Friday, April 10, 2020
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Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.

U.S. banks prepare to seize energy assets as shale boom goes bust

JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and...
The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange

Goldman Sachs: 10 million bpd cut by top oil producers not enough

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to convene a video conference meeting on Thursday...
A Lockheed Martin Terminal High Altitude Area Defense (THAAD) missile interceptor is seen during the third annual "Made in America Product Showcase" on the South Lawn of the White House in Washington, U.S

U.S. oil state senators to talk crude markets with Saudi officials Saturday

Senators Kevin Cramer and Dan Sullivan will hold a call with the officials two days after a scheduled OPEC+ meeting in which Saudi Arabia and Russia are expected to...
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.

Big OPEC+ oil output cuts depend on U.S., others joining

Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for...
An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region

Oil edges down after Saudi Arabia, Russia delay meeting

Brent crude LCoc1 slipped close to $30 a barrel earlier but pared losses to trade down 24 cents, or 0.7%, to $33.87 a barrel by 0639 GMT. West Texas...
Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, with hopes of a huge global supply cut deal to support prices still alive.

Brent reverses losses to rise above $30/bbl in early European trading

Brent crude LCOc1 futures were up 7%, or $2.10, at $32.04 per barrel by 0748 GMT. Brent soared as much as 47% during Thursday’s session, its highest intraday percentage...
Russian Energy Minister Alexander Novak arrives at the OPEC headquarters in Vienna

Russia has no plans to increase oil output: Energy Minister

Data from the ministry released on Thursday by Interfax also showed that Russian oil production was 11.29 million barrels per day (bpd) in March, unchanged from a month earlier....
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S.

Chinese buyers snap up U.S. oil purchases at widest discounts ever

China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have...
United Arab Emirates’ Dana Gas is considering spinning off its upstream business and listing the unit on the Abu Dhabi Securities Exchange, the Sharjah-based energy company said on Tuesday.

UAE’s Dana Gas explores spin-off and listing of upstream business

Dana Gas, which operates concessions Iraq’s Kurdish region and Egypt, said it was studying a potential demerger of the business into a new company, according to a statement to...
North Atlantic Refining Ltd’s Come-by-Chance refinery in Canada will be the first to close in North America due to the coronavirus pandemic as refineries worldwide cut back operations.

Come by Chance becomes first North American refinery to close on coronavirus concerns

The company confirmed on Monday that it told stakeholders it was pausing production because of concerns about worker safety as the virus spreads. Refineries around the...