• Electricity
    • Nuclear
    • Thermal
    • Coal
  • Natural Gas
    • Upstream
    • Shale/Unconventional
    • Downstream
    • Lng/Lpg
  • Oil
    • Upstream
    • Downstream
    • Refining/Petro Chemistry
    • Transportation/Fuel Oil
  • Renewable
    • Wind
    • Solar
    • Hydro
    • Geothermal/Biomass
  • Finance
    • Projects
    • Invesments
    • Stock Market
  • Regulation
    • Oil
    • Electricity
    • Natural Gas
    • Renewable
    • LPG
  • Energy Diplomacy
    • Energy Security
    • International Relations
    • International Organization
    • Energy Projects
  • World
    • Turkey
    • Europe
    • Eurasia
    • Asia
    • Americas
    • Middle East-Africa
  • Reports
  • other
    • News from companies
    • Energy Meetings
    • Video
  • Türkçe
  • English

Anadolu AgencyAnadolu Agency

  • Log Out Log in
  • Anadolu Agency
  • Electricity
    • Nuclear
      Japan decides to release Fukushima wastewater into sea

      Japan decides to release Fukushima wastewater into sea

      Iran's Zarif calls Natanz incident 'nuclear terrorism'

      Iran's Zarif calls Natanz incident 'nuclear terrorism'

      Accident at atomic site 'nuclear terrorism': Iran

      Accident at atomic site 'nuclear terrorism': Iran

      Germany stresses 'real chance' to save Iran nuke deal

      Germany stresses 'real chance' to save Iran nuke deal

    • Thermal
      Spot market electricity prices for Thursday, April 15

      Spot market electricity prices for Thursday, April 15

      Turkey's daily power consumption up 0.72% on April 13

      Turkey's daily power consumption up 0.72% on April 13

      Turkey's electricity consumption up 12.24% in March

      Turkey's electricity consumption up 12.24% in March

      Turkey's daily power consumption up 0.09% on April 1

      Turkey's daily power consumption up 0.09% on April 1

    • Coal
      Coal boom in China offset record plant retirement

      Coal boom in China offset record plant retirement

      Finance shifts to low-carbon with fossil stock losses

      Finance shifts to low-carbon with fossil stock losses

      Drastic action needed to avoid climate change costs

      Drastic action needed to avoid climate change costs

      Spot market electricity prices for Saturday, March 20

      Spot market electricity prices for Saturday, March 20

  • Natural Gas
    • Upstream
      Eni announces oil discovery in Western Desert of Egypt

      Eni announces oil discovery in Western Desert of Egypt

      US produces, consumes record high natural gas in 2019

      US produces, consumes record high natural gas in 2019

      Nigeria's president launches new gas pipeline project

      Nigeria's president launches new gas pipeline project

      OPEC holds first technical meeting with gas exporters

      OPEC holds first technical meeting with gas exporters

    • Shale/Unconventional
      Spot market natural gas prices for Monday, March 8

      Spot market natural gas prices for Monday, March 8

      Spot market natural gas prices for Sunday Aug. 23

      Spot market natural gas prices for Sunday Aug. 23

      Spot market natural gas prices for Monday, March 2

      Spot market natural gas prices for Monday, March 2

      Spot market natural gas prices for Tuesday, Feb. 11

      Spot market natural gas prices for Tuesday, Feb. 11

    • Downstream
      Spot market natural gas prices for Tuesday, March 16

      Spot market natural gas prices for Tuesday, March 16

      Turkey's gas imports from Iran see sharp fall in 2020

      Turkey's gas imports from Iran see sharp fall in 2020

      3rd Turkish drillship leaves Mersin bound for Black Sea

      3rd Turkish drillship leaves Mersin bound for Black Sea

      Dialogue, de-escalation in E.Med benefit everyone: NATO

      Dialogue, de-escalation in E.Med benefit everyone: NATO

    • Lng/Lpg
      Nigerian LNG vessel arrives in Turkey on April 12

      Nigerian LNG vessel arrives in Turkey on April 12

      Nigerian LNG vessel to arrive in Turkey on April 12

      Nigerian LNG vessel to arrive in Turkey on April 12

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Norwegian LNG vessel to arrive in Turkey on March 27

      Norwegian LNG vessel to arrive in Turkey on March 27

  • Oil
    • Upstream
      Oil prices up by over 2% for week ending April 2

      Oil prices up by over 2% for week ending April 2

      Indonesia's Balongan refinery rocked by massive blast

      Indonesia's Balongan refinery rocked by massive blast

      ExxonMobil makes first discovery offshore Suriname

      ExxonMobil makes first discovery offshore Suriname

      Rosneft income falls 77%, revenue down 51% in 2Q20

      Rosneft income falls 77%, revenue down 51% in 2Q20

    • Downstream
      US oil rig count rises by 2 for week ending Jan. 22

      US oil rig count rises by 2 for week ending Jan. 22

      ExxonMobil makes first discovery offshore Suriname

      ExxonMobil makes first discovery offshore Suriname

      US oil rig count rises by four for week ending Oct. 9

      US oil rig count rises by four for week ending Oct. 9

      Lundin upgrades Edvard Grieg field reserve estimates

      Lundin upgrades Edvard Grieg field reserve estimates

    • Refining/Petro Chemistry
      Oil prices up by over 2% for week ending April 2

