The German Federal Foreign Office confirmed that the first transactions between Europe and Iran has successfully been concluded through the Instrument in Support of Trade Exchanges (INSTEX)‎. A European payment system set up by Germany, France and the UK for trade with Iran, INSTEX ‎has been designed to circumvent US …

The coronavirus pandemic and resulting plunge in crude prices will result in a leaner, stronger oil industry but raise the risk of shortages further down the line, Goldman Sachs analysts said March 30. Crude prices suffered another sharp fall on March 30 as the pandemic worsened and the Saudi Arabia-Russia …

The rampant spread of the coronavirus has turned busy streets worldwide into quiet, abandoned thoroughfares. Few cars and trucks on the road means drastically less fuel is needed as millions of people stay at home. “The unprecedented reduction in demand as the economy has basically come to a standstill worldwide …

The momentum-building global expansion of wind and solar power plant could be stymied for at least year as government restrictions on movement impact construction timeframes and foreign exchanges market contract around the world, according to new forecast by Rystad Energy. The Norwegian analyst group calculates growth in newly commissioned renewables …

The almost 200 meter long «Vladimir Vize» is one of 15 top ice-class carriers that over the last 2,5 years have shuttled to Sabetta to pick up liquified natural gas from the Novatek’s major Arctic plant. On that same day, tanker «Yamal Spirit» set out from Rotterdam. Also this ship …

Rosneft has the right to expect that the US will fulfill its promises and lift the sanctions against Rosneft’s subsidiaries after the sale of all assets in Venezuela, said Rosneft’s spokesman Mikhail Leontiev as quoted by the news outlet Prime. Earlier, Rosneft announced that it is terminating all its operations …

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 …

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 …

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 …

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. …