Latest Crude oil prices, News to 20/05/2020

Latest Crude oil prices, News to 20/05/2020

The price of Brent crude oil has demonstrated solid growth in the past several days.Oil prices are bouncing back from Covid-19 effect lows.

Equatorial Guinea announced that it has fully adjusted its oil production in accordance with its commitment to oil market stability and the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively, via videoconference.

The price of OPEC basket of thirteen crudes stood at $28.43 a barrel on Tuesday, 19 May 2020, compared with $28.21 the previous day, according to OPEC Secretariat calculations.

Crude Oil (WTI)USD/bbl32.77+2.53%
Crude Oil (Brent)USD/bbl35.66+2.91%
Natural GasUSD/MMBtu1.87+2.51%
At press time,

According to data intelligence firm Kpler, the volume of clean petroleum products—gasoline, diesel and jet fuel—being stored at sea around Singapore is on the rise.

Norwegian oil and gas company Equinor has drilled a dry well near the Fram field in the North Sea offshore Norway. The well encountered poorly developed sandstones in the Intra Heather Formation with poor reservoir quality and no traces of petroleum. The well is classified as dry. Data has been collected.

Saudi Arabia’s oil exports increased by 113,000 barrels per day (bbl/d), reaching 7.391 million barrels per day (mmbbl/d) in March, up from 7.278 mmbbl/d in February, according to Reuters.

Morocco’s Samir refinery has accepted a state offer to rent its storage platforms to secure the country’s oil needs, according to the North Africa Post .The oil storage shortage has resulted in oil prices falling dramatically thus the Moroccan government has decided to rent storage space from Samir refinery which closed in 2015 due to bankruptcy.

Russian state-run oil company Rosneft has acquired another 104,100 its own ordinary shares and 317,600 global depositary receipts (GDRs) as part of its buyback program, the company said in a statement on Tuesday.

Ryanair’s annual profit sank as the coronavirus halted travel and the Irish no-frills airline bet on jet fuel prices being much higher ahead of an oil-price crash, it said Monday.

Tanker “Vladimir Monomakh” Launched at Zvezda Shipyard

OPEC Secretary General, Mohammad Sanusi Barkindo, today sent a letter of condolence to HE Eng. Bijan Namdar Zanganeh, Minister of Petroleum of the Islamic Republic of Iran, following the passing away of Hossein Kazempour Ardebili, the country’s veteran representative to the OPEC Board of Governors.

Nortrans ROV vessel on Shell duty off Nigeria

Singapore-based Nortrans Offshore and its partner in Nigeria have secured a contract with Shell for the ROV vessel Prince Jameson The spot charter deal is for a duration of one to three months, Kjell Gauksheim, managing director of Nortrans said.

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Source / More information: Newstrack compiled by Oil and Gas Press / Segun Cole , Please email us your industry related news for publication [email protected]
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