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 …

Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia’s decision to cut output more than it had pledged as the virus-hit world economy cautiously emerges from lockdown. United States benchmark West Texas Intermediate for June delivery was up 1.37 percent at US$24.47 a barrel in morning trade. Global benchmark …

Norway plans to spend a record 420 billion kroner (€37.6 billion) of its oil wealth to weather the brutal Covid-19 downturn. The richest Nordic economy and western Europe’s biggest oil and gas producer has been hit on two fronts as the coronavirus pandemic shut down mainland activity and led to …

Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters …

The April oil market crash will test the determination of majors like Shell and BP, which have recently announced goals to reach net-zero emissions by 2050, according to the International Energy Agency (IEA). “Whether or not their position will change” in the aftermath of the oil market crash “will be …

The 338,371 cbm tanker was welcomed at the new 300,000-tonne crude oil terminal of Sinopec Zhongke Refinery Port, which forms part of the company’s “front terminal, rear plant” production model. Housed 1,100 metres from Sinopec’s refinery plant, the petrochemical port features eight terminals including a 300,000-tonne crude oil berth, 100,000-tonne …

Saudi Aramco is in early talks about further staggering payments for a controlling stake in local petrochemical giant Saudi Basic Industries Corp. as the collapse in oil prices puts pressure on its finances. State-owned Aramco is weighing pushing out payments for the 70% holding in the petrochemicals maker and reducing …

Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers. Brent crude futures were down 73 cents, or 2.4%, at $30.24 a …