      Oil prices up by over 2% for week ending April 2

      Oil prices up over OPEC+’s cautious output ease

      Oil prices up over OPEC+’s cautious output ease

      EU halts sanctions for more Turkish oil firm officials

      EU halts sanctions for more Turkish oil firm officials

      Brent oil price down 0.56% for week ending Feb. 19

      Brent oil price down 0.56% for week ending Feb. 19

    • Transportation/Fuel Oil
      Suez Canal traffic jam cleared, says Egypt

      Suez Canal traffic jam cleared, says Egypt

      Oil prices up by over 2% for week ending April 2

      Oil prices up by over 2% for week ending April 2

      Oil majors accelerate energy transition policies: Fitch

      Oil majors accelerate energy transition policies: Fitch

      Venezuela condemns US policy of seizing fuel shipments

      Venezuela condemns US policy of seizing fuel shipments

  • Renewable
    • Wind
      Turkey ranks as 5th biggest wind investor in Europe

      Turkey ranks as 5th biggest wind investor in Europe

      Global oil demand to increase 6% in 2021: OPEC

      Global oil demand to increase 6% in 2021: OPEC

      Europe invests record €42.8 bln in wind energy in 2020

      Europe invests record €42.8 bln in wind energy in 2020

      Nordex Group wins turbine order for Istanbul wind farm

      Nordex Group wins turbine order for Istanbul wind farm

    • Solar
      Oil-rich Saudi Arabia branches into solar power

      Oil-rich Saudi Arabia branches into solar power

      Turkey's Gumbel Group to invest $15M in solar technology

      Turkey's Gumbel Group to invest $15M in solar technology

      Wind and solar drive record drop in coal in 2020

      Wind and solar drive record drop in coal in 2020

      Turkey’s solar power generation soars 50%: Energy min.

      Turkey’s solar power generation soars 50%: Energy min.

    • Hydro
      BP plans UK’s largest hydrogen project

      BP plans UK’s largest hydrogen project

      Hydro provides most of Norway's power in February

      Hydro provides most of Norway's power in February

      China plans world’s biggest dam build on Tibetan river

      China plans world’s biggest dam build on Tibetan river

      IRENA boosts sustainable hydropower through partnership

      IRENA boosts sustainable hydropower through partnership

    • Geothermal/Biomass
      Europe needs to build more wind farms for climate goals

      Europe needs to build more wind farms for climate goals

      Turkey in top 4 countries with geothermal capacity

      Turkey in top 4 countries with geothermal capacity

      Biomass can meet one-third of Turkey's annual power

      Biomass can meet one-third of Turkey's annual power

      EU approves €550M Danish aid to support biomass plants

      EU approves €550M Danish aid to support biomass plants

  • Finance
    • Projects
      Turkey unveils Economic Reform Action Plan

      Turkey unveils Economic Reform Action Plan

      BP plans UK’s largest hydrogen project

      BP plans UK’s largest hydrogen project

      US warns entities to abandon Nord Stream 2 gas pipeline

      US warns entities to abandon Nord Stream 2 gas pipeline

      Turkey announces landmark new economic reform package

      Turkey announces landmark new economic reform package

    • Invesments
      Turkey to boost green bonds for more clean investment

      Turkey to boost green bonds for more clean investment

      Turkey: public sector vital for getting energy invests.

      Turkey: public sector vital for getting energy invests.

