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ARTICLE FINDER

Bottom of the barrel: IEA sees oil output recovery

Jul 10, 2020 - 10:55 PM

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

OIL. A worker takes a break beneath the natural gas storage tanks at an exploration site in the Longgang gas field in Lishan, in southwest China's Sichuan province, May 17, 2007. File photo by Liu Jin/AFP

China's factory gate deflation eases as economy recovers

Jul 09, 2020 - 5:30 PM

China is working to bounce back from a historic economic contraction in the 1st quarter of 2020, but it faces a threat from weakening global demand

MANUFACTURING. Employees work on a battery production line at a factory in Huaibei in China's eastern Anhui province on March 30, 2020. Photo by AFP

Venezuela's year-on-year inflation down to 3,500%

Jul 09, 2020 - 12:40 PM

An opposition legislator says Venezuela's economic crisis could worsen with the depreciation of the bolivar

DEVALUED. Venezuela devalues the bolivar as it deals with an economic crisis. File photo by Federico Parra/AFP

Relaxed coronavirus rules push inflation up to 2.5% in June 2020

Jul 07, 2020 - 9:05 AM

(UPDATED) As the economy reopens with limited transportation options and physical distancing rules in place, tricycle fares soar in June

Dodgers Price to skip MLB season over virus concerns

Jul 06, 2020 - 2:10 PM

Former World Series champion David Price says he looks forward to representing the Dogders next year

NO GO. David Price will not play for the Dodgers in his supposed first season with the team. Photo from Instagram/@dodgers


Big Oil confronts possibility of terminal demand decline

Jul 06, 2020 - 1:45 PM

Some are questioning whether oil demand will ever get back to 2019 levels

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

Gulf economies to shrink 7.6% over virus, oil slump – IMF

Jul 01, 2020 - 10:40 AM

The International Monetary Fund's 2020 projection for the 6-nation Gulf Cooperation Council dramatically worsens

EMPTY. An aerial view shows a deserted highway due to the COVID-19 pandemic, in the Saudi capital Riyadh on May 24, 2020. Photo by Faisal al-Nasser/AFP

Zimbabwe increases fuel price by 150%

Jun 25, 2020 - 2:35 PM

Zimbabwe has been facing fuel shortages since October 2018

FUEL SHORTAGE. Motorists form a long queue at a gas station in Harare, Zimbabwe, on September 10, 2019. File photo by Tony Karumba/AFP

Without urgent reform, Iraq economy will face irreparable shocks – minister

Jun 23, 2020 - 12:05 PM

'If we do not amend the situation throughout the next year, we may face shocks we cannot fix,' warns Iraqi finance chief Ali Allawi

Iraq's Minister of Finance Ali Allawi listens during an interview at his residence in the capital Baghdad, on June 22, 2020. (Photo by AHMAD AL-RUBAYE / AFP)

Venezuelan oil production sinks to lowest output in 77 years

Jun 18, 2020 - 7:30 PM

Experts blame Venezuela's oil production drop on government mismanagement, corruption, and a failure over many years to invest in infrastructure upgrades and maintenance

(FILES) In this file photo taken on April 30, 2009, partial view of an oil refinery in the city of Moron, Venezuela. - Venezuela's oil production fell in May 2020 to 570,000 barrels per day, according to the Organization of Petroleum Exporting Countries (OPEC), a decline to levels of more than seven decades ago. (Photo by Thomas COEX / AFP)

OPEC throttles output in May 2020

Jun 17, 2020 - 10:00 PM

OPEC member states cut oil output by 6.2 million barrels per day in May 2020

OIL FEARS. In this file photo taken on December 11, 2019, an oil tanker is docked at the port of Ras al-Khair, about 185 kilometers north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. File photo by Giuseppe Cacace/AFP

Canada consumer prices fall 0.4% in May 2020

Jun 17, 2020 - 9:35 PM

Gasoline prices rebound, but are still down almost 30% year-on-year in Canada

TORONTO, ONTARIO - APRIL 23: King Street West is seen during the coronavirus pandemic on April 23 2020 in Toronto, Canada. Entertainment districts across Canada have been hit hard by the COVID-19 pandemic. Emma McIntyre/Getty Images/AFP

UK inflation hits 4-year low on virus lockdown

Jun 17, 2020 - 6:00 PM

Britain's inflation rate slumps to 0.5% in May 2020 despite a rebound in oil prices

shoppers, some wearing PPE (personal protective equipment), of a face mask or cvoering as a precautionary measure against COVID-19, walks past recently re-opened shops on Regent Street in London on June 17, 2020, as lockdown restrictions imposed to stem the spread of the novel coronavirus continue to be relaxed. - Britain's annual inflation rate slid to 0.5 percent in May, the lowest level in four years, as the country's coronavirus lockdown dampens prices, official data showed Wednesday. (Photo by Tolga Akmen / AFP)

