The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Suhail …

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …

Iranian Permanent Representative to the International Organizations in Vienna Kazem Gharibabadi urged International Atomic Energy Agency (IAEA) to conduct a transparent probe into Saudi Arabia’s hidden nuclear program and present a report to the members. He made the request following release of information about the country’s move to build yellow …

The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed yesterday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015, Reuters reported. The United States shipped about 550,000 barrels, or …

KLM Royal Dutch Airlines cutting 5,000 jobs confirmed the world’s oldest airline is fighting for survival, amid Covid-19 devastating the global airline industry. In its distinguished 100- year history, KLM has seen nothing like this since Queen Wilhelmina in 1919 bestowed the word “Royal” upon the world’s 18th airline. KLM …

The U.S. Department of Energy (DOE) has granted GE Research access to a supercomputer for research aimed at accelerating new advancements in offshore wind. GE engineers have been granted access to the Summit supercomputer at Oak Ridge National Laboratory (ORNL) in Tennessee, through DOE’s competitive ALCC (Advanced Scientific Computing Research …

Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of …

US commercial crude oil inventories decreased last week in line with the market expectation, according to data released by the country’s Energy Information Administration (EIA) on Thursday. Commercial crude oil inventories in the US fell by 7.4 million barrels, or 1.4%, to 518.6 million barrels for the week ending July …

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

Iraq will be forced into 100% compliance with the OPEC+ deal in August and September as the producer group loses patience with the laggard, the country’s oil minister said on Thursday. “This tolerance from OPEC won’t last long. We will be forced this month and next month to 100% compliance,” …