President Trump has spent significant political capital during the coronavirus pandemic tending to the wounds of shale oil producers, but refiners who transform the crude into fuels for consumers are suffering as well. Refineries, with no demand for their fuel, are already operating at about 30% lower capacity than what …

The global oil sector is reeling from a combination of negative oil prices, storage overload, demand destruction, and calls for a renewable energy revolution in the post-COVID-19 era. US and European oil market analysts appear to be pinning their hopes on a rebound in oil demand from Asia. Even international …

The Rimdan border customs between Iran and Pakistan has resumed operations since yesterday (April 25), said Spokesman for Islamic Republic of Iran Customs Administration (IRICA) Rouhollah Latifi, Trend reports citing IRICA. According to Latifi, 14 trucks (which were exporting Iranian products) crossed the border last day. Latifi added that Pakistan …

The Russian oil industry does not yet need government support, it has accumulated certain reserves, Russian Minister of Economic Development Maxim Reshetnikov said in an interview with Rossiya 24 TV channel. “So far they are managing. On the one hand, certain reserves have been accumulated, and on the other hand, …

Energy ministers from some of the world’s largest economies on Friday linked for an unprecedented global summit over how to put renewables at the centre of post-coronavirus recovery plans – but the US and China were absent from the ‘cloudroom’. Danish climate & energy minister Dan Jørgensen claimed after the …

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter. Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 …

Polish state oil and gas company PGNiG issued a statement accusing Russia’s Gazprom of failing to comply with the ruling of Stockholm arbitration court. According to Warsaw, the Russian company continues to abuse its monopoly position in the market. “Gazprom has not complied with the final decision of the Arbitration …

Russia’s No.2 oil producer Lukoil is running into difficulties staffing its assets in Iraq due to the new coronavirus and associated restrictions, chief executive Vagit Alekperov, was cited on Saturday by Interfax news as saying. Lukoil manages the West Qurna 2 oilfield, 65 km (40 miles) north-west of Basra. It …

Russia is concerned by the US threats to Iran amid tensions in the Persian Gulf and is calling on both sides to exercise restraint, Russian deputy Foreign Minister Sergei Ryabkov said on Saturday. According to the diplomat, the United States is interpreting its right to self-defence in its own way …

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter. Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 …