India has all but lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran decided to prefer domestic companies over foreign firms for development of the field, sources said. ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had …

Iraq ranks fourth in the world in gas reserves, The Parliamentary Oil and Energy Committee confirmed, on Saturday. “Iraq is the fourth in the world with natural gas reserves, but annually, it burns about 18 billion cubic meters without any benefit.” A member of the committee, Ghaleb Muhammad, told Shafaq …

When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once again, the moment of reckoning is getting closer. The coalition of crude producers gathers on Monday to assess …

In mid-September, Kremlin spokesman Dmitry Peskov warned against politicising the Nord Stream 2 gas pipeline project, which he said is profitable for both Russia and the EU. The statement came amid Berlin’s threats to freeze the project due to Moscow’s alleged role in the purported poisoning of Russian opposition figure …

Russia and Saudi Arabia held a second, and unusual, phone call this week to discuss the OPEC+ agreement after officials from the group warned on Friday of the potential for a weaker oil market in 2021. President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in …

Global oil demand is expected to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, Energy Intelligence has reported, quoting the chief executive officer of Saudi Aramco. Amin Nasser said China would once again be the focus of attention and would account for most of the rebound, …

Global oil market will rely more on the Middle East as U.S. shale oil production is expected to continue to fall, said Chris Midgley, global head of analytics with S&P Global Platts, on Friday. U.S. shale oil production will fall by 900,000 barrels per day in 2020 and drop another …

Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce. Sharara, the country’s biggest oil field, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, …

One key theme of the 9th annual LNG Producer-Consumer Conference—held by Japan’s Ministry of Economy, Trade and Industry (METI) and the Asia Pacific Energy Research Centre (APERC) on 12th October 2020—was the role of LNG in tackling the global climate challenge. Japan is seeking opportunities to use its position as …

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …