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The Oil Glut Is About to Get Even Worse…

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With only a week to go before OPEC+ countries start flooding the world’s total oil production with an estimated extra 2.5 million barrels per day (bpd) amid the Covid-19 crisis, building one of the biggest oil supply gluts the world has ever seen, UK operator INEOS has decided to postpone its scheduled maintenance for the […]

Oil Jumps As Fed Pledges “Unlimited” Cash to Bolster the Economy…

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Oil prices jumped by 4 percent early on Tuesday after the U.S. Federal Reserve launched on Monday extensive new measures to support the economy as the coronavirus pandemic spreads. But prices slid later in the morning. At 9:34 a.m. EDT on Tuesday, WTI Crude was up 3.98 percent on the day at $24.41, and Brent […]

Trump to Fill Strategic Oil Reserves, Easing Price Pressures During Saudi-Russia Dispute…

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President Trump has directed the Energy Department to secure 77 million barrels of American oil to fill the nation’s Strategic Petroleum Reserve, amid the ongoing global coronavirus crisis and an oil war between Russia and Saudi Arabia. The department will begin filling the reserves by soliciting up to 30 million barrels of oil and will […]

The New Saudi Plan to Send Oil Prices Lower…

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Saudi Arabia continues to signal to the market that it is not backing down from the oil price war despite the crumbling oil prices amid coronavirus-hit demand and promises of huge extra supply next month. Oil giant Saudi Aramco will proceed with the reduction of its refinery rates in Saudi Arabia in April and May […]

Prosecutors Drop Case Against Alleged Funder of Russian Troll Farm

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Prosecutors have dropped the case against a company that allegedly funded a Russian troll farm that meddled in the 2016 presidential election. The Russian company, Concord Management and Consulting, had no intention of actually standing trial and facing prosecution and was instead milking the U.S. government for documents related to the case, trying to get […]

Saudi’s Ramp Up Oil Production to Record Levels…

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Saudi Arabia will once more be the world’s biggest producer of crude oil under plans announced Wednesday to further increase the Kingdom’s output to a new record level. Prince Abdul Aziz bin Salman, the Saudi energy minister, told Saudi Aramco to prepare to increase its maximum sustainable capacity — the limit to the crude it […]

The Reason Why Russia Refused to Cut Oil Production…

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OPEC asked Russia to cut an additional 300,000 bpd in oil production at last week’s meeting in Vienna, but according to Russia’s Deputy Energy Minister, this would’ve been ‘technically challenging.’ OPEC asked Russia to add another 300,000 bpd to its production cut quota art the Vienna meeting last week, but it would have been technically […]

FBI’s Russia Collusion Case Fell Apart in First Month of Trump Presidency, Memos Show…

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The piecemeal release of FBI files in the Russia collusion investigation has masked an essential fact: James Comey’s G-men had substantially debunked the theory that Donald Trump’s campaign conspired with Moscow by the time the 45th president was settling into the Oval Office, according to declassified memos, court filings and interviews. And that means a […]

US, Canadian Fighters Intercept Russian Spy Planes North of Alaska…

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Two Russian Tu-142 maritime reconnaissance aircraft lingered in U.S.-Canadian air defense space Monday for hours after being intercepted by fighter jets, defense officials said. The two Russian planes were intercepted by U.S. Air Force F-22 Raptors and Royal Canadian Air Force CF-18s, a version of the U.S. Navy’s F/A-18 Hornet, in the Alaskan Air Defense […]

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