Finance minister Mohammed Al-Jadaan said that government spending would need to be “cut deeply”. Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister …

Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …

Some of the world’s largest oil producers are starting to see evidence of a rebound in demand from China, even as other economies around the world remain hobbled by the coronavirus. While it’s still early days into the Chinese recovery, limited initial sales data was encouraging, Irving, Texas-based Exxon Mobil …

Nord Stream 2, the underwater gas pipeline meant to connect Germany and Russia via the Baltic Sea, has received another blow as the German Federal Network Agency has rejected Nord Stream’s request for the project to be exempted from the EU’s Gas Directive, according to media reports. Nord Stream 2 …

On Friday Iraq announced the start of implementing the decision of OPEC + to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported. Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in …

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation of Petroleum Exporting Countries’ (OPEC) rotating presidency, announced: “It is necessary for all the concerned countries to fully comply …

Chinese coal miner Baofeng Energy has announced the start of construction of what it claims will be the world’s largest solar-powered hydrogen plant, in the Ningxia Hui autonomous region of northwest China. The RMB1.4 billion ($199 million) electrolysis project is intended to produce 160 million cubic meters of hydrogen per …

The wind-turbine materials market is expected to double in value to nearly $20 billion in 2026 from today’s value, US-based Frost and Sullivan has forecast. The market analyst outfit expects the market for “structural and non-structural materials” to grow at a compound annual rate of 8.9% — from $10.76 billion …

President of the OPEC Conference and Algeria’s Minister of Energy Mohamed Arkab called on OPEC and non-OPEC countries to fully implement the oil production limiting agreement, OPEC says on its website on Saturday. “In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that …

Well-known American linguist, philosopher and political activist Noam Chomsky said on Saturday that the Trump administration has sheer sadism of sanctions. Chomsky made the remarks when asked by IRNA Correspondent to New York to comment about US sanctions on Iran while the coronavirus disease (COVID-19) continues in the country. “The …