Crude oil prices 30/03/2020
The price of OPEC basket of thirteen crudes stood at $24.26 a barrel on Friday, 27 March 2020, compared with $26.04 the previous day, according to OPEC Secretariat calculations.
On Friday, an official from Saudi Arabia’s energy ministry reportedly said the kingdom was not in talks with Russia to balance oil markets despite rising pressure from Washington to stop the rout that has cut prices by over 60 per cent this year.
WTI CRUDE $20.10 a barrel (30/03/2020)
BRENT CRUDE $25.74 a barrel (30/03/2020)
U.S. oil prices have fallen for five consecutive weeks, and have plunged more than 66% since the start of the year, taking gas below $2 a gallon across much of the country.
Brent crude futures contracts for May delivery, were last seen $1.79 lower from their Thursday close in New York and trading at $24.55 per barrel, while WTI contracts for the same month were marked $1.22 lower at $21.38 per barrel.
Planned 2020 capital expenditure on the UK producing assets is expected to be below US$45 million, reduced from the original forecast of US$65 million as a result of cost savings identified and the deferral of certain activities planned for the Catcher fields.
The Executive Director of the International Energy Agency (IEA), Dr Fatih Birol, and the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, spoke by phone to review the current situation in global oil markets.
The two leaders expressed deep concerns about the coronavirus (COVID-19), which is already a grave and unprecedented global health crisis with potentially far-reaching economic and social consequences. Dr Birol and SG Barkindo assessed the impact of the virus and the recent broad-based financial and oil market volatility on the global economy. In particular, they discussed the inherent risks of the fast-evolving dynamics, including the most recent developments in global oil markets. They agreed that these create material impacts, particularly for citizens of developing countries including those that rely heavily on income from oil and gas production for essential services and that are especially vulnerable to market volatility. More …
European EV registrations up by 92% in February , Electric vehicles were on a roll in Europe through February, before the coronavirus reached higher impacts on sales and production.
Source / More information: Oil and Gas News
Please email us your industry related news for publication [email protected]
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook
Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us [email protected]