Crude oil prices 30/03/2020

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.

Canadian Drillers Face Nightmare Scenario As Oil Crashes To $5

Cairn Energy PLC Operational Update – 2020 Reduced Capital Expenditure

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 …

Africa Oil Releases its Year-End 2019 Statement of Reserves

Covid-19: contractors ‘fall through cracks’ in support

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.

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