President Donald Trump is considering all options available to him to make the Saudis pay for the oil price war as the crash that followed has done significant damage to the U.S. oil industry With last month having seen the indignity of the principal U.S. oil benchmark, West Texas Intermediate …
Read More »China should Play Off Oil Producers against Each Other in Crisis
Oil is now a buyer’s market and China is the world’s largest purchaser of crude. As prices have plunged to multi-decade lows, the country may be reaping geopolitical advantages, if not economic benefits. China relies on imports for more than 70 per cent of domestic consumption. However, some commentators have …
Read More »South Korea’s Available Oil Storage Capacity is Shrinking
South Korea, the country with the fourth-largest commercial storage capacity in Asia, has just run out of room to store more oil, sources familiar with the matter told Bloomberg on Monday, as available storage capacity everywhere in the world in shrinking fast amid the demand collapse. South Korea’s total commercial …
Read More »Iran’s Non-Oil Exports to Iraq Increase
Iran’s non-oil exports to Iraq are reported to have increased by 0.7 percent. For the Iranian calendar year 1398 (ended on March 19), non-oil export to Iraq hit $8.9 billion, according to a deputy with the country’s Trade Promotion Organization (TPO). Tehran Times reports that medicines and medical equipment, plastic …
Read More »Qatar Maintains Position as World’s Largest LNG Exporter in 2019
Qatar managed to maintain its position as the largest liquefied natural gas exporter in the world (at 77.8mn tonnes) in 2019, International Gas Union (IGU) said in its “2020 World LNG Report”. Global LNG trade increased further in 2019, reaching 354.73mn tonnes, an increase of 40.93mn tonnes since the end …
Read More »Venezuelan President Maduro Appoints New Heads of PDVSA and Oil Ministry
Amid the global COVID-19 pandemic and volatility in the oil market, Venezuela has also experienced an over 60 percent fall in oil production. Venezuelan President Nicolas Maduro has appointed new heads of the oil ministry and PDSVA, the state oil company, according to the decrees published in Gaceta Oficial. Tareck …
Read More »Iran Warns of Decisive Response in Case of Any Move against Its Interests
Iran’s government spokesman says the Islamic Republic is not after creating tension in the region, but any move against the country’s interests would be responded decisively. Ali Rabiei said Tehran is after establishing peace in the region, and is not seeking adventurism at all. “The US is the party which …
Read More »Russia and Saudi Arabia Fight over Oil Market Share
China imported 31 percent more oil from Russia last month while its intake of Saudi crude slipped by 1.8 percent compared to March 2019, Reuters reported, citing calculations based on official customs data. Overall crude oil imports rose by 4.5 percent on the year to 9.68 million bpd. Of the …
Read More »China Still Attractive for Foreign Companies
On April 22, Exxon Mobil officially started an ethane programe in Huizhou city, South China’s Guangdong province, in which it has invested $10 billion. It should be noted that the programme started when the whole world is fighting the Covid-19 pandemic, global oil prices are low, and many oil enterprises …
Read More »World’s Lightest Blade Passes First Tests
Edinburgh-based ACT Blade Ltd – a spin-off company from yacht-sail developer SMAR Azure — has completed the first of two static tests of its novel lightweight blade for wind farms at ORE Catapult’s National Renewable Energy Centre in Blyth. The tests are designed to pave the way for the blade’s …
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