Russian energy giant Rosneft on Friday reported an almost 80% fall in 2020 net income as the pandemic hit demand for fuel. Rosneft, in which BP owns a 19.75% stake, said its net income fell to 147 billion roubles, or $2.2 billion.

Qatar’s move to sanction the $28.7bn North Field Expansion project puts the country on track to return as the world’s largest LNG producer by 2030, the Oslo, Norway-based Rystad Energy has said in a report. Qatar’s liquefaction capacity will rise to 110mn tonnes per year (tpy), or 18% of the …

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted …

Exxon Mobil Corp.’s credit rating was lowered one notch by S&P Global Ratins even as oil prices rebound from a historic pandemic-driven crash. Exxon is now rated ‘AA-’ with a negative outlook, S&P said in a statement on Thursday. The rating agency warned earlier this year that oil explorers risked …

Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels. The group of crude exporters meets on March 4 and members will probably agree to keep output steady …

Emissions from China of a banned gas that harms Earth’s ozone layer have sharply declined after increasing for several years, two teams of scientists said Wednesday, a sign that the Beijing government had made good on vows to crack down on illegal production of the industrial chemical. The findings ease …

Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels. The group of crude exporters meets on March 4 and members will probably agree to keep output steady …

The share of solar energy in India’s power generation could equal coal fired output by 2040, the International Energy Agency (IEA) said yesterday, driven by falling renewable tariffs and a government push to increase green energy use. “Solar power is set for explosive growth in India, matching coal’s share in …

Saudi Aramco is preparing a financing package of up to $10 billion that it could offer to buyers of its pipeline business unit, Reuters reported, citing three sources. The Saudi oil giant is in talks with banks to provide “staple financing”, which is a financing package provided by the seller …

Qatar Petroleum took this week the final investment decision to build what it says would be the world’s largest liquefied natural gas (LNG) project in terms of capacity, as the tiny Gulf nation and top global LNG exporter aims to raise its annual production by 40 percent by the end …