Oil

Former Shell Oil President John Hofmeister discussed how a coronavirus vaccine could impact oil demand.

Exxon Mobil Corp. is retreating from a plan to increase spending to boost its oil and gas production by 2025 and preparing to slash the book value of its assets by up to $20 billion, as the struggling company reassesses its next decade.

Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand.

Oil prices fell about 1% on Monday amid investor jitters ahead of an OPEC+ meeting to decide whether the producers’ group will extend large output cuts to balance global markets.

Oil prices were mixed on Friday in quiet trade due to the U.S. Thanksgiving holiday, with West Texas Intermediate (WTI) dropping more than 1% amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.

Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison.

Global oil demand is set to slip as more countries reintroduce lockdowns in an effort to slow the spread of COVID-19, according to OPEC.

"Our message is simple and hopefully effective. We fully intend to exercise our rights, and will not have politicians making crippling decisions, that will negatively affect our future and the future of our children." StopTheTires2020 organizer Jeremy Rewoldt wrote in a Facebook post. "We will not participate in the leftist, Biden/Harris Green New Deal. We do not support the banning of fracking. The United States of America operates as a capitalistic economy and OIL is the fuel she survives on."

Pfizer and BioNtech said their experimental vaccine candidate showed greater than 90% effectiveness from preventing COVID-19 in participants without evidence of prior infection.

Shell announced Thursday that it is closing one of its refineries between Baton Rouge and New Orleans, after failed attempts to sell the facility.

Tech stocks surge as investors await vote counts as the race for the White House is still too close to call.

A Joe Biden presidency could undo the fracking executive order, which could come at astronomical costs to the U.S. 

Oil producers are under attack from the fallout from COVID-19, Mother Nature and the Democrats.