Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Andrey Rudakov | Bloomberg | Getty Images Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices … [Read more...] about Oil prices jump as focus swivels to OPEC, Russia meeting on output cuts
Oil & Gas
U.S. to become net petroleum importer again amid oil meltdown
The new forecast from the Energy Department's independent statistical arm comes as oil prices hover in mid-$20s per barrel. … [Read more...] about U.S. to become net petroleum importer again amid oil meltdown
Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividend
Exxon is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company's dividend is safe for the time being. "A lot of our shareholders are retail shareholders — people who depend on that dividend — so we've been pretty committed to maintaining that and if necessary in the short-term using the … [Read more...] about Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividend
Wall Street strategist is skeptical of Russia-Saudi 'dance,' says investors should wait
Cantor Fitzgerald's global chief market strategist said Monday that he is skeptical of the "dance" between Saudi Arabia and Russia over oil production and that a deal from OPEC and its allies would likely not be enough to save struggling United States energy companies. "I'm really, frankly, not all that convinced that this is an all out fist-fight between Saudi Arabia and … [Read more...] about Wall Street strategist is skeptical of Russia-Saudi 'dance,' says investors should wait
Oil prices could plunge below $20 a barrel this quarter as demand craters: CNBC survey
Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Andrey Rudakov | Bloomberg | Getty Images The oil price bust may not be over. A historic demand shock sparked by the coronavirus pandemic is set to worsen in the current quarter, undermining any coordinated effort by heavyweight producers … [Read more...] about Oil prices could plunge below $20 a barrel this quarter as demand craters: CNBC survey