The petroleum complex continued to tumble Monday, with Dated Brent falling below US$30 per barrel, and some gasoline crack spreads turning negative, as measures taken to slow the spread of the coronavirus have drastically slowed demand
Industry
GP Global launches new operation in Jebel Ali Port
Energy company GP Global has launched a new bunkering operation in the port of Jebel Ali, UAE
Oil price collapse is credit negative for Gulf Cooperation Council banks
A prolonged period of oil price volatility and low oil prices will be credit negative for the solvency and liquidity of banks operating in the Gulf Cooperation Council (GCC) states, according to credit rating agency Moody
ADNOC to increase supply to four million bpd in April
Abu Dhabi National Oil Company (ADNOC) has announced that it will boost supply to more than four million bpd in April, following the collapse in the OPEC+ agreement
‘US$20 oil not far off as OPEC+ is capable of unleashing 2.5 million extra bpd’
Oil prices could fall into the low US$20 for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months
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