The OPEC+ deal on oil output cuts reached last year saved the global energy sector from a collapse and prevented oil prices from dropping below zero, Russian Deputy Prime Minister Alexander Novak said in an interview with RBC TV. The interview was published on Monday as ministers from OPEC+ countries …

Russian energy giant Gazprom has begun delivering natural gas to Serbia and Bosnia and Herzegovina through the TurkStream pipeline and a new route crossing Turkey and Bulgaria. Gazprom said on the first day of 2021 that gas from Russia was transmitted by the TurkStream offshore gas pipeline and further across …

Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest …

Kuwait supports OPEC+ decisions that help maintain stability in crude markets, particularly in light of the negative repercussions from the pandemic, the country’s oil minister said Jan. 4, as ministers from the coalition were set to meet virtually to discuss February oil production levels. Mohammed al-Fares cautioned about the impact …

The Norwegian company Det Norske Veritas (DNV) GL, an international accredited registrar and classification society, will not be able to provide a certificate of compliance for the Nord Stream-2 gas pipeline, which is built by Gazprom’s subsidiary Nord Stream 2 AG, reports the Russian news agency RBC citing DNV’s press …

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed …

Iran’s parliament has lowered the government’s oil export target from 2.3 million to 1.5 million to manage expectations, news agency ISNA reported Jan 2. The proposed budget had aimed to sell over 2 million b/d of crude both in domestic and international markets. However, the figure was questioned due to …

The coronavirus pandemic is likely to have come as a big draw on South Korean oil refiners last year as their low refining margins ate into their profitability, industry sources said Sunday. Whipsawed by weak oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players …

Iraq has agreed a multibillion-dollar oil-supply deal with a Chinese company, according to the Arab nation’s official news agency. SOMO, which oversees Iraq’s petroleum exports, picked a Chinese firm after receiving bids from several traders, INA reported, citing an interview with SOMO General Manager Alaa Al-Yasiri. While INA didn’t name …

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and …