Рубрика ‘News in English’

Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse

Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse

As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still. Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price […]

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude. Reliance Industries Ltd. booked the supertanker Princess Mary for more than $400,000 a day to haul crude from the Middle East to […]

First Coronavirus Case Found on Offshore Oil Rig in Norway

First Coronavirus Case Found on Offshore Oil Rig in Norway

Equinor ASA reported the first case of coronavirus among employees on oil and gas installations offshore Norway and is testing more workers on several platforms. The positive test at the Martin Linge field, due to start output at the end of the year, appears to be the first confirmed instance of an infected worker on […]

Oil Buyers Seek Up To 50% More Saudi Crude Amid Price War

Oil Buyers Seek Up To 50% More Saudi Crude Amid Price War

At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according to people familiar with the matter. The so-called nominations show how the price war that’s broken out between the world’s biggest crude producers is […]

Putin’s Russia to Work With OPEC+ But Content With Oil Price

Putin’s Russia to Work With OPEC+ But Content With Oil Price

Russia is ready to cooperate with its OPEC+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The OPEC+ mechanism «has already established itself as an effective tool in ensuring long-term stability in global energy markets», Putin told a meeting with ministers in Moscow on […]

Oil Hovers Near $50 as Expectations of Urgent OPEC Meeting Fade

Oil Hovers Near $50 as Expectations of Urgent OPEC Meeting Fade

Oil hovered around $50 a barrel in New York on signs a much-touted emergency meeting of OPEC+ ministers probably won’t happen after all. Ministers from the group and its allies are unlikely to hold an early meeting this month, while one planned for March will go ahead, Azerbaijan Energy Minister Parviz Shahbazov told the RIA […]

Glencore Appoints CEO Glasenberg’s Nephew to Run Oil Assets

Glencore Appoints CEO Glasenberg’s Nephew to Run Oil Assets

Ivan Glasenberg appointed his nephew as head of oil assets at Glencore Plc, the latest changing of the guard in the senior ranks of the world’s largest commodity trader. Colin Glasenberg, who joined Glencore’s energy business in 2011, is now part of senior management and oversees oil fields in Chad and Equatorial Guinea. The appointment […]

Thunberg to Davos: Nothing’s Been Done on Climate Change

Thunberg to Davos: Nothing’s Been Done on Climate Change

Greta Thunberg brought a stark message to the business elite gathering in Davos: Everybody is talking about climate change, but nobody is doing anything. Her appearance at the opening of the World Economic Forum was a striking sign that the debate about how to stop the Earth warming has become mainstream in business circles. Yet […]

Despite Trump’s Claim, the U.S. Still Needs Some Middle East Oil

Despite Trump’s Claim, the U.S. Still Needs Some Middle East Oil

Trump said: «We do not need Middle East oil», but the reality is while imports have dropped substantially, US refineries still need those grades of crude. President Donald Trump said during an address from the White House Wednesday that the U.S. no longer needs oil from the Middle East, but American refineries still use the […]

«Gunvor Group» Cements Its Role as Biggest Independent LNG Trader

«Gunvor Group» Cements Its Role as Biggest Independent LNG Trader

«Gunvor Group Ltd.» cemented its role as the world’s largest independent trader of liquefied natural gas, the fastest growing fossil fuel. The trading company delivered 16 million tons of LNG this year, boosting volumes by 45% from 2018, the company said on Wednesday. Last year, it already topped larger rivals «Vitol Group» and «Trafigura Group […]

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