Global oil demand may have already peaked, according to BP’s latest long-term energy outlook, as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels. Demand for oil will be the biggest casualty over lower energy demand in the coming three …

Visiting US Secretary of State Mike Pompeo said Saturday that Washington is “deeply concerned” over Turkey’s gas exploration in the Eastern Mediterranean amid growing tensions between Turkey, Cyprus and Greece. “We remain deeply concerned by Turkey’s ongoing operations surveying for natural resources in areas over which Greece and Cyprus assert …

Cutting carbon emissions has become a central focus of countries and companies alike in the past decade. The oil majors are racing to ‘go green, Microsoft has pledged to go ‘carbon negative’, and over 20 nations have either committed to or achieved net-zero carbon targets. For public companies, the incentives …

It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best …

Uncertainty continues to rule. The US Energy Information Administration (EIA) has cut its 2021 demand growth outlook for 2021 to 6.5 million barrels per day (bpd) – 500,000 bpd lower than projected last month. The EIA now expects the Chinese demand to grow only by 1m bpd next year, and …

On Sept 14, 1960, the five founding fathers of the Organization of the Petroleum Exporting Countries (OPEC), Juan Pablo Perez Alfonzo of Venezuela; Abdullah Al-Tariki of Saudi Arabia; Dr Tala’at Al-Shaibani of Iraq; Dr Fuad Rouhani of Iran and Ahmed Sayed Omar of Kuwait gathered together in Al-Shaab Hall in …

Director-General of Iran’s Trade Promotion Organization’s Office for Arabian and African Countries Farzad Piltan announced exports of about $2.5 billion worth of non-oil goods from Iran to the Middle Eastern countries over the past five months. “Iraq, the UAE, Oman, Kuwait, Syria, Qatar, Jordan, Lebanon, and Bahrain have been the …

Automotive players in Turkey expect up to 8m used car sales in 2020 as a pre-pandemic shortage of new vehicles is exacerbated by supply chain disruptions attributed to the virus. Some 2.1m cars and light commercial vehicles were sold in the first quarter of the year, putting the market on …

Poland’s oil and energy giant PKN Orlen says it is aiming at carbon emission neutrality by the year 2050. Central and Eastern Europe’s leader in the energy sector, Orlen said this week it will invest heavily in developing cleaner production methods and greater efficiency, as well as in wind and …

Saudi Arabia has been encouraging members of the Organisation of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, known as OPEC+, to increase output in the face of the coronavirus pandemic, the Financial Times reports on Wednesday. According to report, Saudi Arabia plans to keep oil production …