      Turkey announces landmark new economic reform package

      Turkey announces landmark new economic reform package

      Over $1T invested in coal despite trendy climate goals

      Over $1T invested in coal despite trendy climate goals

    • Stock Market
      Turkey's electricity consumption up 12.24% in March

      Turkey's electricity consumption up 12.24% in March

      Oil prices up over OPEC+’s cautious output ease

      Oil prices up over OPEC+’s cautious output ease

      Turkey's daily power consumption up 0.35% on March 18

      Turkey's daily power consumption up 0.35% on March 18

      Oil majors accelerate energy transition policies: Fitch

      Oil majors accelerate energy transition policies: Fitch

  • Regulation
    • Oil
      Oil up on US inventory fall, UK vaccine approval

      Oil up on US inventory fall, UK vaccine approval

      Fitch reduces oil price forecast due to higher supply

      Fitch reduces oil price forecast due to higher supply

      S. Arabia, Iraq discuss efforts to stabilize oil market

      S. Arabia, Iraq discuss efforts to stabilize oil market

      US crude oil inventories fall for week ending Aug. 14

      US crude oil inventories fall for week ending Aug. 14

    • Electricity
      Spot market electricity prices for Friday, Dec. 4

      Spot market electricity prices for Friday, Dec. 4

      24/7 power with Turkey’s new mobile monitoring system

      24/7 power with Turkey’s new mobile monitoring system

      Turkey's daily power consumption up 3.28% on Sept. 8

      Turkey's daily power consumption up 3.28% on Sept. 8

      Sudan: Flashpoint Ethiopian dam not related to floods

      Sudan: Flashpoint Ethiopian dam not related to floods

    • Natural Gas
      Turkey's daily power consumption down 0.77% on Oct. 23

      Turkey's daily power consumption down 0.77% on Oct. 23

      Russian Lukoil starts Chashkino gas-turbine power plant

      Russian Lukoil starts Chashkino gas-turbine power plant

      Gazprom posts 26% loss in 1H20

      Gazprom posts 26% loss in 1H20

      Trump scraps Obama methane limits in oil, gas sectors

      Trump scraps Obama methane limits in oil, gas sectors

    • Renewable
      Global oil demand to increase 6% in 2021: OPEC

      Global oil demand to increase 6% in 2021: OPEC

      Oil-rich Saudi Arabia branches into solar power

      Oil-rich Saudi Arabia branches into solar power

      Europe invests record €42.8 bln in wind energy in 2020

      Europe invests record €42.8 bln in wind energy in 2020

      Global electric vehicle adoption accelerates in 2020

      Global electric vehicle adoption accelerates in 2020

    • LPG
      Turkey's LPG imports down 21.07% in January

      Turkey's LPG imports down 21.07% in January

      Pandemic reveals importance and reliability of LPG

      Pandemic reveals importance and reliability of LPG

      Turkish fund Oyak to buy Demiroren's auto fuel ops.

      Turkish fund Oyak to buy Demiroren's auto fuel ops.

      Turkey's LPG imports down over 19.02% in June 2019

      Turkey's LPG imports down over 19.02% in June 2019

  • Energy Diplomacy
    • Energy Security
      Iran backs Assad regime by shipping 3M barrels of oil

      Iran backs Assad regime by shipping 3M barrels of oil

      Accident at atomic site 'nuclear terrorism': Iran

      Accident at atomic site 'nuclear terrorism': Iran

      South Sudan’s economy hit by drop in oil prices, floods

      South Sudan’s economy hit by drop in oil prices, floods

      Mozambican oil group seeks global help to fight terror

      Mozambican oil group seeks global help to fight terror

    • International Relations
      Uganda, Tanzania sign oil pipeline project agreement

      Uganda, Tanzania sign oil pipeline project agreement

      Iraqi PM makes first official visit to Saudi Arabia

      Iraqi PM makes first official visit to Saudi Arabia

      Leaders call for global unity to limit temperature rise

      Leaders call for global unity to limit temperature rise

      Sudan accepts UAE mediation over disputes with Ethiopia

      Sudan accepts UAE mediation over disputes with Ethiopia

    • International Organization
      Global oil demand to surge 6% in 2021: IEA

      Global oil demand to surge 6% in 2021: IEA

      2-month OPEC+ cuts rollover ‘best decision’: experts

      2-month OPEC+ cuts rollover ‘best decision’: experts

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Oil giants to convene for JMMC ahead of OPEC+ meeting

      Oil giants to convene for JMMC ahead of OPEC+ meeting

    • Energy Projects
      Oil prices up over OPEC+’s cautious output ease

      Oil prices up over OPEC+’s cautious output ease

      Siemens Energy signs long-term service deal with Aramco

      Siemens Energy signs long-term service deal with Aramco

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Qatar Petroleum to solely own Qatargas 1 in 2022

      Iraq awards drilling of 96 oil wells to Schlumberger

      Iraq awards drilling of 96 oil wells to Schlumberger

  • World
    • Turkey
      Global oil demand to increase 6% in 2021: OPEC

      Global oil demand to increase 6% in 2021: OPEC

      Spot market natural gas prices for Monday, April 12

      Spot market natural gas prices for Monday, April 12

      Spot market electricity prices for Wednesday, April 14

      Spot market electricity prices for Wednesday, April 14

      Turkey's daily power consumption up 15% on April 12

      Turkey's daily power consumption up 15% on April 12

    • Europe
      Oil prices up on estimated fall in US crude stocks

      Oil prices up on estimated fall in US crude stocks

      Global oil demand to increase 6% in 2021: OPEC

      Global oil demand to increase 6% in 2021: OPEC

      EU's gas consumption, imports, production down in 2020

      EU's gas consumption, imports, production down in 2020

      Oil prices up on China's economic rebound signals

      Oil prices up on China's economic rebound signals

    • Eurasia
      Oil prices up on estimated fall in US crude stocks

      Oil prices up on estimated fall in US crude stocks

      Oil prices up on China's economic rebound signals

      Oil prices up on China's economic rebound signals

      Oil down over demand fears as India’s virus cases surge

      Oil down over demand fears as India’s virus cases surge

      Kremlin: escalation in Ukraine poses threat to Russia

      Kremlin: escalation in Ukraine poses threat to Russia

    • Asia
      Oil prices up on estimated fall in US crude stocks

      Oil prices up on estimated fall in US crude stocks

      Oil prices up on China's economic rebound signals

      Oil prices up on China's economic rebound signals

      Japan decides to release Fukushima wastewater into sea

      Japan decides to release Fukushima wastewater into sea

      Oil down over demand fears as India’s virus cases surge

      Oil down over demand fears as India’s virus cases surge

    • Americas
      Oil prices up on estimated fall in US crude stocks

      Oil prices up on estimated fall in US crude stocks

      Oil prices up on China's economic rebound signals

      Oil prices up on China's economic rebound signals

      Oil down over demand fears as India’s virus cases surge

      Oil down over demand fears as India’s virus cases surge

      Oil rig count in US remains unchanged this week

      Oil rig count in US remains unchanged this week

    • Middle East-Africa
      S. Arabia grants oil to Yemen to prevent power outages

