The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies on Sunday agreed to a record output cut of 9.7 million barrels per day (bpd) in a bid to boost oil prices amid the coronavirus pandemic. While international benchmark Brent crude rallied on Monday on the latest development …
Read More »Global Oil Market Undergoing Historic Shock
The OPEC oil group said on Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have hit demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations …
Read More »Qatar Starts Expansion Drilling at World’s Largest Gas Field
Qatar Petroleum has started the development drilling campaign of the North Field East Project to expand the production capacity of the world’s biggest natural gas deposit that the tiny nation shares with Iran in the Persian Gulf. Qatar shares the North Field with Iran, which calls the deposit the South …
Read More »Russian, Saudi Energy Ministers Reaffirm Commitment to New OPEC+ Deal
Both countries are also committed, if necessary, to take further measures to stabilise the market, which has been extremely volatile recently, together with the alliance and other states. Russia and Saudi Arabia are firmly committed to the implementation of the new OPEC+ oil output cut deal, the Russian Energy Ministry …
Read More »OPEC Sees its Oil Demand Dropping to Lowest in 30 Years
OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …
Read More »BP Supercomputer Mobilized for Coronavirus Research
BP is joining forces with the US government, universities, and the world’s largest technology companies by providing access to its supercomputer to help researchers halt the spread of COVID-19. The company will donate its supercomputing capability to the public-private consortium formed in March 2020 by the White House’s Office of …
Read More »Top Asian LNG Buyer Seeks to Delay Shipments Deep into 2020
One of the world’s top buyers of liquefied natural gas (LNG) is trying to defer some shipments scheduled through this year as the coronavirus outbreak cripples demand and as it grapples with brimming inventories. The move signals that efforts to curb the spread of Covid-19 may impact energy consumption far …
Read More »Brazil’s Offshore Oil Boom under Influence of $20 Oil
Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices and unprecedented declines in global crude demand entailing double-digit-percent CAPEX cuts will set the stage for another fiasco. With two …
Read More »Too Late for OPEC+ Cuts to Save the Physical Oil Market
The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep enough — …
Read More »IEA Sees Record 2020 Oil Demand Fall due to Coronavirus
Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said Wednesday, April 15. For 2020 overall, demand will fall by 9.3 million barrels per day (mbd), with …
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