Futures in New York fell below $35 a barrel after losing 8.3 per cent last week
Aramco will pay $24.8bn this week as a first installment in the deal
The market is grappling with record high US oil inventories and an uneven demand rebound
Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19
Futures dropped 1.9 per cent in New York, erasing almost all of the gains from the previous session
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
Production cuts are meant to be eased to about 7.7 million barrels a day in July
Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions
Producers have lowered global oil supply by around 14-15 million barrels a day
Oil has surged about 75 per cent this month as pockets of demand return
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said
Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month
Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day
Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic
Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets
US crude stockpiles rose for a 15th week, although at a slower pace, while supplies at the Cushing storage hub expanded
The company’s first-quarter sales dropped 18 per cent to SAR30.83bn
He added that state oil revenue has decreased by more than half, and non-oil revenue will decrease as well
While all sources of energy — oil, coal, natural gas, and even nuclear — will see a decline, renewable energy is likely to be the bright spot
Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre
Lenders warned that it’s still too early “to determine the size and extent of the financial impact at this stage”
The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced
The figure marks the highest volume in a year
Global demand will drop by more than 9 million barrels a day in 2020, according to the IEA
The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel
Benchmark Brent has plunged by more than half since the start of the year
Benchmark Brent crude has plunged 48 per cent this year