      S. Arabia grants oil to Yemen to prevent power outages

      Oil prices up on estimated fall in US crude stocks

      Oil prices up on estimated fall in US crude stocks

      Oil-rich Saudi Arabia branches into solar power

      Oil-rich Saudi Arabia branches into solar power

      Oil prices up on China's economic rebound signals

      Oil prices up on China's economic rebound signals

  • Reports
  • other
    • News from companies
    • Energy Meetings
    • Video
  • Anadolu Agency

Brent oil may soon hit below $10 a barrel: Experts

- Brent to continue to fall under weight of oversupply across globe as storage space runs out, one expert says

home > Refining/Petro Chemistry, Stock Market, Energy Security, Asia, Americas 22.04.2020 14:29 Övunç Kutlu

Brent oil may soon hit below $10 a barrel: Experts

The novel coronavirus (COVID-19), which has caused low oil consumption and the rapid increase in crude oil stocks around the world, may soon push the price of international oil benchmark Brent crude below $10 per barrel, according to experts on Wednesday.

The rapid spread of COVD-19 has lowered economic activity in many countries, caused weak oil demand, led to the incremental rise in the supply glut while heightening the risk of oil storage capacity hitting its limit.

Global oil stock capacity stood at 6.7 billion barrels, of which 42 billion barrels, or 63%, was full by the end of January, according to the International Energy Agency (IEA).

Available capacity is forecast to be full in June this year if global oil consumption remains low and oversupply keeps escalating at this pace.

In the U.S., oil storage in Cushing, Oklahoma -- the heart of the country's oil pipeline network – shows that around 60 million barrels of oil are in inventory out of some 90 million barrels of capacity as of last week. With an extra supply of 16 million barrels of oil coming into storage every week, Cushing could soon run out of available capacity at the beginning of May.

The price of American benchmark West Texas Intermediate (WTI), which is determined in Cushing, plummeted Monday into negative territory for the first time in history by falling as low as -$37.63, indicating that there is such a glut of supply that oil producers would have to pay buyers to unload their oil inventory.


- "Brent will fall below $10 very quickly"

Mark Rossano, an energy analyst at the U.S-based market intelligence company Primary Vision, told Anadolu Agency that although Brent crude has more "avenues for storage" since it is used as a global oil benchmark, he said it "would fall below $10 very quickly."

“Brent and WTI will continue to fall under the weight of oversupply across the globe as storage space runs out and floating storage surges past 120 million barrels," Rossano said.

"WTI Cushing is close to being filled, and the lack of storage in this region will keep pressure across the WTI contracts," he explained.

The international benchmark was trading around $16 per barrel on Wednesday, falling from $45 a barrel when OPEC and its allies met in Vienna, Austria but failed to make additional cuts in their production.

The 23-member group known as OPEC+, led by Saudi Arabia and Russia, agreed on April 12 to lower their collective output by 9.7 million barrels per day starting from May 1, but this leaves massive oil supply surplus in the market until then.

"Even as OPEC+ cuts production, they are still maintaining or even increasing the volume of exports into a grossly oversupplied market," Rossano said.

He maintains that OPEC+ countries also have a huge decline in local demand due to shuttered refinery capacity, curfews and lockdowns, which are destroying domestic demand.


- "If demand suddenly soars, supply may fail"

Dubai-based investment and strategy advice company Hormuz Straits Director Serkan Sahin said U.S. producers sold their oil inventories on a negative WTI price since halting production would be costlier.

Sahin said that this trend is likely to continue over the next months as oil demand worldwide has collapsed, and in the U.S. with the decline in oil exports, the country has become a closed system with no local buyers.

He also advised that there is nothing economic in sending oil to the U.S. from oil producers in Russia, northwestern Europe, North Africa, the Middle East, Kazakhstan and Azerbaijan.

“These countries could mitigate their problems if they can find markets to the east of the Atlantic," he said.

On the demand side, Sahin said some Asian countries like China, South Korea, Japan and India, are taking advantage of the weak price environment by importing and buying crude at low oil prices to store in their refineries.

"These purchases will recover some of the demand, but since demand for jet fuel will take some time to recover, the supply-demand imbalance will continue," he said.

The experts said if Brent oil continues to remain at around $10 per barrel for around six months, it would be more profitable for low-cost producers like Saudi Arabia to stop production and keep the oil underground.

"However, cutting oil production creates the likelihood of a rise in oil prices because it is easy to see an increase in demand [after coronavirus], but very difficult to bring back production to match demand. If demand suddenly soars, then supply may fail to meet it if it is not enough," he explained.


- "Bankruptcies likely to accelerate"

Kathy Hipple, a financial analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), said the OPEC+ oil production cut was insufficient to reduce the global glut of oil, and it will likely take many months, if not years, for the supply-demand issues to be resolved.

"Given the dramatic decline in demand for oil and gas, it is likely that prices will continue to fall. Production levels in March and April continued at higher levels than demand during these months, and must decline to achieve a supply-demand balance," she said.

Hipple said low WTI prices create high risks for exploration and production companies in the U.S., noting that the cash flow of fracking-focused companies has been negative for the last decade.

