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Tag Archives: Oil price drop

Exclusive: Argentina plans to protect domestic oil industry with price-fixing

Oil rig. Blue sky

REUTERS, APRIL 23, 2020 BUENOS AIRES (Reuters) – Argentina plans to issue a decree setting a higher local oil barrel price to protect the domestic industry from being further decimated by a collapse in global prices and slumping fuel demand due to the coronavirus pandemic, two industry sources told Reuters on Thursday. The locally-set oil price, known as the “criollo …

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With oil at under $8 a bbl, Canada is the first price-war casualty

Alberta oil sands

BLOOMBERG, March 19, 2020 🛢Benchmark price for Canada’s oil sands dips below $8 a barrel 🛢Industry that generates 10% of country’s GDP facing new crisis By Kevin Orland and Robert Tuttle for Bloomberg – In the oil price war between Saudi Arabia and Russia, the first big victim is likely to be Canada. Hit by unfettered supply from the world’s top two crude exporters and …

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Chinese Refiners Go on Buying Spree as Oil Too Cheap to Ignore

Oil refinery

Bloomberg, February 14, 2020 Independent oil refiners in China take advantage of plunging oil prices A sudden oil buying spree by China’s independent refiners has taken Asian traders by surprise. After weeks of production cuts, cargo deferrals and cancellations because of the deepening impact of coronavirus on Chinese crude demand, companies including Shandong Shouguang Luqing Petrochemical Co., Shandong Huifeng Petroleum Chemical Co. and Sinochem …

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