Oil slumps below $30 a barrel as coronavirus spreads, OPEC rancor remains elevated
Oil prices fell below $30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.
Developing nations may lose up to 85% of oil and gas income this year: IEA, OPEC
Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday, citing recent IEA analysis.
BAML cuts Latam 2020 GDP forecast to 0.7% on coronavirus, oil shocks
Economists at Bank of America Merrill Lynch have substantially lowered their 2020 economic growth forecast for Latin America, citing the hit to activity from the global coronavirus outbreak and the region’s exposure to lower oil prices.
Equinor's offshore oil rig infection exposes coronavirus dangers
Equinor (EQNR.OL) reported the oil industry’s first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.
OPEC slashes 2020 oil demand view on coronavirus, sees more downside
OPEC slashed on Wednesday its forecast for global growth in oil demand this year due to the coronavirus outbreak and said more revisions might follow, underlining the deepening impact of the virus on the market days after a pact on output cuts collapsed.
Russia opposes Saudi's plan to deepen OPEC+ output cuts: WSJ
Russia has opposed Saudi Arabia's plan to deepen OPEC+ cuts by 1.2 million barrels per day, a Wall Street Journal reporter said in a tweet here on Wednesday, citing sources.
Oil gives up gains even as OPEC works on big output cut
Crude oil prices were mixed, giving up early gains despite expectations that major producers were closing in on an agreement to cut supply aimed at offsetting a slump in demand caused by the coronavirus outbreak.
OPEC struggles to win Russian backing for big oil cut amid coronavirus
Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak.
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