"These negative cash flows have naturally led to mounting bankruptcies in the sector. These bankruptcies are likely to accelerate massively this year with absent government intervention. Production cuts have been slow to materialize, but will start to occur with shut-ins and financial distress," she added.

By Ovunc Kutlu, Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr


related news

Oil prices up on estimated fall in US crude stocks
Global oil demand to increase 6% in 2021: OPEC
Oil prices up on China's economic rebound signals
Oil down over demand fears as India’s virus cases surge
Oil prices down over unexpected build in US fuel stocks
US energy agency revises up its oil price forecast
Facebook Facebook Twitter Google LinkedIn

Oil prices up by over 2% for week ending April 2

- Cautious OPEC+ output decision and fall in US oil inventories support rise of oil prices
03.04.2021 Oil , Upstream , Refining/Petro Chemistry , Transportation/Fuel Oil

Oil prices up over OPEC+’s cautious output ease

- Rapid increase in Eurozone manufacturing sector's PMI in March also reflects positively on oil prices
03.04.2021 Oil , Refining/Petro Chemistry , Stock Market , Energy Projects

EU halts sanctions for more Turkish oil firm officials

- EU has frozen expansion of list of sanctions on officials of Turkish Petroleum Corporation, say EU diplomats
19.03.2021 Oil , Refining/Petro Chemistry , Energy Diplomacy , Energy Projects , Europe

Brent oil price down 0.56% for week ending Feb. 19

- After oil prices rise due to weather-related supply disruptions in Texas, falling demand in refineries causes price drops
20.02.2021 Oil , Refining/Petro Chemistry , Energy Projects , Americas

US crude oil inventories fall for week ending Feb. 12

- Commercial crude oil stocks decrease by 7.3 million barrels, higher than market expectation of 2.2 million-barrel draw
20.02.2021 Oil , Refining/Petro Chemistry , Americas

Turkey's Petkim profits up 36% year-on-year in 3Q20

- Company's profits reach 311 million Turkish liras in third quarter of 2020
06.11.2020 Refining/Petro Chemistry , Turkey

Iran moves from oil to petrochemicals in export

- Country launches 3 major petrochemical projects worth $1.6B to boost non-oil revenue
10.08.2020 Refining/Petro Chemistry , Invesments , Middle East-Africa

Oil prices up with estimated decline in US crude stocks

- Forecast of US crude inventory fall signals increases in US oil consumption
29.07.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Americas

US crude oil stocks rise against market expectation

- Commercial crude oil stocks increase by 4.9 million barrels, against market forecast of 2.1 million barrel decline
23.07.2020 Refining/Petro Chemistry , Americas

Halting oil production costs Libya more than $7B

- Groups linked to warlord Haftar shut production since mid January, says National Oil Corporation
18.07.2020 Oil , Refining/Petro Chemistry , Middle East-Africa

US crude oil stocks increase against market expectation

- Commercial crude oil stocks rise by 5.7 million barrels, against market forecast of a decline of 3.1 million barrels
09.07.2020 Refining/Petro Chemistry , Americas

Oil prices down with estimate of US crude stock buildup

- Crude oil inventories in US are expected to rise by 2.05 million barrels for week ending July 3
08.07.2020 Refining/Petro Chemistry , Stock Market , Americas

'Foreigners enter Sidra oil field': Libyan oil company

- National oil company says El Sharara oil field was occupied by Russian security company Wagner's mercenaries 25 days ago
07.07.2020 Oil , Refining/Petro Chemistry , Energy Security , Energy Projects

Oil prices up around 5% for week ending July 3

- US commercial crude oil inventories signal rising demand in world's largest oil consuming country
05.07.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Americas , Middle East-Africa

US crude oil stocks fall more than market expectation

- Commercial crude oil inventories decrease by 7.2 million barrels, higher than market forecast of 0.7 million barrels
02.07.2020 Refining/Petro Chemistry , Americas

Oil up with estimate of large US crude stock withdrawal

- Crude oil inventories in US are expected to decline by 8.1 million barrels for week ending June 26
01.07.2020 Refining/Petro Chemistry , Stock Market , Americas

BP sells its petrochemical business to INEOS for $5B

- Aromatics and acetyls constitute BP’s petrochemicals business with 9.7 million tonnes of production in 2019
30.06.2020 Refining/Petro Chemistry , Europe

US refinery capacity sets new record in 2019

- Total of 135 refineries operable in US last year
30.06.2020 Oil , Refining/Petro Chemistry , Americas

UPDATE - US sanctions 5 Iranian captains for helping Venezuela

- Captains accused of delivering nearly 1.5M barrels of Iranian gasoline, related components to Venezuela
26.06.2020 Refining/Petro Chemistry , International Relations , Americas , Middle East-Africa

US crude oil stocks rise more than market expectation

- Commercial crude oil inventories increase by 1.4 million barrels, higher than market forecast of 0.3 million barrels
25.06.2020 Refining/Petro Chemistry , Americas

Oil down with US stock rise, ahead of OPEC tech meeting

- OPEC's Joint Ministerial Monitoring Committee to discuss members' oil output compliance later Thursday
18.06.2020 Refining/Petro Chemistry , Stock Market , International Organization , Americas , Middle East-Africa

