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 …

Saudi Arabia’s carefully nurtured reputation for being a reliable oil producer and its aspiration to be seen as a responsible global leader will be in jeopardy if the kingdom continues to pursue its volume war. Pressing on with such a tactic in the midst of the worst global health emergency …

The Global Wind Energy Council found that wind power capacity grew by 60.4 gigawatts, or 19%, compared with 2018, in one of the strongest years on record for the global wind power industry. The growth was powered by a record year for offshore wind, which grew by 6.1GW to make …

Global oil demand is forecast to decline by 4.9% in 2020, compared to the previous year, Norway-based energy research center Rystad Energy said in a statement on Wednesday. Oil demand around the world is estimated to decrease by 4.9 million barrels per day (bpd) to reach 95 million bpd, from …

The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues to fall due to the Covid-19 pandemic. Oil storage levels across the world’s storage facilities have climbed to about three-quarters …

Iran will go ahead with implementation of important oil projects including development of joint oil and gas fields in the new Iranian year started on March 20, NIOC official said on Wednesday. Karim Zobeydi, an official at National Iranian Oil Company (NIOC) told IRNA on Wednesday that implementation of oil …

The International Monetary Fund (IMF) called Tuesday, March 24, for urgent action from Middle East governments as the coronavirus pandemic threatens a persistent slump in oil revenues and a “big drop” in growth. The IMF said a dozen Middle Eastern and North African countries had already approached it for financial …

Saudi Arabia is pricing the crisis, but going back to the negotiations table may be difficult. The global crude supplies are entering the market at a time when global demand for crude has contracted for the first time in 10 years. By entering into a fierce oil war, Saudi Arabia …