Rappler's latest stories on oil prices
Bottom of the barrel: IEA sees oil output recovery
While the International Energy Agency warns that the resurgence of the coronavirus in some regions is 'casting a shadow over the outlook,' it sees the oil market turning a corner
Big Oil confronts possibility of terminal demand decline
Some are questioning whether oil demand will ever get back to 2019 levels
Gulf economies to shrink 7.6% over virus, oil slump – IMF
The International Monetary Fund's 2020 projection for the 6-nation Gulf Cooperation Council dramatically worsens
Zimbabwe increases fuel price by 150%
Zimbabwe has been facing fuel shortages since October 2018
Without urgent reform, Iraq economy will face irreparable shocks – minister
'If we do not amend the situation throughout the next year, we may face shocks we cannot fix,' warns Iraqi finance chief Ali Allawi
Venezuelan oil production sinks to lowest output in 77 years
Experts blame Venezuela's oil production drop on government mismanagement, corruption, and a failure over many years to invest in infrastructure upgrades and maintenance
OPEC throttles output in May 2020
OPEC member states cut oil output by 6.2 million barrels per day in May 2020
IEA says aviation to hold back oil recovery
'Unlike gasoline and diesel, which are likely to recover to close to pre-crisis levels by the end of 2020, the outlook for jet fuel is more uncertain,' says the International Energy Agency
UAE says low oil price unsustainable, warns of shocks
'The last thing we want is to have shocks,' says United Arab Emirates Energy Minister Suheil al-Mazrouei
Wall Street rallies on reopening hopes, Nasdaq hits record
The tech-rich Nasdaq closes more than 100 points over its previous high in February, while the Dow finishes up 1.1% on Monday, June 8
OPEC, allies agree to extend deep output cuts until July 2020
(UPDATED) Algerian Oil Minister Mohamed Arkab, who currently holds OPEC's rotating presidency, says the agreed cut for July 2020 is 9.6 million barrels per day
Stock markets power ahead on surprise U.S. jobs rise
The Dow piles on around 830 points, or 3.2%, to finish at 27,110.98 on Friday, June 5
The trader who called the 2020 oil crisis
Pierre Andurand correctly predicts that the coronavirus pandemic would send oil prices into negative territory
Are oil prices over the worst of the crisis?
While oil prices are recovering from historic lows, the market remains vulnerable to a much-feared second wave of coronavirus infections – and lockdowns
Virus crisis adds to woes of Africa's oil producers
Here is a look at how African oil-exporting countries are faring in the midst of the coronavirus pandemic
IEA says oil outlook improves 'somewhat' on easing virus lockdowns, output cuts
Despite the improvement in the oil market, the International Energy Agency warns that 'major uncertainties remain'
OPEC sees oil market already rebalancing
The Organization of the Petroleum Exporting Countries says 'speedy supply adjustments' are already 'showing positive response'
Norway taps sovereign wealth fund for record $41 billion
The Norwegian government plans to use 420 billion Norwegian kroner ($41 billion) to support an economy badly hit by the coronavirus pandemic and plunging oil prices
U.S. oil producers struggle to stay afloat in sea of excess
The collapse in oil prices leads to massive losses for companies drilling in the Permian Basin
Global stocks mixed amid fears of second virus wave
While some European countries and US states are easing restrictions, there are fears of 'second wave' coronavirus outbreaks in parts of Asia
Saudi to cut oil output by another 1 million barrels a day
The move will reduce Saudi Arabia's oil production to 7.5 million barrels per day starting June 2020, in a bid to stabilize the global oil market
Saudi to triple VAT, suspend handouts in virus-led austerity drive
(UPDATED) The Saudi Arabian government announces that the cost of living allowance given to citizens will be halted beginning June, and value-added tax will be raised from 5% to 15% starting July
With prices down and jobs leaving, U.S. oil workers learn patience
Many oil workers in Carlsbad, New Mexico, find themselves jobless as oil prices plunge
Oil collapse wipes out profits at Total
French oil giant Total's net profit plummets to $34 million in the 1st quarter of 2020, a 99% drop from the $3.1 billion a year earlier
Oil-hungry Asian nations pounce on low prices to build stockpiles
Here are some questions and answers about strategic reserves and Asia's oil supplies
U.S. petroleum giants slash capital budgets after oil price crash
ExxonMobil reduces capital spending by 30% to around $23 billion for 2020, while Chevron further trims its capital spending to $14 billion
Crude crash brings down Singapore oil tycoon
Singapore tycoon OK Lim admits his firm Hin Leong Trading had hidden $800 million in losses over the years, while it also owes almost $4 billion to banks
Stock markets drop on devastating growth data
As jobless claims continue surging in the United States and the European Union economy shrinks, stocks dip on Thursday, April 30
Oil producers keep pumping despite price crash
Storage for excess crude is running out, but 'producers remain reluctant to cut production in the short term as there are costs and consequences'
Stock markets rise on virus hopes as oil tanks
United States markets follow Asia and Europe higher on Monday, April 27, after coronavirus figures provided hope. But an analyst warns the stock market has become 'divorced from fundamental reality.'
