Crude oil slips on concerns that OPEC+ may be set to pump up supply
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Last Updated: Mar 03, 2021, 07:42 AM IST
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U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel by 0122 GMT, down 6% since Feb. 25.
Brent crude futures dipped 7 cents, or 0.1%, to $62.63 a barrel, down 7% from a 13-month high hit last week.
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MELBOURNE: Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel by 0122 GMT, down 6% since Feb. 25, when they hit their highest close since May 2019.
Oil producing countries face $9 trillion shortfall as demand falters
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Last Updated: Feb 11, 2021, 07:25 AM IST
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Half of those set to be impacted live in Nigeria, where a 70- percent drop in oil revenues would cut state income by one third, an analysis found.
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Oil and gas producing nations face up to nine trillion dollars in lost income as the world accelerates the transition to renewable energy, saddling poorer but resource-rich nations with higher risk of stranded assets, an analysis showed Thursday.
Over 400 million people live in the worst affected countries, where declining fossil fuel revenues could see government income fall by at least 20 percent, leading to cuts in public services and greater unemployment, according to an assessment by the Carbon Tracker industry watchdog.
Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady during new lockdowns.
laws to keep the route out of their state. so let s put the blame where the blame belongs. nebraska had a route, if they would have permitted a type line, then we would have a pipeline that the state department request discuss. right now it s the pipeline that dump it in the prairie. we want it pumped. so you all have to get your mess together to make it happen. montana and north dakota we are increasing our oil rate at the fastest in the country. we are putting our oil on rail cars so we have noeregotiated t put our oil on the keystone, when it s built and not if it s built. the clock is ticking. let s move. and it means jobs all over the country. that is the other part t quicker we can do things like that the faster we put people back to worker with great jobs. governors, the president seems to have found his voice, literally and figuretively?