(Bloomberg) -- Saudi Arabia showed no sign of bowing to pressure from U.S. President Donald Trump to dial back its oil-price war with Russia. Instead, the kingdom pushed crude supply to record levels.Trump said Tuesday night that he’d spoken to both President Vladimir Putin and Crown Prince Mohammed bin Salman in an effort to broker a truce between the world’s two largest oil exporters. While Russia made some conciliatory noises, Saudi Arabia showed nothing but defiance.The kingdom started the month by boosting supply to more than 12 million barrels a day, the most ever, according to an industry official familiar with the kingdom’s operations. In an apparent show of force, Aramco was loading a record 15 tankers with 18.8 million barrels of oil on a single day earlier this week, according to another official and a tweet from the company.That social media post, boasting how the kingdom will “rise to supply...
Rising rates would be an ominous development, particularly amid the economic fallout of the COVID-19 pandemic, making it costlier for the U.S. to roll over its $23 trillion of debt as it comes due....
BP PLC (BP) will not cut jobs in the next three months even as the oil magnate is planning to implement a $2.5 billion cost-reduction plan by 2021 to combat the crude price plunge fueled by the coronavirus pandemic.“This may be the most brutal environment for oil and gas businesses in decades, but I am confident that we will come through it,” BP Chief Executive Officer Bernard Looney, said in a statement. “We also entered this environment in great shape with good operating momentum and financial discipline, strong liquidity and extensive optionality in our portfolio. We remain committed to growing sustainable free cash flow and distributions to our shareholders.”Oil prices dropped to about $25 a barrel on Wednesday, nearing its lowest level in 18 years. BP forecasts spending this year to amount to about $12 billion, which is about 25% below its full-year guidance. For the first quarter of the year, BP expects...
(Bloomberg) -- Cruise line operator Carnival Corp., one of the companies on the frontline of the coronavirus pandemic, has increased its dollar bond offering after scrapping plans to issue part of it in euros.The company raised its debt issuance to $4 billion on Wednesday after it had earlier approached bond investors on both sides of the Atlantic to sell $3 billion of notes in dollars and euros, according to people with knowledge of the transaction. But with investors piling into the dollar offering, Carnival pulled the plug on the euro tranche.The deal is oversubscribed, with orders exceeding $10 billion, one person said. The dollar-denominated portion had been marketed with a coupon of about 12.5%, while European investors were offered around 11.5%. Carnival has now cut the dollar coupon to 12%.Given that the dollar offering is so large, “why would you go into a much more illiquid tranche” in euros, Mark Benbow,...
