OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the US and elsewhere. The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting …

Oil prices eased on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25% due to a strike by oilworkers. Brent was down by 14 cents at $43.20 a barrel by 0740 GMT, having …

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of …

The European Parliament has voted for a 60% reduction in greenhouse gas emissions by 2030 (from 1990 levels) – a steeper cut than the at least 55% the European Commission (EC) had proposed as part of its ambition for climate neutrality by 2050. “It’s a great victory for the climate …

The COVID-19 pandemic has interrupted the development of Norway’s offshore oil and gas projects, pushing up costs and postponing startups, the government and oil company Equinor said on Wednesday. The costs of ongoing projects rose by 13.2 billion Norwegian crowns ($1.4 billion) from a year ago on an inflation-adjusted basis, …

Oil prices rose more than two per cent on Monday, lifted by comments from doctors for U.S President Donald Trump, suggesting he could be discharged from hospital as soon as Monday. This is just a few days after his positive coronavirus test sparked widespread alarm. Mr Trump’s health update eased …

Libyan Central Bank Governor Sadiq Al-Kabir called for an immediate resumption of oil operations to shore up the economy amid an unprecedented decline in monetary reserves. “We need to raise the production to 1.7 million barrels per day to cover the country’s spending,” Al-Kabir said at a forum that centered …

Saudi Arabia raised pricing slightly for its flagship crude oil shipped to Asia, the first sign of strength in the physical market after a month and a half of weakness and crashing refining margins. The increase in November pricing marks a change in course for the world’s biggest exporter after …

Deputy Minister of Industry, Mine and Trade put the country’s non-oil exports value in the first six months of the current Iranian calendar year (from March 21 to Sept. 22) at $13.5 billion. At the condition that spread of coronavirus, COVID-19, has decreased international trade as much as 14 percent, …

Germany’s Economy Minister Peter Altmaier said talks on Tuesday (6 October) between energy ministers from the 27 EU members had shown that a majority want to update the emissions-cutting target by 2030 for the bloc, on its way to climate neutrality by 2050. “We have a historic window of opportunity …