By Tsvetana Paraskova - Jul 21, 2020, 11:00 AM CDT
Oil prices surged early on Tuesday to their highest level since Saudi Arabia and Russia broke up the OPEC+ pact in early March, thanks to promising results in a coronavirus vaccine trial and the European Union reaching a historic stimulus package deal after five days of marathon talks.
By Tsvetana Paraskova - May 18, 2020, 10:00 AM CDT Join Our Community
U.S. benchmark oil prices surged by 11 percent early on Monday to a two-month high of over $32 a barrel amid signs of demand recovery and accelerated production cuts from all oil producers, making a repeat of last month’s negative WTI Crude prices a day before expiry increasingly unlikely.
By Jessica Resnick-Ault
NEW YORK (Reuters) - North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data.
Authorities and industry groups are warning oil companies warned about people falsely claiming to be inspectors with the Railroad Commission of Texas, the state agency that regulates the oil and natural gas industry.
A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.
With news this morning that Chesapeake Energy is preparing to file for bankruptcy, The Texas Railroad Commission (RRC) will once again take up the concept of invoking prorationing on oil production at its conference on May 5.
Producers, who failed to anticipate how quickly storage would fill up this month, are now scrambling to turn off the taps—at least those who can.