Oil prices

    • Shell sees a fall in Q1 fuel sales

      Shell sees a fall in Q1 fuel sales

      Royal Dutch Shell announced it expected a significant drop in fuel sales in the first quarter of 2021, Reuters reported. The world’s biggest fuel retailer expects a very slow recovery of the markets undermined by Covid-19 lockdowns in major industrial countries. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels per day (bpd) for the first quarter of 2021, compared with just under 4.8 million bpd in the last quarter of 2020. It had previously forecast sales of 4-5 million bpd.

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    • Oil surges on stronger growth outlook, vaccine rollout

      Oil surges on stronger growth outlook, vaccine rollout

      International crude priced rose as post-pandemic economic outlook improved on the back of fast vaccine rollout and stimulus packages in industrial countries, Reuters reported. The biggest oil consumer in the world also reported a drop of inventories which prompts a further price rise. Brent futures rose up to $63.08 a barrel while US West Texas Intermediate spiked to $59.65.

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    • EU could run out of oil in a decade

      EU could run out of oil in a decade

      The world could reach “peak oil” sooner than expected and that may be a problem for Europe. The moment global oil production reaches its highest point was expected to be around 2030, but Norwegian researchers from the Rystad Energy consultancy say it could occur in 2027 or 2028. As a result, the EU could suffer an oil shortage within a decade, with supply drying up faster than the demand for fossil fuels, according to climate think tank The Shift Project.

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    • Oil rockets over 30% after Trump says Saudi, Russia to cut supply

      Oil rockets over 30% after Trump says Saudi, Russia to cut supply

      Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge. He said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.

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    • Trump, Putin agree to discussions on oil prices between energy officials

      Trump, Putin agree to discussions on oil prices between energy officials

      President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia. The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy officials in the two countries, according to the Kremlin. The White House had no immediate comment and didn’t release a summary of the call.

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    • Oil prices rise giving stocks support after 'Black Monday'

      Oil prices rise giving stocks support after 'Black Monday'

      A bounce in the price of oil provided some support to under-pressure stocks in early Asian trade on Tuesday, a day after global equities suffered their biggest losses in more than a decade. Global stock markets had capitulated on what has become known as "Black Monday", with the Dow on Wall Street plunging more than 2,000 points, triggering an emergency break in early trade.

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