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 …

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 …

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 …

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 …

The first nation to implement a COVID-19 lockdown, China, has experienced an unprecedented power demand drop during the first two months of the year as a result of the stagnation of industrial and commercial activities. Amidst this demand squeeze, renewables have emerged as a winner in the increasing competition among …

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …

Oil prices have collapsed by more than half this year, to $23 per barrel today for West Texas Intermediate crude. But now is not yet the time to buy oil—because the worst is yet to come. Gasoline demand is set to plunge 50%, while jet fuel consumption has all but …

Global oil demand could dive by 20% as 3 billion people are in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency (IEA) said March 26 as he called on OPEC leader Saudi Arabia to help stabilize oil markets. “Today, 3 billion people in the …

Saudi Arabia and Russia appear no closer to a detente in their oil price war, despite Thursday’s videoconference summit of G20 leaders to discuss the coronavirus’ impact on the world economy. A post-meeting statement by the organization did not mention oil nor energy, despite US pressure on Saudi Arabia this …

Before the coronavirus pandemic, Big Oil was under significant pressure to speed up their transitions to cleaner forms of energy — from politicians, financiers and climate activists alike. This pressure may have receded from view amid Covid-19 lock downs and massive slumps in oil prices, but there is no reason …