India demand is practically at a standstill since the lockdown, and refiners have no choice but to cut rates, a source said.

Ministers from OPEC, Russia and nine other producers will log on to a high-stakes online summit Thursday.

The tanker, chartered to BP for a spot voyage, was in the North Pacific on Wednesday, cFlow showed

Brazilian independent oil and natural gas producer Enauta opted not to join the ranks of oil companies slashing spending in the face of collapsing oil prices and reduced demand, instead maintaining plans to invest $196 million over the next two years to explore fresh acreage and complete development of the Atlanta Field.

Crude futures settled higher Wednesday on optimism that Thursday's OPEC+ meeting would yield a production cut agreement.

Shipowners could find themselves in a perilous position as the second quarter develops, should the coronavirus pandemic continue to instill a worldwide slowdown in demand for oil products, despite continued efforts to place material on floating storage for the months ahead.

HollyFrontier said it has cut rates to 70% at its refineries as it looks to manage demand destruction brought upon by the coronavirus pandemic.

The marine fuel market has been flipped on its head this year, with fears there would be a lack of IMO-compliant premium bunker fuels as shippers rushed to meet the new rules on sulfur content not materializing -- instead shortages of its sulfurous cousin have emerged.