Iran’s export of petchem products down 29% in 2019

-Country’s total petrochemical revenue last year totals $15 billion, says deputy petroleum minister for petrochemical affairs
17.06.2020 Oil , Refining/Petro Chemistry , Middle East-Africa

US crude oil stocks rise against market expectation

- Commercial crude oil inventories increase by 5.7 million barrels, but market forecasted fall of 1.7 million barrels
11.06.2020 Refining/Petro Chemistry , Americas

Oil down with estimate of large US crude stock buildup

- Crude oil inventories in US expected to increase by 8.4 million barrels for week ending June 5
11.06.2020 Refining/Petro Chemistry , Stock Market , Americas

US crude oil stocks fall against market expectation

- Commercial crude oil inventories decline by 2.1 million barrels, while market estimate was rise of 3 million barrels
05.06.2020 Refining/Petro Chemistry , Americas

US crude oil stocks post second decline since January

- Commercial crude oil inventories fall for second time after 15 consecutive weeks of increases
22.05.2020 Oil , Refining/Petro Chemistry , Stock Market , Energy Projects , Americas

US to buy oil for strategic reserve to test market

- An initial 1 million barrels of crude oil to be bought for strategic petroleum reserve
17.05.2020 Refining/Petro Chemistry , Oil , Energy Security , Americas

Petrofac considers cost cuts of $125 million in 2020

- Energy company will also delay majority of 2020 tenders until 2021
16.05.2020 Upstream , Refining/Petro Chemistry

US crude oil stocks post first decline since January

- Commercial crude oil inventories fall for first time after 15 consecutive weeks of increases
14.05.2020 Refining/Petro Chemistry , Americas

Saudis to hike VAT to support coronavirus-hit economy

Kingdom to suspend cost of living allowance as part of austerity measures
12.05.2020 Refining/Petro Chemistry , Stock Market , Energy Diplomacy , Energy Security , International Organization

US crude oil inventories show rise for w/e May 1

- Commercial crude oil stocks increase by 4.6 million barrels
07.05.2020 Refining/Petro Chemistry , Americas

Weak fuel demand causes refinery run declines in US

- As US motor gasoline and jet fuel consumption falls to lowest level since 1991, refiners change mix of petroleum products
07.05.2020 Refining/Petro Chemistry , Energy Security , Americas

Oil prices down with expectation of US crude build-up

- Crude oil inventories in US estimated to increase by 8.44 million barrels for week ending May 1
06.05.2020 Refining/Petro Chemistry , Stock Market , Americas

US crude oil inventories show strong rise for w/e April 24

- Commercial crude oil stocks rise by 9 million barrels
30.04.2020 Refining/Petro Chemistry , Americas

Low liquidity, limited storage push WTI below zero: EIA

- As of April 17, crude oil inventories in Cushing, Oklahoma totaled 60 million barrels, implying crude storage was 76% full
30.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Oil up as US crude stocks due to fall short of estimate

- US estimates addition of 9.98 million barrels in crude stocks, but market estimate is rise of 10.62 million barrels
30.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Brent oil may soon hit below $10 a barrel: Experts

- Brent to continue to fall under weight of oversupply across globe as storage space runs out, one expert says
22.04.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

Saudi Aramco refutes reports of change in payment terms

- Some media outlets report firm offered Asian, European refineries the right to delay crude cargo payments for up to 90 days
16.04.2020 Refining/Petro Chemistry , Oil , World

US crude oil inventories show strong rise

- Commercial crude oil stocks rose by 19.2 million barrels, compared to market estimate of 11.7 million barrels increase
18.04.2020 Refining/Petro Chemistry , Americas

Brent oil trading below $30, after 6% drop on Tuesday

- With low oil consumption and rising oversupply, producers are having hard time storing excess amounts of crude
15.04.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Americas

US to award 23 million barrels oil storage for 9 firms

- Most deliveries to be received in May and June 2020, with possible early deliveries in April, US energy secretary says
15.04.2020 Refining/Petro Chemistry , Oil , Americas

OPEC deal to prevent global oil storage rise: Experts

- Curbs would slow build-up in storage and avoid supply surplus over second quarter, one analyst says
11.04.2020 Refining/Petro Chemistry , Energy Security , Americas

Oil prices down as OPEC meeting postponed

- Teleconference to be held on Thursday as tensions between OPEC+ heavyweights Saudi Arabia, Russia continue
06.04.2020 Oil , Refining/Petro Chemistry , Energy Security , International Organization , Energy Projects

US crude oil inventories show strong increase

- Commercial crude oil stocks rose by 13.8 million barrels, compared to market estimate of 4 million barrels increase
03.04.2020 Refining/Petro Chemistry , Americas

Oil prices down with US crude buildup estimate

-Crude stocks in US are estimated to have risen by 10.48 million barrels, higher than market expectation of 4 million barrels
01.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Turkey's oil imports up 12.7% in January 2020

- Production of oil refinery products increases by 23.72% to 2.88 million tonnes in January 2020
28.03.2020 Oil , Downstream , Refining/Petro Chemistry , International Organization , Energy Projects , Turkey

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 1.6 million barrels, compared to market estimate of 2.77 million barrels increase
26.03.2020 Refining/Petro Chemistry , Americas

