with the drop in demand this year set to dwarf the impact of the 2008 financial crisis and result in a record annual decline in carbon emissions...

Global oil demand curve will be slow, contingent as lockdowns eases: IEA’s Birol

Reduction from non-OPEC+ 'could well be similar' to OPEC+ cuts Demand recovery hinges on easing of restrictions Currently 50% of global energy demand impacted by lockdowns London — Involuntary production cuts from non-OPEC countries should not be underestimated, the executive director of the International Energy Agency said...

Oil Headaches No Longer the Nemesis of Emerging Markets

By Srinivasan Sivabalan Correlations near zero for most currencies in developing world EM currency index rises to record high versus Brent crude Time was when an oil-price rout almost certainly meant a currency meltdown in emerging markets. Now, it’s failing to cause as much as a flutter. Sixteen...

How Oil Prices Could Rise Back to $100

“We’re in a deflationary moment that surpasses anything seen in most people’s lifetimes,” proclaimed a New York Times byline on Tuesday, the morning after oil prices went negative. The West Texas Crude Intermediate benchmark plummeted to previously unimaginable depths, closing the day at negative...

How Coronavirus Pandemic Will Change Oil Markets Forever

Oil is cheap, demand is gone, and nothing will ever be the same. These are the facts in oil today that experts seem to agree on, although opinions may differ on what happens next. Whatever happens next, is largely undisputed: The oil industry—and those related...

Behind the hype, will Dangote’s refinery a game changer for Nigeria’s fuel thirst

By David Hundeyin In December 2019, an ambitious refinery project in the remote Ibeju-Lekki suburb of Lagos, Nigeria, took delivery of the world’s largest single crude distillation column, to much fanfare. In December 2019, an ambitious refinery project in the remote Ibeju-Lekki suburb of Lagos, Nigeria,...

How the oil price collapse will hit revenues of Nigeria, Saudi Arabia and other major exporters

The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday. Monday’s collapse came as the coronavirus pandemic obliterates global demand, furthering a price shock seen in March. Nigeria, Africa’s largest economy,...

Oil could hit negative $100 per barrel next month, according to one analyst

US West Texas Intermediate crude oil could plunge to negative $100 per barrel next month, Paul Sankey of Mizuho Securities wrote in a Tuesday note. WTI closed at a record low of about negative $37 per barrel on Monday. It was the first time the...