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Tag Archives: shale

Trump denies OPEC wants US production cut

President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic. Trump said U.S. oil production had already fallen, anyway. “I think it’s happening …

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US oil sector preparing for battle

The world is about to run out of oil storage and U.S. shale producers are selling crude for almost nothing but they are still refusing to shut production, hoping to survive the storm, one of the world’s biggest oil traders said. The continuing production shows the challenges that Russia and …

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Oil prices on the up thanks to Trump, Putin

Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude LCOc1 was up by 61 cents, or 2.7%, at $23.37 …

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BHP to quit U.S. shale business as annual profit surges

BHP Billiton (BHP.AX), the world’s largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund …

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