Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …

Kuwait’s oil minister said talks with countries attending an OPEC+ meeting are intended to move toward reaching an agreement to reduce production by 10 million-15 million barrels per day, Kuwait’s Al-Rai newspaper reported early on Thursday. Minister Khaled Al-Fadhel said in an interview with the newspaper: “Through our continuous consultations …

OPEC+ countries will discuss on Thursday the creation of a new agreement to reduce oil production with the possible participation of other major oil producing states to stabilize the situation on the market, which came under pressure from the novel coronavirus (COVID-19) pandemic. The meeting will be held in the …

Chairman of the Russian Peace Foundation Leonid Slutsky has called on the US, UK and the European Union (EU) to leave policy on unilateral sanctions as the bans have created obstacles to dispatch medical aid to Venezuela and Iran which is fighting the deadly coronavirus. Slutsky made the remarks in …

Saudi Arabia’s sovereign wealth fund has built up stakes in European oil firms, including about $200 million in Equinor ASA, as the kingdom navigates the coronavirus pandemic and plummeting crude prices. The Public Investment Fund amassed shares in Norway’s largest producer mostly through the open market last week, according to …

Oil prices climbed on Thursday, hours before the world’s largest oil producers are scheduled to meet to discuss output cuts as the coronavirus pandemic ravages demand. Brent crude futures rose 2.5 percent or 81 cents to $33.65 as of 00:34 GMT after touching a high of $33.90, adding to gains …

The United States will return to being a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021. That’s what the U.S. Energy Information Administration (EIA) forecasts in its latest short-term energy outlook …

Crude oil prices were up on Wednesday as the upcoming meeting between OPEC and its allies, known as OPEC+, give hope to investors of potential support to prices. International benchmark Brent crude was trading at $32.32 per barrel at 0620 GMT for a 1.4% increase after it closed Tuesday at …

Liquefied natural gas (LNG) demand is expected to drop in 2020 in China, Japan and South Korea, the three biggest importers of LNG in the world, Kallanish Energy reports That assessment was released on Tuesday by the Independent Commodity Intelligence Services (ICIS). It is forecasting that China 2020 LNG imports …

Ukrainian natural gas storage levels are currently 80% higher than the same period last year, state-run gas transmission operator Ukrtransgaz said on Tuesday. The company said that as of March 31 there were 15.9 billion cubic meters (Bcm) of natural gas in underground storage. This is one of the highest …