IEA says aviation to hold back oil recovery

Jun 16, 2020 - 10:20 PM

'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

This handout satellite image released by Maxar Technologies shows a close up of lineup parked planes at Charles De Gaulle International Airport, in Paris, France, on March 27, 2020, during the coronavirus (Covid-19) outbreak. (Photo by - / Satellite image ©2020 Maxar Technologies / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Satellite image ©2020 Maxar Technologies " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS /

UAE says low oil price unsustainable, warns of shocks

Jun 16, 2020 - 8:15 AM

'The last thing we want is to have shocks,' says United Arab Emirates Energy Minister Suheil al-Mazrouei

UAE. Cranes at a construction site with the world's tallest tower Burj Khalifa (background) in the Gulf emirate of Dubai on March 11, 2019. File photo by Karim Sahib/AFP

China's factory goods prices slump on virus shock

Jun 10, 2020 - 10:40 PM

With slumping demand across many of China's key trading partners, companies are forced to charge less for their products

This photo taken on June 9, 2020 shows an employee working at a factory in Haian in China's eastern Jiangsu province. - China's factory-gate prices remained at four-year lows in May, official data showed on June 10, as the demand shock from the coronavirus continued to take a toll on the world's second-largest economy. (Photo by STR / AFP) / China OUT

Venezuelan national assembly says 12-month inflation at 3,600%

Jun 10, 2020 - 7:30 AM

Crisis-wracked Venezuela has been in recession for more than 6 years

HYPERINFLATION. View of a tree decorated with banknotes which are worthless – as a result of inflation – as people queue at a gas station in Caracas, Venezuela, on March 10, 2019. Photo by Yuri Cortez/AFP

Wall Street rallies on reopening hopes, Nasdaq hits record

Jun 09, 2020 - 7:25 AM

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

WALL STREET. The statue of the charging bull is pictured in New York City on April 20, 2020. Photo by Johannes Eisele/AFP

OPEC, allies agree to extend deep output cuts until July 2020

Jun 07, 2020 - 7:15 AM

(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

OIL FACILITY. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Stock markets power ahead on surprise U.S. jobs rise

Jun 06, 2020 - 7:25 AM

The Dow piles on around 830 points, or 3.2%, to finish at 27,110.98 on Friday, June 5

STOCK EXCHANGE. The Fearless Girl statue stands in front of the New York Stock Exchange near Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP

Inflation slows to 2.1% in May 2020

Jun 05, 2020 - 9:07 AM

(UPDATED) Lower transportation costs and food prices cause the downtrend in the Philippines' inflation rate

German inflation grinds lower in May 2020

May 28, 2020 - 8:40 PM

Germany registers just 0.6% inflation in May 2020, driven by a drop in energy costs

ELDERLY. A woman and a man wearing face masks walk past a shop in Leipzig, Germany, on April 20, 2020. Photo by Tobias Schwarz/AFP

The trader who called the 2020 oil crisis

May 24, 2020 - 6:30 PM

Pierre Andurand correctly predicts that the coronavirus pandemic would send oil prices into negative territory

Pierre Andurand photo from Andurand Capital/AFP; oil rig photo from Shutterstock

Are oil prices over the worst of the crisis?

May 22, 2020 - 11:00 AM

While oil prices are recovering from historic lows, the market remains vulnerable to a much-feared second wave of coronavirus infections – and lockdowns

BATTERED INDUSTRY. An oil refinery. Photo from Shutterstock

Japan consumer prices log first drop in more than 3 years

May 22, 2020 - 9:30 AM

The Japanese internal affairs ministry says core prices in April 2020, excluding volatile fresh food, slipped 0.2% from a year earlier

JAPAN ECONOMY. People wearing face masks cross the quiet Shibuya crossing in Tokyo, Japan, on April 28, 2020. Photo by Behrouz Mehri/AFP

Canada consumer prices fall 0.2% in April 2020

May 20, 2020 - 11:55 PM

Plunging energy prices as a result of the coronavirus pandemic is the main contributor to the decline in Canada's inflation rate for April 2020

DESERTED. A street in the town of Niagara Falls, Canada, is seen during the coronavirus pandemic on April 27, 2020. Photo by Emma McIntyre/Getty Images/AFP

Sudan inflation soars to 99% as food prices rise

May 16, 2020 - 8:50 PM

Higher prices of grains, meat, milk, and bread cause Sudan's inflation rate to shoot up to 99% in April 2020

Residents of the Sudanese capital Khartoum queue in front of a bakery, on April 9, 2020. - The Sudanese authorities yesterday announced a rise in the price of bread in the capital, nearly a year after the fall of president Omar al-Bashir. A tripling of the price of bread had been the trigger for street protests against Bashir in December 2018 (Photo by ASHRAF SHAZLY / AFP)

