Energy

Customers Turn Down American LNG in Growing Numbers Amid Global Supply Glut, Traders Say

American LNG exports are estimated to have dropped by around a half since January due to a collapse in demand which led to lack of storage space in overseas facilities. Buyers of US-extracted liquefied natural gas (LNG) may cancel up to 60 percent of July orders, as the energy industry is reeling from a global […]

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Will Trump go to war with Iran to save America’s oil industry?

It’s believed that a US-Iran war would disrupt the flow of Middle Eastern oil and, as such, should be avoided at all costs. With US oil futures trading in the negative, has the risk of such a war suddenly become attractive? Last week, nearly a dozen Iranian Islamic Revolutionary Guard Corps Navy (IRGCN) vessels harassed […]

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Forget the oil prices, the whole US dollar bubble is deflating – Peter Schiff 🎞️

The drop in oil prices is likely to be short-lived, veteran stock broker Peter Schiff told RT, since the deflation of the whole US debt bubble and crash of the dollar will make the prices of oil and other commodities bounce up. Decline in demand for oil due to the coronavirus epidemic, further reinforced by […]

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US oil market crashes to NEGATIVE in historic plummet

West Texas Intermediate oil prices have gone negative in a record low for the US benchmark, as the market continues to crater amid the general economic collapse. Vanishing demand and a glut of supply have combined to heavily impact the US benchmark fuel, with prices dropping from $18.27 to close at -$37.63 a barrel on […]

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‘Historic Yet Insufficient’: Goldman Sachs Predicts Crude Prices to Further Dip After OPEC+ Deal

Fresh market data shows that Brent as well as WTI prices briefly rebounded by 1-3 percent in the hours after the OPEC+ talks on Sunday, but then showed a downward trend, which a top Wall Street bank says is likely to continue in the coming weeks. Goldman Sachs has forecast that oil prices will continue […]

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How Record Global Cuts Brokered by Russia, Saudi Arabia, & US Will Affect Oil Market

After days of intense negotiations and video conferences OPEC+ and G20 have sealed a deal aimed at tackling the oil market imbalance. Economic analysts have explained how the newly introduced cuts will affect the market in the short- and medium-term. On Sunday, Russia, Saudi Arabia, and the US struck a deal with the world’s petroleum […]

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Energy insecurity: Trump is a hostage to internal politics and an illusory ‘free market’ in the oil price game

Having bragged repeatedly of America’s energy independence, President Trump must confront the harsh realities of a global oil market no longer able to sustain inefficient US oil producers as he prepares to negotiate with the G20. The global economy struggles to adapt to the one-two punch of reduced oil demand brought on by the coronavirus […]

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New OPEC+ video conference to be held this Sunday, April 12 – reports

The Organization of the Petroleum Exporting Countries and allied oil exporters led by Russia are reportedly set to hold an urgent meeting on Sunday to clinch a last-minute agreement to save the oil market from further tumbling. The virtual meeting is scheduled for 4pm GMT, the Azerbaijan Energy Ministry confirmed to Russian media. The same […]

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Oil Anger: US Senators Threaten Saudi Arabia With Diplomatic Retaliation Amid Price War – Report

Saudi Arabia, a major strategic ally of the US, has been at the centre of an oil output cut dispute with Russia that unleashed a price war and sent already-volatile crude prices to their 18-year lows. American senators from oil-producing states reproached the Saudi ambassador in a heated phone call and threatened to rethink diplomatic […]

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Donald Trump was Reportedly Okay with Saudi Plan to Squeeze Russia from Oil Market

President Donald Trump last week hinted that the US would wade into the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for American consumers despite hurting the industry. US President Donald Trump was quite happy with Saudi Arabia’s plans to oust Russia from certain oil […]

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Why US Better Stay Away From Russia-Saudi Oil Price War

US President Donald Trump used to complain about the high oil prices that came as a result of the OPEC+ agreement, which saw many oil-exporting countries cut crude production. Now, however, is unhappy with the anomalously low price of black gold that is threatening to kill the American shale oil industry. Commenting on the ongoing […]

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The lesson US shale refuses to learn

In 2014, shale drillers were pushed to the brink of oblivion by low oil prices, and today with prices nearing similar levels it seems the sector has not learned its lesson. It feels like 2014 for the oil industry all over again, except this time, things could get even worse. Most US shale wells have […]

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Trump says oil price war ‘devastating’ for Russia – but it’s Saudis & US shale that stand to suffer most

Plummeting oil prices have sparked another round of predictions about the economic collapse of Russia – this time from US President Donald Trump, who sounded a lot like his predecessor Barack Obama on the subject. The price of crude oil has crashed to $20 this week, due to a one-two punch of Saudi Arabia flooding […]

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Russia-Saudi revenge against shale oil threatens to crush entire US financial system, Professor Wolff tells Boom Bust

Global stock markets hit bear territory this week, with oil prices experiencing their biggest plunge since the 1991 Gulf War. Boom Bust is joined by Professor Richard Wolff of the Economic Update to discuss the ongoing oil crisis. He explains that the US, which wanted “energy independence,” decided 10-20 years ago to go into the […]

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It’s just business: US & Britain buying more and more oil from Russia

Russia more than doubled crude oil supplies to the United States and Britain in 2019, data from the Federal Customs Service (FCS) has revealed. A fall in prices for the Russian Urals oil, combined with US sanctions against Venezuela and Iran, were among the reasons for such an increase in purchases.

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