Oil hits lowest this century as coronavirus crisis hammers demand; lockdowns to cut fuel demand steeply




Business Reuters 

London: Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand for fuels.

A glut has been building since OPEC+, led by Saudi Arabia and Russia, failed to renew output cuts last month.

OPEC+ agreed new curbs this month, but government lockdowns to contain the pandemic have cut fuel demand more steeply.

Brent crude, which fell 24 percent in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down 62 cents, or 3.2 percent, at $18.71.

Representational image. Reuters

US West Texas Intermediate was down 60 cents, or

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Oil crisis


How to decarbonize shipping without spending billions








Digital technology can drive enormous efficiencies across the maritime freight sector

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13 Mar 2020

  1. Wajiha KhalidGlobal Shaper, Rawalpindi Hub & Programme Director Operations and Marketing, Cubex Global
  2. Sheikh Ahsan Ullah TariqGlobal Shaper, Rawalpindi Hub & CEO, Cubex Global


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Rusia pide un nuevo acuerdo de la OPEP ampliada para enfrentar el colapso en la demanda de petróleo

Han acordado reducir su oferta petrolera en un 23% ante la crisis en el sector causada por la pandemia de la covid-19.

La luna llena se eleva sobre la refinería de petróleo de Gazprom Neft en Omsk, Rusia. REUTERS / Alexey Malgavko


10/04/2020 13:29 ACTUALIZADO: 10/04/2020 17:53


México se ha sumado oficialmente al acuerdo alcanzado por la OPEP+ para reducir la producción mundial de petróleo crudo, después de pactar con Estados Unidos que este país asuma una parte significativa de la cuota de ajuste originalmente asignada al país azteca, que limitará así a 100.000 barriles diario su recorte de oferta, según ha anunciado el presidente mexicano, Andrés Manuel López Obrador.

En una conferencia de prensa, López Obrador ha informado de que en una conversación telefónica con su homólogo estadounidense, Donald

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The decision to invest in LNG as a bunker fuel is not an easy one. There can be substantial premiums to be paid; up to 30 per cent for certain ship types in the most expensive cases. This high cost, combined with the lack of confirmed LNG availability for bunkering, in particular for segments dominated by the tramp trade, goes a long way to explaining the hesitation of many shipowners and charterers to move toward LNG-fuelled propulsion for newbuilds. A shipowner has two options when considering the use of LNG as fuel in a new building phase: 1. Building a LNG Ready ship - a ship ready for future retrofit, and 2. Building a LNG-fuelled ship - a ship ready

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