Total to release urgent action plan for low oil prices

- Total aims to combat low oil prices due to coronavirus outbreak
24.03.2020 Oil , Refining/Petro Chemistry , Europe

‘Crude oil to outrun storage capacity in few months’

- Production outstrips demand by 6 million barrels per day, equal to 2 billion barrels storage needed in 2020: Rystad Energy
23.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Developing states to lose up to 85% oil, gas pay in '20

- Heads of International Energy Agency, Organization of Petroleum Exporting Countries discuss global oil markets over phone
18.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Turkey halts ethanol-mixed fuel for more disinfectants

- Move to raise ethanol production capacity to boost disinfectant production as measure against spread of coronavirus
16.03.2020 Refining/Petro Chemistry , Oil , Turkey

US crude oil inventories show more-than-expected rise

- Commercial crude oil stocks rose by 7.7 million barrels, compared to market estimate of 2.3 million barrels increase
12.03.2020 Refining/Petro Chemistry , Americas

Low oil prices to curb Turkey's $12B energy imports

- Inflation to drop by 1% if oil stays around $35 per barrel, expert says
12.03.2020 Refining/Petro Chemistry , Projects , Turkey

US strikes Russian oil firm from sanctions list

- Independent Petroleum Company removed from North Korea sanctions list after being added in 2017
03.03.2020 Oil , Refining/Petro Chemistry , Energy Diplomacy , Energy Security

Oil rallies after going below $50/bbl amid pandemic fears

- Oil prices at lowest levels in 14-months with worries amid low global oil demand causing rise in glut of supply
28.02.2020 Oil , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Energy Security , Middle East-Africa

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 0.5 million barrels, compared to market estimate of 2.5 million barrels increase
27.02.2020 Refining/Petro Chemistry , Americas

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 0.4 million barrels, compared to market estimate of 2.5 million barrels increase
22.02.2020 Refining/Petro Chemistry , Americas

Oil steady with virus fears and rise in US crude stocks

- Crude inventories in US are estimated to increase by 4.2 million, API figures show
21.02.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks, production up for w/ending Feb. 7

- Crude oil output returned to record high level of 13 million barrels per day last week
13.02.2020 Refining/Petro Chemistry , Americas

Oil steady as market awaits OPEC cut against low demand

- Coronavirus outbreak continues to lower demand and put downward pressure on prices
11.02.2020 Oil , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Energy Projects

US crude oil stocks rise much higher than expectation

- Commercial crude inventories jump by 3.5 million barrels, compared to market estimate of rise of 482,000 barrels
31.01.2020 Refining/Petro Chemistry , Americas

Oil prices up with surprise crude inventory draw

- US crude oil stocks estimated to decline by 4.27 million barrels for week ending Jan. 24
30.01.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks decline for week ending Jan. 17

- Commercial crude inventories fall by 0.4 million barrels
25.01.2020 Refining/Petro Chemistry , Americas

US crude oil inventories rise for week ending Jan. 3

- Commercial crude inventories increase by 1.2 million barrels
10.01.2020 Refining/Petro Chemistry , Americas

Oil prices exceed other commodities in 2019: EIA

- Last year saw Brent crude rise by 22.7%, and West Texas Intermediate (WTI) jump 34.4%
08.01.2020 Refining/Petro Chemistry , Stock Market , Americas

US crude oil stocks decline for w/ending Dec. 20

- Commercial crude inventories decline by 5.5 million barrels
29.12.2019 Refining/Petro Chemistry , Americas

Oil prices up with decline in US crude stocks

- Crude prices up 1% before Christmas break
26.12.2019 Refining/Petro Chemistry , International Relations , Asia , Americas

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

Oil market should trust OPEC: Saudi Energy Minister

- "This market will not be left unattended," Saudi Prince Abdulaziz bin Salman says
07.12.2019 Oil , Refining/Petro Chemistry , General

US' mthly. petroleum exports exceed imports for 1st time

- Petroleum exports come in at 89,000 barrels a day higher than imports in September 2019 -- a first since records began
07.12.2019 Upstream , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Americas , General

OPEC meeting ends without conclusion after six hours

- "We can't say we have an agreement until we meet with our colleagues in non-OPEC," Saudi energy minister says
06.12.2019 Oil , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Europe , Middle East-Africa , General

Aramco earns record $25B from IPO, valuation hits $1.7T

- Saudi oil giant becomes world's most valuable company with market capitalization of $1.7 trillion
07.12.2019 Oil , Upstream , Downstream , Refining/Petro Chemistry , Energy Security , Europe , Middle East-Africa , General

US crude oil production breaks new record high

- Crude output reaches all-time high of 12.9 million barrels a day
29.11.2019 Upstream , Refining/Petro Chemistry , Americas

Crude oil stocks in US rise slightly for w/e Nov. 15

- Commercial crude inventories increase by 1.4 million barrels
22.11.2019 Refining/Petro Chemistry , Americas

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.8 million barrels a day
16.11.2019 Upstream , Refining/Petro Chemistry , General

Oil gains as US crude inventory draw less than estimate

- On demand side, pressure on crude could occur with rising dollar after Fed Chair's comments on potential end to rate hikes
15.11.2019 Refining/Petro Chemistry , Stock Market , Americas

'Turkey's regulation aims to stem waste, not recycle'