Venezuelan oil price falls to $9.90, lowest level in 20 years
Oil prices have been sliding in Venezuela since 2014 and exacerbating the country's ongoing economic crisis
Oil prices gain on U.S.-Iran tensions, mixed day for global stocks
'One other option is to fuel geopolitical tensions in the Middle East to threaten supply and support [oil] prices. This is what Donald Trump is doing right now,' says an analyst
Crisis-hit oil market in frantic hunt for storage
Oil companies are racing to locate adequate storage facilities – either on land or at sea
Oil rockets higher, boosting global equities
Oil prices rally on Wednesday, April 22, as United States President Donald Trump threatens to shoot at Iranian boats in a key waterway for crude shipments
Australia pounces on oil glut to build strategic reserve
Australia will spend Aus$94 million (US$59 million) to begin developing an oil stockpile established on United States soil
Oil price drop during pandemic a win for Philippines – NEDA chief
Acting Socioeconomic Planning Secretary Karl Chua says Filipino consumers will benefit from the drastic drop in oil prices in the world market
Oil crash means more misery ahead for U.S. shale producers
'Who survives will be the firms with strong balance sheets. The ones that have too much debt are really going to have a problem,' says an analyst
Continued oil market turmoil weighs on global stocks
'Ever thought that it could be imaginable to see the price of US oil valued at less than a pizza? Or even a slice of pizza?' an analyst says
Saudi Arabia wins oil price war – at a huge cost
'Riyadh may have unleashed something it is unable to control,' says an analyst
How can oil prices be negative?
Here's how the value of a barrel of oil plunged into negative territory for the first time
TIMELINE: The oil market's 6-week plunge
Here is a look back at a tumultuous 6-week period for oil, which saw United States prices plummeting to below zero
Devastating oil glut sends prices into negative, Wall Street down
(3rd UPDATE) Oil prices in the United States tumble into negative territory for the first time, closing at -$37.63 a barrel on Monday, April 20
Abu Dhabi borrows $7 billion as low oil prices bite
Abu Dhabi says its bond offering was oversubscribed by more than 6 times
Saudi Aramco to supply 8.5 million barrels per day starting May
Oil giant Aramco does not clarify whether or how this would be split between exports and domestic supply
OPEC says oil market undergoing 'historic shock'
The Organization of the Petroleum Exporting Countries now forecasts a drop of around 6.8 million barrels per day in average daily demand for 2020
Global stocks mostly rise as oil prices suffer another blow
Stock markets focus on improving coronavirus figures in some areas, but oil markets tumble on Tuesday, April 14
Saudi says total oil curbs could reach 19.5 million barrels
The Organization of the Petroleum Exporting Countries and its allies are cutting output to arrest the slump in oil prices
Top oil producers agree on 'historic' cuts due to coronavirus crisis
(UPDATED) In a compromise, major oil-producing countries agree to slash output by 9.7 million barrels per day starting May 1, down slightly from 10 million barrels per day envisioned earlier
Oil prices, virus, instability put Algeria on edge
(UPDATED) The drop in oil prices, the coronavirus, and ongoing political uncertainty create a perfect financial and social storm in Algeria
Nigeria hopes for $15 price rebound from oil cut deal
Nigeria, Africa's most populous nation and biggest oil producer, is hoping for additional revenues once oil prices bounce back
