Oil prices suffered their worst decline in decades in March after Russia and Saudi Arabia failed to reach a deal on output cuts amid the ongoing COVID-19 crisis. OPEC Secretary General Mohammed Barkindo is in constant contact with the OPEC+ countries; the main participants in the group support the idea …
Read More »Spain and Sweden are Europe’s Cheapest Markets for PPA
Spain and Sweden have the cheapest power purchase agreement (PPA) prices in Europe for wind and solar energy, according to data from Bloomberg NEF’s (BNEF) 1H 2020 European Corporate PPA Price Survey. Sweden, with prices set around €30.50/MWh, is the cheapest market for onshore wind corporate PPAs. In the solar …
Read More »IAEA to Send Two Rapid Coronavirus Testing Devices to Iran
Iran’s ambassador and permanent representative to the International Atomic Energy Agency says the IAEA will soon send two rapid coronavirus diagnostic test devices to Iran. Kazem Gharibabadi said following consultations between the two sides, the International Atomic Energy Agency decided to send two RT-PCRs to Iran. “In addition to these …
Read More »Iran Completes Oil Products Storage Terminal, Names it after Soleimani
The National Iranian oil Refining and Distribution Company has completed a new oil products storage terminal in northwestern Iran, named after slain military commander Qassem Soleimani, the semi-official news agency ILNA reported on Saturday. The terminal, in Orumiyeh, has the capacity to store 118 million litres of oil, gasoline and …
Read More »OPEC+ Emergency Meeting Likely to be Postponed to April 8 or 9
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among oil producers on crude supply cuts, two OPEC sources said on Saturday.
Read More »Saudi Arabia: It was Russia that Pulled out of OPEC+ Deal
Saudi Arabia’s foreign and energy ministers on Saturday denied Russia’s claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices. In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said “a statement attributed to one of the …
Read More »OPEC+ Meeting Planned for April 6 on Output Cut
The Saudi-led OPEC group of oil producers and their allies will meet on Monday via video conference, a source close to OPEC said on Friday, to seek to boost oil prices which have tumbled by two-thirds since the beginning of the year. Top world crude exporter Saudi Arabia on Thursday …
Read More »Kremlin: No Talks yet of New Deal to Replace OPEC+ to Stabilize Oil Market
There are yet no talks about a possible new deal to replace the OPEC+ agreements, Russian presidential spokesman, Dmitry Peskov said on Thursday. “So far, no one has started talking about any specific deals or even abstract deals to replace OPEC+,” he said, answering a question from TASS about whether …
Read More »China Starts Buying Oil for State Reserves after Price Crash
China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter. The world’s biggest importer is taking advantage of a 60 per cent plunge this year to snatch up cheaper barrels for its stockpiles, …
Read More »Oil Jumps as Trump Talks up Truce Hopes for Saudi-Russia Price War
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Brent crude futures rose more than 11% in early trade. By 0958, Brent was up 8.97%, or $2.22, to $26.96, …
Read More »