April, 2020

• 30 April

  China’s oil dream dims as state giants cut Capex by $19 billion

  

  Bloomberg Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the coronavirus pandemic-fuelled market collapse. The nation’s three biggest state producers will slash their spending plans this year by a combined $19 billion, with PetroChina Co.’s 32% chop leading the way, the fattest among global …

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• 30 April

  Euro-area economy dips into record contraction

  

  Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint government fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. Italy, …

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• 30 April

  Venezuela’s PDVSA new head is planning major overhaul

  

  Bloomberg New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter. The proposal, outlined in a document seen by Bloomberg and dated March 2020, was devised by newly appointed PDVSA head Asdrubal Chavez, who is …

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• 30 April

  S Africa maintains legal challenge to oil sale despite slump

  

  Bloomberg South Africa said it will proceed with a court case to invalidate the sale in 2015 of its strategic oil stocks, despite crude prices recently dropping below what traders paid at the time. The $280 million deal for 10 million barrels of South Africa’s reserves, criticised as a rip off when oil prices were in a slump, was sold …

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• 30 April

  Canadian oil town hit by flood on top of price crash, virus

  

  Bloomberg Four years after devastating wildfires burned down sections of Fort McMurray, the city in the heart of Canada’s oil sands is now grappling with two new emergencies at the same time: the coronavirus pandemic and flooding. Just as people were sheltering at home to avoid the virus, a 25-kilometre (16-mile) natural dam created by melting ice on the Athabasca …

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• 30 April

  Continental Resources sued over failed $200mn oil deal

  

  Bloomberg Continental Resources Inc is being sued by a closely held oil driller that accused the shale giant of walking away from a $200 million deal following an historic collapse in crude prices. Casillas Petroleum Resource Partners and Continental signed a so-called purchase and sale agreement on March 6, according to the lawsuit, one trading session before crude tumbled about …

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• 30 April

  Norway joins oil production cuts for first time since 2002

  

  Bloomberg Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices plumbed new depths. The Nordic country will cut production by 250,000 barrels a day in June and 134,000 barrels in the second half of the year, the Petroleum and Energy Ministry said. That’s based on a reference …

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• 30 April

  European stocks fluctuate while oil extends advance

  

  Bloomberg European stocks fluctuated, Asian shares rose and US futures edged higher on Thursday as investors weighed corporate results and signs of progress in treating the coronavirus alongside miserable economic data. Oil futures continued to rebound after an early-week tumble. The Stoxx Europe 600 Index swung from a gain to a loss in early trading. Societe Generale SA slumped after …

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• 30 April

  India’s stocks heads for first monthly gain this year since 2009

  

  Bloomberg India stocks rose, heading for their first monthly gain this year, with the world’s biggest lockdown scheduled to end on Sunday. Equities across Asia gained on Thursday amid signs of progress in treating the coronavirus. The S&P BSE Sensex climbed 2.8% to 33,605.99, while the NSE Nifty 50 Index added 2.7%. Both gauges have rebounded by more than 20% …

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• 29 April

  Oil bounces back with output cuts looming, storage filling

  

  Bloomberg Oil clawed back its recent heavy losses as output cuts from major producers seek to stymie an unprecedented global glut. Futures rose by almost $2 in New York to around $14 a barrel. Russian oil companies will cut output by about 19% from February levels, the nation’s Energy Minister, Alexander Novak told the Interfax news agency. Even at $10 …

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