International

Iraq’s economy shrank by 11.2 per cent last year – the country’s worst performance since 2003 – as it dealt with the twin shocks of low oil prices and the Covid-19 pandemic, according to the Institute of International Finance. These two factors, combined with ongoing political instability in the country, …

India, one of the world’s top oil consumers, has slammed OPEC for creating confusion with its latest decisions regarding oil supply, with many importers seeing their expectations of higher volumes disappointed. In December, OPEC+ had agreed to start raising oil production by half a million barrels daily from this month. …

Suddenly, the outlook for oil prices has changed dramatically. From a situation at the end of last year when there was talk of Brent crude “stuck” at $50-$55 per barrel, many experts are now looking for upward of $60 in 2021, with some of the more bullish targeting $65 by …

Global energy majors including Royal Dutch Shell and Total are expected to benefit most from January’s gas price spike, beating rival trading houses and non-integrated producers thanks to their access to multiple sources of the fuel. Asian liquefied natural gas (LNG) prices have rocketed to record highs in January due …

Russia is preparing to make the earliest-ever shipment of liquefied natural gas to Asia, taking advantage of thinning ice in the Arctic Ocean and paving the way for a record-long navigation season this year. The super-chilled cargo from Novatek PJSC’s Yamal LNG facility in early May will beat last year’s …

Russia’s flagship crude is rising in price in Europe in the wake of Saudi Arabia’s surprise oil production cuts. The nation’s Urals crude sold at a slight discount of 70 cents a barrel to benchmark Dated Brent in northwest Europe on Jan. 15, a increase of almost $1 from an …

China’s first domestically-built, semi-submersible deep-water oil production unit has been completed after 21 months of construction. The platform is now ready to set off to the country’s first deep-water gas field in the South China Sea. The gas field, called Lingshui 17-2, is 150 kilometers off the city of Sanya …

Despite threats of new sanctions from the United States, Nord Stream 2 AG will resume construction of the Nord Stream 2 underwater gas pipeline, which would double the capacity of the existing undersea Nord Stream gas pipeline from Russia to Germany. Ture Falbe-Hansen, who heads the Danish Energy Agency’s press …

Any attempt by U.S. shale and other oil producers to boost output this year will backfire and lead to lower prices, according to the energy minister of the United Arab Emirates. Oil prices have surged in the past two months with the development of coronavirus vaccines. They jumped again last …

Oil prices slipped on Monday due to worries about global fuel demand as coronavirus restrictions across Europe toughens and China imposes restrictions due to jump in cases. Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, …