The global economy will begin to recover after the current situation with the novel coronavirus (COVID-19) stabilizes, Russian Prime Minister Mikhail Mishustin said during the government session on economic issues on Saturday. He added that Russia’s oil industry is ready for volatility on world markets. “Today, the global economy is …

Saudi Aramco’s reliable production and supply of energy is the cornerstone of the company, Amin Nasser, president and chief executive officer, said in a statement. “At all our sites, we have in place on-going, active prevention programs as well as detailed contingency plans and leading medical support services to minimize …

Oil prices could find themselves going much lower in the next few days and weeks before bottoming out – as low as $10 – with prices eventually recovering to find support at a price range between $30-$40 as the COVID-19 outbreak starts to slow down. “With the additional quarantines that …

French oil major Total will freeze recruitment, boost costs savings and halt its share buyback programme due to tumbling oil prices, chief executive Patrick Pouyanne told staff in a video message on Thursday, according to a union official. The group is the latest oil and gas producer to slash investment …

Global oil demand could fall by more than 10 percent due to lockdowns spreading across Europe to fight the coronavirus outbreak as well as measures in the US, Vitol, the world’s largest oil trader, said on Friday. But the drop would be much higher if the virus prompts widespread lockdowns …

OPEC Secretary General Mohammad Barkindo held telephone talks with the Texas Railroad Commission late on Friday, March 20, a source in the secretariat told TASS, adding that the sides agreed to continue consultations. Later the commissioner Ryan Sitton confirmed the information via Twitter. “A telephone conference with US colleagues just …

Oil prices should reach about $35-40 per barrel, Russian First Deputy Prime Minister Andrei Belousov said in an interview with the ‘Vesti v Subbotu’ (News on Saturday) program on the Rossiya-1 TV channel. “My estimation is that [the prices] will adjust at the level of about $35-40. There are other …

A growing number of oil and gas companies are trumpeting plans to cut their greenhouse-gas emissions amid mounting pressure from investors, policymakers, and a public concerned about climate change—or the financial risks it poses to the sector. In the latest move, BP announced its “ambition” on Wednesday to eliminate emissions …

Immense damage to its revenue streams by the raging COVID-19 pandemic and an ill-timed oil price war has forced Saudi Arabia to unleash a massive emergency stimulus package worth $32 billion to succor its slowing economy. Saudi Arabia has 344 confirmed COVID-19 cases as of Saturday but no deaths. The …

More than 200 small- and medium-sized oilfield services operators in Europe, or 20 percent of all European oilfield services firm, could go bust as the coronavirus epidemic will hit the market hard and wipe out US$5 billion worth of orders, Rystad Energy said in a new impact analysis. Most of …