Oil prices collapsed to their lowest levels in decades in March amid coronavirus concerns and OPEC+’s failure to reach a deal on production cuts, which prompted Riyadh and its allies to open the taps. Refineries in the United States and Europe are rejecting to accept any more Saudi Oil, even …
Read More »OPEC Members Balk at Request to Review Virus’ Impact on Markets
OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate. Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions as oil slumps amid the coronavirus crisis …
Read More »When will Oil Demand Come Back?
World wars, depression and flu pandemics have hit oil demand before, but never has the industry faced the sudden disappearance of a fifth of its market. The suddenness and depth of the coronavirus-caused decline has gone beyond a matter of economics to one of physical reality. As the oil business …
Read More »Russia’s Government Acquires Rosneft Assets in Venezuela
A company owned by the Russian government has acquired Rosneft’s assets in Venezuela, the cabinet’s press office told TASS on Saturday. “The government of the Russian Federation has acquired assets in Venezuela from Rosneft. A company 100% owned by the Russian Federation has become the owner,” the press service said. …
Read More »Iran Exports $410m Non-Oil Goods through Astara Customs
Managing Director of Astara Customs said on Saturday that 774,000 tons non-oil products worth $410m were exported during the last Iranian calendar year (finished on March 20). Rasoul Omidi said most the products included agricultural, chemical mineral, steel, food, plastic products, cement, cast, detergent, textile, artifacts, carpet, cloth, bag and …
Read More »Global Oil Demand could Drop by 20% Due to Virus
The global oil demand which is 100 million barrels per day (bpd) could fall by 20 million bpd as 3 billion people in the world are under lockdown due to coronavirus pandemic, said the executive director of International Energy Agency on late Thursday. During a virtual fireside chat — titled …
Read More »Iraq Wants 30% Capex Cut from Foreign Oil Firms
Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 percent on the condition that crude production levels do not suffer, Reuters reported on Friday, quoting local officials and industry …
Read More »Saudi Arabia Denies Contact with Russia over OPEC+ Deal
Saudi Arabia has denied it has had any contact with Russia’s Energy Ministry over the possibility of a new OPEC+ deal to rebalance global oil markets. A statement from the Saudi Energy Ministry dismissed reports from Moscow that there had been discussions between Russia and the Kingdom aimed at resurrecting …
Read More »Imposers of Sanctions are Accountable for Innocent People’s Death
Iranian Ambassador to France Bahram Qasemi in a message on Saturday said that those who call for boosting sanctions and maximum pressure in the crisis-stricken world should be responsible for death of thousands of innocent people. Those who are speaking of sanctions and maximum pressures amid the coronavirus-crisis-stricken world and …
Read More »US not to Release Assets to Iran amid Coronavirus Outbreak
The US State Department shot down reports Trump administration will grant waivers to aid Iran’s coronavirus relief effort. The US State Department shot down “inaccurate” reports claiming the Trump administration would soon be granting special sanctions exceptions to give Iran access to cash assets as it struggles to fight the …
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