Oil prices held steady on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions and data showing a decline in U.S. inventories provided some support.
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant
The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day . Last month OPEC+ eased the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand.
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Mauritius must brace for 'worst case scenario' after oil spill, says PMA Japanese ship that ran aground on a reef off Mauritius two weeks ago has now stopped leaking oil into the Indian Ocean but the island nation must still prepare for 'a worst case scenario', Prime Minister Pravind Jugnauth said late on Monday.
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Occidental Petroleum to cut debt before boosting oil output: CEO HollubOccidental Petroleum expects oil and gas output to dip in the second half of the year and will not boost production until it 'significantly' reduces debt, Chief Executive Vicki Hollub said on Tuesday.
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U.S. refiners' biofuel bills soar in oil market slumpU.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins hit by the collapse since March in global prices and demand.
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Japanese ship that caused Mauritius oil spill passed annual checksA Japanese bulk carrier that struck a coral reef off Mauritius and has leaked at least an estimated 1,000 tonnes of oil passed an annual inspection in March without any problems, Japan's ClassNK inspection body said on Tuesday.
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