Turkey will collaborate with China and United States to build a pumped-storage hydropower plant in the Isparta province, in the western Anatolian region, Anadolu reported General Electrics General Manager Marwan Al Roub saying. “The pumped-storage hydropower plant will provide important capacity toward Turkey’s renewable energy potential,” Al Roub stated. The …
Read More »Russian Oil Companies Squabble over New OPEC Deal
OPEC countries reached a landmark deal to diminish oil output starting from May 1, 2020. On April 12, members of OPEC and their allies, including Russia, announced that they had agreed to cut production by 9.7 million barrels a day in May and June 2020. After that, the group will …
Read More »US: China Should Stop ‘Bullying Behavior’ in South China Sea
The United States called on China on April 18 to stop “bullying behavior” in the South China Sea and said it was concerned by reports of Beijing’s “provocative actions” aimed at offshore oil and gas developments in the disputed waters. Three regional security sources told Reuters on April 17 that …
Read More »World Oil Demand Set for Historic Fall in 2020
The world oil demand growth forecast for 2020 is revised lower by 6.9 million barrels per day (mb/d), to a historical drop of around 6.8 mb/d, said OPEC in its monthly market report. The contraction in the second quarter (2Q) of this year is expected to be around 12 mb/d, …
Read More »U.S. Oil Falls more than 10% to Lows not Seen since 1999
Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …
Read More »Oil Drops to 18-Year Low on Global Demand Crunch amid Covid-19 Pandemic
Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …
Read More »Iran, Kuwait Voice Solidarity on Fighting Coronavirus
Kuwaiti Parliament Speaker, Marzouq al-Ghanim in a phone call with his Iranian counterpart, Ali Larijani stressed on Kuwait’s solidarity with Iranian people on fighting coronavirus. During the phone call, Marzouq al-Ghanim conveyed Kuwaiti emir Sabah Al-Ahmad Al-Jaber Al-Sabah’s greeting to Larijani as well as his concern over his infection with …
Read More »The World’s Energy Order Is Changing
There have been many articles written about the social changes that may occur in the aftermath of the Great Shutdown. But one major change is already upon us, and it’s being powered by forces that began years before the coronavirus emerged. It’s occurring inside the global energy system. Since the …
Read More »Qatar Petroleum Starts Drilling in North Field East
Qatar Petroleum has announced the start of the development drilling campaign for the North Field East Project, or NFE (previously known as the North Field Expansion Project). The first of 80 NFE development wells was spudded by the jack-up rig “GulfDrill Lovanda”, which is managed and operated by GulfDrill, a …
Read More »Saudis Deny Claim That Crude Export to US Rose Last Month
Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …
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