Global container shipping lines have canceled more than 160 sailings over the past week as they try to maintain freight rates in the face of billions of dollars in potential losses driven by falling trade demand. The service cancellations have grown from 45 last week to 212, according to Copenhagen-based […]

North Sea crude oil traders were attempting to keep pace with the rapid market swing Monday morning, as they battled to manage uncertainty, read developing paper structures and secure viable storage options in an unprecedented trading environment. Crude oil futures plunged in London during morning trade Monday, as Saudi Arabia […]

Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows. “And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement […]

OPEC has coalesced around a plan to cut 1 million b/d of its own crude oil production and lobby Russia and nine other non-OPEC partners to slash 500,000 b/d of their output for a total reduction of 1.5 million b/d through the second quarter, according to sources familiar with the […]

Europe’s top oil and gas companies, which account for roughly 7% of global crude consumption, have committed themselves to greenhouse gas emission reduction targets which vary in scope, timelines and detail, making them hard for investors to compare. And what does this mean, say, for the carbon footprint of a […]

Oil prices tumbled nearly 4% on Monday as investors worried over the impact of the coronavirus spreading outside of China. One oil expert believes that oil is already approaching the “area of the worst-case scenario.” “We’re looking at a worst case scenario of a $41 a barrel on the downside,” […]

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a “highly fragile” projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. In a note for G20 finance ministers and central bankers, the global lender […]

Price forecasts revised lower The outbreak of the coronavirus has had a significant impact on commodity markets, and oil has certainly felt the pressure, with the demand outlook looking weaker as a result. Given expectations for an even larger surplus over the first half of 2020 we have revised our […]

The production cuts continued by OPEC may not be enough to stabilise global markets and the oil cartel may have to look cutting crude output by another 0.85 million barrels to balance the market hit hard by the Coronavirus outbreak. According to a report by ICICI Securities, in the worst […]

  The oil market looks set for at least four months of depressed demand because of China’s coronavirus outbreak, with a large crude surplus not expected to clear at least until August, analysts and traders said. Fears of a virus-related slump in global energy demand have flipped the market into […]