The rebalancing of the oil market is underway and will accelerate, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday, May 13, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed …

It will take more than a year, and perhaps several, for oil demand to recover to what it was before the coronavirus shuttered economies and caused energy markets to collapse, according to the head of the International Energy Agency. Crude demand of about 100 million barrels a day prior to …

The Joint Ministerial Monitoring Committee (JMMC) meeting will be held on June 8, 2020, most probably in a video format, while ministerial meetings of OPEC and non-OPEC states will be held on June 9 and 10 as planned, sources in delegations told TASS. “The JMMC meeting will be held on …

The OPEC+ agreement and the additional oil output cuts announced this week will push GCC budgets even deeper into deficit, according to Fitch Ratings. Saudi Arabia said on Monday it would add to existing cuts by reducing output by another 1 million bpd next month — equivalent to 1 per …

Asian spot prices for liquefied natural gas (LNG) have jumped by at least 20% in a week as supply of the super-chilled fuel tightens amid fewer cargoes arriving from the United States and as demand rebounds in the region, several traders said. Several cargoes have changed hands at $2.40 to …

For the first time since 1982, India’s CO2 emissions have fallen. According to the BBC, the lockdown from the coronavirus pandemic was the tipping point of something already happening. In an analysis by Carbon Brief, a study found that India’s carbon dioxide emissions had fallen 15% in March and were …

Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance …

Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency (SPA) reported early on Wednesday. “The cabinet affirmed the Kingdom of Saudi Arabia’s endeavor to support the stability of global oil markets,” according to a statement. “The …

Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential — just as in the oil market — to turn gas prices negative. Qatar began …

The US Energy Information Administration lifted its Henry Hub natural gas price forecast for the second and third quarters of 2020 on Tuesday, even as the agency substantially trimmed its estimates for production and consumption over the same period, citing coronavirus pandemic-related impacts. The agency, in its May Short-Term Energy …