'Unprecedented' oil price collapse hammers BP profits
4 years, 8 months ago

'Unprecedented' oil price collapse hammers BP profits

The Telegraph  

BP's profit slumped by two thirds in the first three months of the year after coronavirus triggered a collapse in global oil prices. The drilling titan warned that some companies will have no choice but to shut down wells as it unveiled a plunge in its preferred measure of underlying replacement cost profits to $791m, down from $2.4bn in the same period last year. BP said it was hurt by the price crunch, weaker results from its oil trading business and diminishing demand for its refined products and fuels. Despite record production cuts by oil producing nations to boost prices, BP said that so-called shut-ins where wells are blocked up remain likely and these may be difficult to reverse, making it harder to increase production again when the pandemic finally passes.

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History of this topic

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
1 month ago

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026

Live Mint  

International crude oil prices traded higher on Thursday, December 5, after the Organisation of Petroleum Exporting Countries and its allies, in its virtual meeting, decided to delay its planned output increase by three months to April 2025 and extend the full unwind of production cuts by a year until the end of 2026. -According to Reuters calculations, the gradual unwinding …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
1 month ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
1 month, 3 weeks ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor
3 months, 1 week ago

Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor

Hindustan Times  

Oil prices fell on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East. A panel of top ministers from the OPEC producer group meets on Oct. 2 to review the market, with no policy changes expected. The possibility of Libyan oil output recovering also weighed on the market.

Investors turned more bearish on oil last week than ever
3 months, 3 weeks ago

Investors turned more bearish on oil last week than ever

The Hindu  

Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental Exchange showed on Friday. “This …

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
4 months ago

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook

Live Mint  

Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this week on three reports that may clarify the demand outlook. Traders are in line for bumper crop of market insights this week as the three most prominent forecasters — OPEC, the Energy Information Administration and …

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022
11 months ago

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022

Hindustan Times  

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down from USD 3.3 billion in the previous quarter. HT Image It brought in USD 13.8 billion for all of last year, a huge drop from the USD 27.7 billion it earned in 2022, when Russia's war in Ukraine sent …

BP profits top $1bn a month amid criticism over shareholder payouts
11 months ago

BP profits top $1bn a month amid criticism over shareholder payouts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s clear that BP and other fossil-fuel giants can’t …

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl
1 year, 1 month ago

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl

Live Mint  

Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung …

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's
1 year, 3 months ago

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's

The Hindu  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble
1 year, 5 months ago

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble

Daily Mail  

BP profits slumped during the latest quarter after energy prices fell back from spikes caused by Russia’s war with Ukraine. The oil giant revealed profits fell 70 per cent to £2billion between April and June, down from the £6.6billion profits in the same quarter of last year – a period covering the early stages of Russia’s invasion of Ukraine. Resilient: …

Is the decline of oil in sight?
1 year, 5 months ago

Is the decline of oil in sight?

BBC  

Is the decline of oil in sight? The single biggest thing that we have to do to mitigate climate change is to stop burning fossil fuels – Krista Halttunen "We think that peak will be before the end of the decade, but just after 2028, so 2029 or 2030, most likely," says Ciarán Healy, an IEA oil market analyst and …

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns
1 year, 6 months ago

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns

Live Mint  

JPMorgan has cut its oil price forecasts for this year and 2024 as it sees the global supply growth offsetting a record rise in demand, while inventory build-up lowers the risk of price spikes. JPMorgan sees global oil supply growing by 2.2 million barrels per day in 2023, surpassing projected demand growth of 1.6 million bpd. "It is becoming increasingly …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 7 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 9 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

Column: Big oil companies are already reneging on their global warming promises
1 year, 11 months ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

Oil prices decline amid fears of a global recession
2 years, 2 months ago

Oil prices decline amid fears of a global recession

India Today  

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. But the IMF also urged central banks to keep up their fight against inflation even as investors worry policymakers could trigger a sharp economic downturn by raising borrowing …

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020
2 years, 3 months ago

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020

Live Mint  

Oil prices jumped more than $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising …

Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 3 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its …

Oil prices fall further as China extends COVID-19 curbs
2 years, 4 months ago

Oil prices fall further as China extends COVID-19 curbs

The Hindu  

Oil prices fell on Thursday, extending sharp losses from the previous session, as China's extension of lockdown measures to curb the COVID-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand. Saxo Bank analyst Ole Hansen said the decline was "driven by continued demand worries related to the risk of growth-killing rate hikes from central …