- Over 26,000 institutions, more than 2 million people across Turkey were educated on zero waste, says expert
09.11.2019 Refining/Petro Chemistry , Turkey , General

Turkish firm pledges to stop using single-use plastic

- Plastic waste covers over 3 million square meters in Pacific Ocean, says Koc Holding CEO
08.11.2019 Refining/Petro Chemistry , Turkey , General

Oil prices down with crude inventory build in US

- US crude oil inventories are forecast to rise by 4.26 million barrels for week ending Oct. 31, according to API figures
06.11.2019 Refining/Petro Chemistry , Stock Market , Americas

US petroleum product exports rise in first half of 2019

- However, growth in petroleum exports marks slowest year-over-year increase for any six-month period in past 13 years
25.10.2019 Refining/Petro Chemistry , Invesments , Americas

US crude oil stocks fall contrary to market expectation

- Commercial crude oil stocks decline by 1.7 million barrels, although market expectation was a rise of 2.2 million barrels
24.10.2019 Refining/Petro Chemistry , Americas

Oil prices lose gains with rise in US crude stocks

- Prices were up in previous session with reports that OPEC could make deeper output cuts
24.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil posts mixed week amid refinery maintenance season

- Refinery maintenance season keeps crude demand low, causes buildup in inventories and push prices down
19.10.2019 Refining/Petro Chemistry , Stock Market , International Organization , Americas

Oil down as China posts lowest growth in three decades

- Chinese economy grows by 6% in third quarter, marks lowest pace since 1992
18.10.2019 Refining/Petro Chemistry , Stock Market , Asia

US crude oil production remains at record high level

- Crude oil output remained around 12.6 million barrels a day for week ending Oct. 11
19.10.2019 Upstream , Refining/Petro Chemistry , Americas

Brent price down with high crude inventory build in US

- Crude oil inventories in US rise by 10.45 million barrels, much higher than market expectation of 2.88 million barrels
18.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil prices down as US' crude inventories, production up

- World's top producer saw its crude output climb up to fresh record high of 12.6 million barrels per day
10.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Crude oil inventories in US increase for w/e Sept. 27

- Commercial crude inventories rise by 3.1 million barrels
03.10.2019 Refining/Petro Chemistry , Americas

Oil prices to see high levels, Saudi crown prince warns

- "... oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," Mohammed bin Salman said
02.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

Oil prices recover from one month low

- From July to September, crude prices recorded worst quarterly decline this year
01.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

New oil and gas reserves discovered in northwest China

- Sichuan shale gas blocks have total proven reserves of 1.06 trillion cubic meters: China National Petroleum Corporation
01.10.2019 Natural Gas , Refining/Petro Chemistry , Energy Projects , General

US sees largest weekly gasoline price jump in two years

- 'Gasoline prices in the US tend to follow price movements of the global crude oil benchmark Brent,' EIA says
27.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Americas , Middle East-Africa

Oil prices down with rapid Saudi output recovery

- Kingdom's production rises to more than 8 million barrels a day, much faster than previously anticipated
26.09.2019 Oil , Refining/Petro Chemistry , Energy Diplomacy , General

Oil prices down as Saudi Arabia's supply concerns ease

- Saudi Aramco's output to be fully back online by end of September
25.09.2019 Refining/Petro Chemistry , Stock Market , Middle East-Africa

Iran responsible for Aramco attack, says Saudi official

-Attack on Aramco facilities carried out with Iranian weapons, Tehran responsible for attack, says Saudi foreign minister
24.09.2019 Refining/Petro Chemistry , Energy Security , Middle East-Africa

Oil market well supplied with ample stocks: IEA's Birol

- IEA does not see the need to release stocks at the moment, Birol says
19.09.2019 Refining/Petro Chemistry , International Organization , Middle East-Africa

France to send experts for probe of Saudi oil attack

- Move comes after phone call between French President Emmanuel Macron, Saudi Crown Prince Mohammed bin Salman
18.09.2019 Downstream , Refining/Petro Chemistry , General

World to focus on climate summit amid oil tensions

- Despite attacks on Saudi oil sites and geopolitical tensions, climate change to be on world agenda with upcoming summit
19.09.2019 Oil , Renewable , Downstream , Refining/Petro Chemistry , World , Middle East-Africa , General

Oil prices up as Saudis struggle with rapid recovery

- Kingdom looking at months for a full recovery in production
17.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11

  • Brent oil may soon hit below $10 a barrel: Experts
1 / 1

Brent oil may soon hit below $10 a barrel: Experts

  • up
Anadolu Agency

Corporate

  • History
  • Editorial Guideliness
  • Social Media Policies
  • Executive Team
  • Domestic Offices
  • International Offices
  • Media Center
  • Contact
  • Quality Management
  • Privacy and Cookies Policy
  • Information Policy
  • Diary
  • Coronavirus Infection Map
  • Subscription Requests
  • Announcement Service

  • Company News
  • Finance Terminal
  • Anadolu Images
  • Energy Terminal
  • News Academy

mobile services

  • IPhone Application
  • IPad Application
  • Android Application
  • Windows Application
We use cookies in a limited and restricted manner for specific purposes. For more details, you can see "our data policy".
Accept
© Anadolu Agency 2021