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The US oil market plummeted to 18-year lows and below $18 a barrel on Friday following a hike as the demand for oil witnessed a downfall with storage facilities touching their limits. The WTI crude fell to $28 a barrel with anticipations that the stocks may keep filling till May.

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Major oil producers decided to shut their wells as overwhelming storage facilities pose a major threat. As per the experts in the field, the US shale indu

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• Exxon Mobil Halts Drilling Operations in Cyprus Energy

Exxon Mobil, the U.S. based multinational oil and gas company, has announced suspension of its two Cypriot gas drills scheduled for July 2020 till September 2021. The decision was taken in consideration to the pandemic stress and acute volatility in the international petrochemicals market due to plummeting prices of oil. The company has blamed the logistical disruptions and r

Key Headlines

• Oil prices rebound on hopes for a positive outcome during Saudi-Russia meeting
• Asian refiners cut operating rates as demand collapses further
• Exxon to reduce it capital expenditure by 30% to adapt to falling crude
• KNPC announces completion of biofuel project at Al-Ahmadi refinery
• Exolon Group expands production of polycarbonate and polyester sheets

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• BF Energy to Hold-Up Full Restart at its Refinery After Turnaround

BF Energy Incorporation is purposely holdi

Global prices of crude oil further nosedived on Monday after Russia and Saudi Arabia delayed a critical meet to discuss over implementing a cut in oil production in order to alleviate oversupply in global market. After the last OPEC meet, the two oil producing giants have aggravated their rifts by indulging in a blame game over the fault in crude crises. Hence, pushing the scheduled date of discussion to Thursday that is 9 April. With ongoing crude production, Brent crude further fell to $30.03

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• ABEL Chemical goes for indefinite shutdown in its Styrene Monomer PlantABEL Chemicals with an installed capacity of 250 KT Styrene Monomer at Jiangsu, China underwent an indefinite shut down with no prior information on the date for resuming of operations. This temporary shutdown is anticipated to be influenced by slowdown in international chemical sector that has caused a plunge in demand for the products.
• Saudi Aramco to shut its