Virus crisis adds to woes of Africa's oil producers

May 14, 2020 - 7:35 PM

Here is a look at how African oil-exporting countries are faring in the midst of the coronavirus pandemic

A view of the Kaombo Norte, a Floating Production Storage and Offloading vessel(FPSO), a project operated by Total, the French multinational oil company, on November 8, 2018, about 250km off the coast of Angola in the Atlantic Ocean. - A column of flame emanates from the bow of the boat, illuminating the jet-black ocean for miles around. For three months now the Kaombo Norte has been anchored off the northern coast of Angola and has recently begun to pump up crude oil secreted in the depths below. The arrival of the platform ship which belongs to French oil giant Total has been a timely lifeline for the Angolan government. (Photo by Rodger BOSCH / AFP)

IEA says oil outlook improves 'somewhat' on easing virus lockdowns, output cuts

May 14, 2020 - 5:00 PM

Despite the improvement in the oil market, the International Energy Agency warns that 'major uncertainties remain'

OIL FACILITY. The Marathon Refinery is seen in Carson, California, on March 9, 2020. Photo by David McNew/AFP

OPEC sees oil market already rebalancing

May 13, 2020 - 9:20 PM

The Organization of the Petroleum Exporting Countries says 'speedy supply adjustments' are already 'showing positive response'

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

Norway taps sovereign wealth fund for record $41 billion

May 13, 2020 - 12:55 AM

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

A picture taken on April 20, 2020 shows leisure properties on Lake Sjusjøen, as the ban to use them has been lifted amid the new coronavirus pandemic. (Photo by Vidar Ruud / NTB Scanpix / AFP) / Norway OUT

Virus, low oil prices take toll on April 2020 U.S. inflation

May 12, 2020 - 10:20 PM

United States inflation drops to 0.8% in April 2020, its largest month-on-month fall since December 2008

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

China factory prices plunge as virus hammers demand

May 12, 2020 - 3:35 PM

China's producer price index – which reflects what factories charge wholesalers – drops in April 2020

Employees work on a truck production line at a factory in Zhangjiakou in China's northern Hebei province on May 12, 2020. - China's factory-gate prices fell to a four-year low, official data showed on May 12, with firms suffering from the economic devastation unleashed by the coronavirus on the global economy. (Photo by STR / AFP) / China OUT

U.S. oil producers struggle to stay afloat in sea of excess

May 12, 2020 - 2:40 PM

The collapse in oil prices leads to massive losses for companies drilling in the Permian Basin

Craig Blair, co-owner of Capitan Energy is pictured in front of a "Christmas Tree", which is installed at the top operational fracking wells, on May 7, 2020 in Culberson County, Texas. - For oil and gas producers in the world's largest oil field, straddling the border between Texas and New Mexico, the losses due to the collapse of oil prices are colossal. (Photo by Paul Ratje / AFP)

Global stocks mixed amid fears of second virus wave

May 12, 2020 - 7:10 AM

While some European countries and US states are easing restrictions, there are fears of 'second wave' coronavirus outbreaks in parts of Asia

TRADING. A view of the New York Stock Exchange is seen on Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP

Saudi to cut oil output by another 1 million barrels a day

May 11, 2020 - 11:10 PM

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

OIL PRODUCTION. An Aramco oil facility at the edge of the Saudi capital Riyadh on September 15, 2019. File photo by Fayez Nureldine/AFP

Saudi to triple VAT, suspend handouts in virus-led austerity drive

May 11, 2020 - 8:10 PM

(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

OUTBREAK. A Saudi man, wearing a protective mask as a precaution against COVID-19, walks past a mural showing the face of King Salman bin Abdulaziz in Riyadh on March 15, 2020. Photo by Fayez Nureldine/AFP

With prices down and jobs leaving, U.S. oil workers learn patience

May 11, 2020 - 4:00 PM

Many oil workers in Carlsbad, New Mexico, find themselves jobless as oil prices plunge

Jace Gentry, 21, from Hornbeck, Louisiana is pictured in front of his trailer on May 6, 2020 in Carlsbad, New Mexico. - Gentry lost his job in the oil fields and is headed back home to wait and see if jobs will come back. Waiting for an upturn or pulling out, a dilemma faced in recent weeks by oil industry workers in Carlsbad, in the southwestern United States, where the sharp drop in oil prices has dealt a blow to the local economy. (Photo by Paul Ratje / AFP)

Oil collapse wipes out profits at Total

May 05, 2020 - 5:35 PM

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

TOTAL. The French company is a global energy player. Photo from Shutterstock

Inflation slips to 2.2% in April 2020 as virus freezes economy

May 05, 2020 - 9:07 AM

(3rd UPDATE) The Philippines' inflation slows down as oil prices plunge, while prices of some food items inch up in April

