A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas Intermediate (WTI) crude for May delivery recouped some losses on Tuesday to be just... Continue Reading →

(Reuters) - U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover. Physical demand for crude has dried up, creating a global supply glut as billions of... Continue Reading →

As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact that would be felt throughout every corner of the global economy. Continue reading

The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove... Continue Reading →

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand... Continue Reading →

Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by video conference on Thursday, now have the outline of a deal to cut production by 10 million... Continue Reading →

The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy. A Rystad Energy impact analysis estimates that drillers will see up to 10% of their contract volumes... Continue Reading →

The 2020 Offshore Technology Conference (OTC) has been canceled due to the coronavirus pandemic. "While OTC’s purpose is to provide an opportunity for those in the offshore petroleum industry from around the world to meet and share knowledge, our first priority is to the health and safety of our attendees and exhibitors. Therefore, OTC has... Continue Reading →