Mars Sour, the benchmark for sour U.S. Gulf Coast grades, was trading at a $1.05 premium to U.S. crude futures on July 1.
The fall in oil exports has starved the socialist government of President Nicolas Maduro of its main source of revenue, contributing to an economic collapse.
Following a hurricane-like second quarter, the good news is the third quarter has arrived, and the oil and gas industry is at work cleaning up debris and trying to find a sense of normalcy. The questions are in what order, and will the calm winds last?
Norway-based consultancy DNV GL said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic.
Even for the leanest, meanest oil and gas producer sitting on the best assets in the land, fate hinges on the nature of the recovery.
There’s a new crude benchmark in town. Harold Hamm, founder and executive chairman of Continental Resources, joined Hart Energy to explain how American GulfCoast Select will help producers in the oil industry.
In May, Chinese refineries received their first crude cargo from the U.S. since November, of around 550,000 tonnes, the customs data released late on June 25 showed.
But expect volatility as oil producers tame supply but wrestle with demand.