Oil-hungry Asian nations pounce on low prices to build stockpiles

May 03, 2020 - 10:00 PM

Here are some questions and answers about strategic reserves and Asia's oil supplies

A worker takes a break beneath the natural gas storage tanks at an exploration site in the Longgang gas field in Lishan, in southwest China's Sichuan province, 17 May 2007, potentially the largest natural gas reserves on the mainland. Energy-hungry China has started drilling what it says will be Asia's deepest oil and gas well, as state-owned Sinopec plans for the Chuanke No. 1 Well in southwest Sichuan province to reach a depth of 8,875 metres (30,000 feet) -- more than the height of Mount Everest, while natural gas output in China in 2006 reached 58.6 billion cubic metres, up 16.9 percent over the previous year but growing slower than the 20.6 percent in 2005. AFP PHOTO/LIU Jin (Photo by LIU JIN / AFP)

U.S. petroleum giants slash capital budgets after oil price crash

May 01, 2020 - 9:55 PM

ExxonMobil reduces capital spending by 30% to around $23 billion for 2020, while Chevron further trims its capital spending to $14 billion

OIL GIANT. The ExxonMobil refinery in Notre-Dame-de-Gravenchon, France, on May 23, 2016. File photo by Charly Triballeau/AFP

Crude crash brings down Singapore oil tycoon

May 01, 2020 - 5:20 PM

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

(FILES) In this file photo taken on February 19, 2018, oil tankers are anchored off the western shores of Singapore. - Singapore tycoon O.K. Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. But it all came crashing down when oil markets were plunged into unprecedented turmoil by the coronavirus pandemic and revealed the keen poker player appeared to have overplayed his hand. (Photo by Roslan RAHMAN / AFP)

Stock markets drop on devastating growth data

May 01, 2020 - 7:45 AM

As jobless claims continue surging in the United States and the European Union economy shrinks, stocks dip on Thursday, April 30

The US flag is seen at the New York Stock Exchange (NYSE) on April 30, 2020 in New York City. - Wall Street stocks opened lower Thursday following another spike of jobless claims in the wake of coronavirus shutdowns, offsetting strong results from tech giants. Another 3.84 million US workers filed for unemployment benefits last week and the total has now passed 30 million in six weeks, according to the Labor Department data. (Photo by Johannes EISELE / AFP)

Oil producers keep pumping despite price crash

Apr 30, 2020 - 7:30 AM

Storage for excess crude is running out, but 'producers remain reluctant to cut production in the short term as there are costs and consequences'

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

Sudan inflation soars to above 80% as economic crisis bites

Apr 29, 2020 - 7:30 AM

Sudan remains in deep economic crisis one year after mass protests led to the military ouster of strongman Omar al-Bashir

A woman sells bread crumbs, locally known as "kasra", as a substitute for bread, at the Sudanese capital Khartoum, on April 9, 2020. - The Sudanese authorities yesterday announced a rise in the price of bread in the capital, nearly a year after the fall of president Omar al-Bashir. A tripling of the price of bread had been the trigger for street protests against Bashir in December 2018 (Photo by ASHRAF SHAZLY / AFP)

Stock markets rise on virus hopes as oil tanks

Apr 28, 2020 - 7:15 AM

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.'

WALL STREET. A person walks down Wall Street in New York City on April 2, 2020. Photo by Spencer Platt/Getty Images/AFP

Venezuelan oil price falls to $9.90, lowest level in 20 years

Apr 25, 2020 - 9:30 AM

Oil prices have been sliding in Venezuela since 2014 and exacerbating the country's ongoing economic crisis

GAS ISSUES. A Petroleos de Venezuela SA (PDVSA) worker pumps gas in a car in Caracas, on May 21, 2019. Photo by Marvin Recinos/AFP

Oil prices gain on U.S.-Iran tensions, mixed day for global stocks

Apr 24, 2020 - 7:00 AM

'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

(FILES) In this file photo taken on October 11, 2019 US President Donald Trump speaks to the press at the South Lawn of the White House in Washington, DC. - President Donald Trump leaves Washington for a rally with supporters and a Thanksgiving break at his Florida home on November 26, 2019 but impeachment storm clouds threaten to spoil the party. Before boarding Air Force One, the president will act out the quirky annual ritual of pardoning two enormous turkeys, sparing them from the national day of feasting on Thursday. (Photo by Nicholas Kamm / AFP)

Crisis-hit oil market in frantic hunt for storage

Apr 23, 2020 - 12:00 PM

Oil companies are racing to locate adequate storage facilities – either on land or at sea

OIL STORAGE. This photograph, taken on April 20, 2016, shows oil storage tanks on Jurong island off Singapore. Photo by Roslan Rahman/AFP