Oil slides on strong dollar and weaker demand outlook
2 years, 5 months ago

Oil slides on strong dollar and weaker demand outlook

The Hindu  

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. "In the West, the combination of high energy prices and rising interest rates is fuelling concerns about a recession that would have a serious impact on oil demand," Commerzbank said. U.S. President Joe Biden will …

Macron is overheard warning Biden over oil shortages at G7
2 years, 6 months ago

Macron is overheard warning Biden over oil shortages at G7

Daily Mail  

Emmanuel Macron has been caught telling Joe Biden that their Middle Eastern allies cannot increase oil production as the EU tries to replace Russian crude that it has vowed to ban by the end of the year. Macron was caught on camera warning Biden that the UAE and Saudi Arabia are unable to fill quotas of Russia oil that will …

BP profit more than doubles on ‘exceptional’ oil trading
2 years, 8 months ago

BP profit more than doubles on ‘exceptional’ oil trading

CNN  

London CNN Business — BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted by “exceptional oil and gas trading” …

Oil prices ease as nations agree to tap reserves
2 years, 9 months ago

Oil prices ease as nations agree to tap reserves

Al Jazeera  

Both Brent and US crude benchmarks settled down around 13 percent. Both Brent and US crude benchmarks settled down around 13 percent in their biggest weekly falls in two years after US President Joe Biden announced the release on Thursday. Biden announced a release of one million barrels per day of crude oil for six months from May, which at …

Sliding oil prices pull BP and FTSE lower at the close
2 years, 11 months ago

Sliding oil prices pull BP and FTSE lower at the close

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The FTSE 100 opened in …

OPEC+ sticks to planned output hikes despite surging oil prices
2 years, 11 months ago

OPEC+ sticks to planned output hikes despite surging oil prices

Al Jazeera  

The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil. OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to …

Oil crashes as coronavirus strain threatens demand recovery
3 years, 1 month ago

Oil crashes as coronavirus strain threatens demand recovery

Al Jazeera  

The emergence of the new strain represents the biggest threat to the recovery in global oil consumption. Oil prices crashed more than 10% as a new coronavirus strain sparked fears that renewed lockdowns will threaten a global recovery in demand. High gasoline retail prices prompted U.S. President Joe Biden to seek ways to ease the pressure on consumers, leading to …

Oil at 3-yr high, climbs above $85 a barrel on supply deficit
3 years, 2 months ago

Oil at 3-yr high, climbs above $85 a barrel on supply deficit

Live Mint  

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. “The fact that Asian markets are content to chase prices higher at weekly highs, instead of lurking on price dips, is a strong …

IEA sees COVID blow to oil demand in 2021, surplus in 2022
3 years, 4 months ago

IEA sees COVID blow to oil demand in 2021, surplus in 2022

Al Jazeera  

The International Energy Agency’s latest report says that global oil demand growth ‘abruptly reversed course in July’ due to the worsening coronavirus pandemic. The IEA now sees global oil demand rising by 5.3 million barrels per day on average to 96.2 million bpd this year, and by a further 3.2 million bpd in 2022. It wasn’t just OPEC+ members that …

Oil falls more than $2 after OPEC+ producers agree to raise output
3 years, 5 months ago

Oil falls more than $2 after OPEC+ producers agree to raise output

Live Mint  

Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers …

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45
3 years, 6 months ago

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45

News 18  

SINGAPORE: Oil prices steadied after two days of losses amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned. Brent prices have fallen nearly 5% since Monday’s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as …

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns
3 years, 8 months ago

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns

News 18  

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising Covid-19 cases in India, Japan and Brazil. OPEC, Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC raised …

BP to launch share buyback program after big profit spike
3 years, 8 months ago

BP to launch share buyback program after big profit spike

Associated Press  

LONDON — BP said Tuesday that it would be returning around a half-billion dollars to shareholders after “significantly” higher oil prices contributed to a big rise in profits and a reduction in debt levels. BP, which is seeking to transform its business to a lower-carbon future, said it will launch a $500 million share buyback program in the second quarter …

Oil prices went negative a year ago. Now the glut is gone
3 years, 8 months ago

Oil prices went negative a year ago. Now the glut is gone

CNN  

New York CNN Business — Panic gripped the energy market last spring as a frightening realization dawned on oil traders: The world was rapidly running out of space to store excesscrude. After hitting a record of 12.9 million barrels per day in November 2019, US oil output crashed to just 10 million barrels per day last May. The overwhelming majority …

Oil prices fall 2% as inventories rise and vaccine rollout stalls
3 years, 9 months ago

