Oil demand may never recover from the blow dealt to it by Covid-19, according to BP’s 2020 Energy Outlook. In two of the report’s three modelled scenarios, ambitious climate policies mean that global oil consumption already peaked at 100m barrels per day in 2019. Even under a “business-as-usual” case, demand …

According to the Turkish Daily Sabah, Fatih Donmez was speaking on Turkey’s efforts to ensure energy supply security and strengthen its place in energy markets in order to provide itself with better bargaining opportunities, at the 7th Southern Gas Corridor Advisory Council meeting. The launching of the Natural Gas Futures …

Oil prices jumped on Tuesday due to weather affecting wells and refineries in Texas, the world’s biggest oil producer. Concerns of supply in the world’s biggest oil exporter also edged prices higher due to tensions in the Middle East. Brent crude was up 35 cents, or 0.6%, at $63.65 a …

As many as 24 water and electricity facilities will be put into operation in 5 provinces of Iran today on February 16, Trend reports citing the Ministry of Energy of Iran. According to the report, in total, 9.75 trillion rials (about $232 million) have been spent on facilities put into …

A UN spokesman has reacted to Iran’s decision to limit the International Atomic Energy Agency’s inspection of country’s nuclear facilities. The United Nations is calling on Iran to fully cooperate with the International Atomic Energy Agency (IAEA), UN spokesman Farhan Haq said, commenting on Tehran’s plan to limit IAEA inspections …

A Lebanese newspaper revealed that the government is preparing to sign an agreement with Iraq, according to which Lebanon will receive 500 thousand tons of oil crude for a year, in exchange for medical equipment, medicines, and consulting services. Al-Akhbar newspaper, quoting private sources, stated that the Lebanese government is …

Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface. Eavor Technologies Inc. plans to expand geothermal power beyond …

Russian energy giant Gazprom on Monday (15 February) announced a drop in its exports to Europe in 2020, when prices and demand in the energy industry collapsed due to the coronavirus pandemic. Gazprom, which includes Turkey in Europe, said its European exports fell by 12.1% in 2020 year-on-year, down to …

Solar and wind generated 30% of Britain’s electricity in 2020 according to Drax’s latest Electric Insights report. This was an increase of a sixth on 2019, with solar and wind suppling over 100TWh of electricity. Last year was a bumper year for solar generation, breaking a number of records including …

Last week, the US Energy Information Administration said it expected Brent crude oil prices to average $56 per barrel in the first quarter and $52 over the rest of the year. US West Texas Intermediate futures surged by 2.5 percent Monday, higher than $60 per barrel for the first time …