The world oil demand growth forecast for 2020 is revised lower by 6.9 million barrels per day (mb/d), to a historical drop of around 6.8 mb/d, said OPEC in its monthly market report. The contraction in the second quarter (2Q) of this year is expected to be around 12 mb/d, …

Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …

Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …

Kuwaiti Parliament Speaker, Marzouq al-Ghanim in a phone call with his Iranian counterpart, Ali Larijani stressed on Kuwait’s solidarity with Iranian people on fighting coronavirus. During the phone call, Marzouq al-Ghanim conveyed Kuwaiti emir Sabah Al-Ahmad Al-Jaber Al-Sabah’s greeting to Larijani as well as his concern over his infection with …

There have been many articles written about the social changes that may occur in the aftermath of the Great Shutdown. But one major change is already upon us, and it’s being powered by forces that began years before the coronavirus emerged. It’s occurring inside the global energy system. Since the …

Qatar Petroleum has announced the start of the development drilling campaign for the North Field East Project, or NFE (previously known as the North Field Expansion Project). The first of 80 NFE development wells was spudded by the jack-up rig “GulfDrill Lovanda”, which is managed and operated by GulfDrill, a …

Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …

When Saudi Arabia approached members of the Organization of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of the falling oil prices as a result of Covid-19, Russia rejected the proposal. The subsequent spat between Moscow and Riyadh saw …

Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced that Toshiba Transmission and Distribution Systems Gulf S.P.C. (TTDG), a wholly owned subsidiary, has finalized a contract with Toyota Tsusho Corporation（hereafter“Toyota Tsusho）, one of Japan’s major trading companies, to supply gas-insulated switchgears (hereafter “GIS”) and power transformers to the Ministry of …

Iran’s Energy Minister Reza Ardakanian and Qatar’s Minister of Commerce and Industry Ali bin Ahmed Al Kuwari agreed on cooperation in energy and investment spheres between the two countries during a video conference. As the next meeting of Iran-Qatar Joint Economic Committee, which was scheduled to be held in Iran’s …