Oil prices fall 2% as inventories rise and vaccine rollout stalls

Business Standard  

Oil prices fell for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. "Short-term developments - stuttering vaccine rollouts and the build in U.S. oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging," said PVM Oil Associates …

Texas’s big freeze pushes oil prices to 13-month highs
3 years, 10 months ago

Texas’s big freeze pushes oil prices to 13-month highs

Al Jazeera  

Oil prices have rallied again to hit 13-month highs as concerns that a rare cold snap in the US state of Texas could disrupt crude output in the United States for days or even weeks prompted investors to buy energy futures. Vaccine booster “Oil prices got a boost again from expectations that the disruptions of Texas oil producers and refiners …

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
3 years, 11 months ago

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses

Associated Press  

DALLAS — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. “Energy consumption collapsed as economies shut down, oil prices hit their lowest point in history, and refining margins fell well below their 10-year lows,” said Exxon CEO Darren Woods. The company said Tuesday it will reduce …

Oil prices rise as investors look to higher demand seen in second half
3 years, 11 months ago

Oil prices rise as investors look to higher demand seen in second half

Live Mint  

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in …

Oil hits 11-month highs on Saudi output cut pledge, equities rally
4 years ago

Oil hits 11-month highs on Saudi output cut pledge, equities rally

Hindustan Times  

Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia’s pledge to cut output. UBS raised its forecast for Brent to $60 per barrel by mid-year, following Saudi Arabia’s unilateral cut and expectations of a second quarter demand …

Oil gains as vaccine hopes outweigh lockdown impact
4 years, 1 month ago

Oil gains as vaccine hopes outweigh lockdown impact

Live Mint  

Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand of new lockdowns to curb the virus. Brent crude futures rose 34 cents, or 0.8%, to $42.74 by 1312 GMT, while US West Texas Intermediate crude futures gained 20 cents, or 0.5%, to $40.49. Prices were …

Oil prices crash on demand concerns as many countries extend covid lockdown
4 years, 2 months ago

Oil prices crash on demand concerns as many countries extend covid lockdown

Live Mint  

Oil prices fell 4% on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence over this week's U.S. presidential election. Vitol sees winter demand at 96 million barrels per day while Trafigura expects demand to fall to 92 million bpd or below. Still, concerns about weakening demand and rising supplies from …

Oil prices tumble as major economies reimpose lockdowns
4 years, 2 months ago

Oil prices tumble as major economies reimpose lockdowns

CNN  

London CNN Business — Oil prices fell sharply on Monday as new lockdowns across Europe and record coronavirus cases in the United States slammed the outlook for energy demand. These four countries consume the equivalent of a little over 6% of global consumption, “so no surprise that we are seeing the market reacting this morning,” ING’s head of commodities strategy …

Oil up as robust China trade data offsets returning supply
4 years, 2 months ago

Oil up as robust China trade data offsets returning supply

Live Mint  

Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya. China, the world's top crude oil importer, took in 11.8 million barrels per day of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed. The International Energy Agency - which advises Western …

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries
4 years, 3 months ago

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries

News 18  

Oil prices fell on Wednesday after an industry group reported a rise in US crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week. Gasoline stocks fell by nearly 7.7 million barrels, nearly 8 times expectations suggesting some demand for fuel in the world’s biggest oil consuming nation. …

BP says oil demand may have peaked last year
4 years, 3 months ago

BP says oil demand may have peaked last year

CNN  

London CNN Business — Demand for oil may have peaked last year, according to BP, which says the global market for crude might never recover from the coronavirus pandemic. The new report is a major change from last year, when BP expected growth in oil demand to continue into the 2030s. The Organization of the Petroleum Exporting Countries said on …

Oil Falls 1% On Lacklustre Demand, Set For Biggest Weekly Drop Since June
4 years, 4 months ago

Oil Falls 1% On Lacklustre Demand, Set For Biggest Weekly Drop Since June

News 18  

SINGAPORE: Oil futures slipped 1% on Friday, with prices on both sides of the Atlantic heading for their biggest weekly drops since June, as lacklustre demand and ample fuel supplies offset support from a weaker dollar. Brent crude fell 44 cents to $43.63 a barrel by 0325 GMT, while U.S. West Texas Intermediate was at $40.94 a barrel, down 43 …

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature
4 years, 4 months ago

BP’s ‘green’ promises are anything but – their latest investments are a slap in the face for humanity and nature

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. With similar fanfare, in 2000, then …

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