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  Natasha Turak 4-5 minutes - Source: CNBC Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. Stanislav Krasilnikov | TASS via Getty Images DUBAI, United Arab Emirates — Saudi Aramco’s net profit fell 44.6% in the third quarter of 2020 compared to the same period last year, reflecting continued damage to oil demand and prices from the global coronavirus pandemic. Net profit dropped to 44.21 billion riyals ($11.8 billion) this quarter from 79.84 billion riyals in the third quarter of 2019. The figure is in line with analyst estimates, revealing a recovery from the historic revenue drop in the second quarter that saw profits plummet to 24.75 billion riyals. The Saudi kingdom’s state oil company saw lower crude oil prices and volumes sold, as well as weaker refining and chemicals margins, the company said in its release Tuesday. It also saw a decrease in

  Sam Meredith 5-6 minutes - Source: CNBC Oil pumping jacks, also known as “nodding donkeys”, are reflected in a puddle as they operate in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020. Andrey Rudakov | Bloomberg via Getty Images LONDON — A group of some of the world’s most powerful oil-producing nations on Thursday will meet to review production policy, amid a faltering recovery from the pandemic-driven rout and a bleak outlook for energy demand. OPEC and non-OPEC allies, sometimes referred to as OPEC+, will convene for an online meeting to review the market and discuss compliance with deep production cuts. The energy alliance agreed in July to cut output by 7.7 million barrels per day from August through to December, in an effort to prop up oil prices by limiting supply. Iraq and others also pledged to pump below their quotas in September to offset overproduction earlier in the year. Analysts do not antici

David Sheppard 2minute - Source: FT The International Energy Agency has revised down its forecasts for oil consumption this year and next as a recovery in global demand slows. The Paris-based agency said global oil demand would average 91.9m barrels a day in 2020, down 8.1m b/d year on year and 140,000 b/d lower than last month’s forecast. The IEA’s 2021 demand forecast was lowered by 240,000 b/d to 97.1m b/d, a level still about 3m b/d below the pre-crisis peak. In its monthly report the IEA said it was “the first downgrade in several months, reflecting the stalling of mobility as the number of Covid-19 cases remains high and weakness in the aviation sector”. “Recent mobility data suggest the recovery has plateaued in many regions, although Europe, for now, remains on an upward trend. For road transport fuels, demand in the first half of 2020 was slightly stronger than anticipated, but for the second half we remai

Sam Meredith 4-6 minutes - Source: CNBC An Indian Oil Petrol Pump employee is seen wearing a face shield, as he fuels a customer’s vehicle in an open Petrol Retail Outlet of Kolkata during the Covid-19 pandemic. Avishek Das | SOPA Images | LightRocket via Getty Images The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming months. International benchmark  Brent  crude futures traded at $39.97 on Tuesday morning, up around 0.6%, while  U.S. West Texas Intermediate  futures stood at $37.22, around 0.3% higher. Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets. The IEA said oil demand in the second quarter, which saw the greatest impact from loc

Sam Meredith 4minutes - Source: CNBC BP logo seen in Krakow. On Monday, May 11, 2020, in Krakow, Poland. Artur Widak | NurPhoto via Getty Images Energy giant BP announced Monday it had lowered its oil price expectations through to 2050, saying the aftermath of the coronavirus pandemic was likely to accelerate the transition to a lower carbon economy and energy system. The U.K.-headquartered oil and gas company said it had been reviewing its portfolio and capital development plans as part of its ambition to become a net-zero company by 2050 or sooner. It now expects international benchmark  Brent  crude futures to average around $55 a barrel from 2021 through to 2050, with Henry Hub gas prices forecast to average $2.90 over the same period. Henry Hub is a natural gas pipeline located in Louisianna and serves as the official delivery location for futures contracts on the New York Mercantile Exchange. BP’s forecasts for

3minutes - Source: BBC Image copyright EPA Global oil prices have risen after Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war. The cost of crude had fallen to 18-year lows as the two countries slashed prices and ramped up production. At the same time demand has been hit hard by shutdowns around the world to slow the spread of the coronavirus . US oil has just seen its worst quarter on record, falling by two thirds in the first three months of the year. Speaking about the dispute at a White House news conference, Mr Trump said: "It's very bad for Russia, it's very bad for Saudi Arabia. I mean, it's very bad for both. I think they're going to make a deal". He added that he expected them to "work it out over

Yun Li 4-5 minutes - Source: CNBC Oil prices soared after a coordinated attack hit the heart of Saudi Arabia’s oil industry on Saturday, forcing the kingdom to cut its oil output in half. Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel at the open, the biggest intraday jump on record. The contract was later at $69.06, up $8.84 or 14.71%. U.S. West Texas Intermediate futures climbed as much as 15.5% to $63.34. The contract settled at $62.9, up $8.05 or 14.8%. An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output. Saudi Aramco, the national oil company, reportedly aims to restore about a third of its crude output, or 2 million barrels by Monday. However, Bloomberg News reported it could take weeks before Aramco restores the majority of its output at Abqaiq. Iranian president