International

Demand for petroleum products in India has tumbled to multi-year lows following its first contraction in consumption since 1999, as the coronavirus pandemic rattles the world’s third-largest oil importer and consumer. Total petroleum consumption was down for the whole year of the pandemic, falling by over 10 percent to 193.4 …

Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to secure supplies from Europe, with record purchases of North Sea cargoes in one day. Saudi Arabia caught the market by …

Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral decision to slash oil production by 1 million barrels a day next month and in March, the kingdom opted to …

Russia’s oil production declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and low demand due to the coronavirus. According to an article by Reuters, Russian oil and gas condensate output declined to 10.27 million barrels …

Saudi Arabia’s decision to cut oil production probably reflects expectations for demand to weaken further as coronavirus lockdowns return around the world, according to Goldman Sachs Group Inc. The kingdom’s pledge to lower output by 1 million barrels a day in February and March was surprising for several reasons, Goldman …

An Iraqi official stated that Washington has extended the exemption granted to Iraq from the sanctions imposed on Iran in the energy field for an additional three months. He pointed out, according to Agence France-Presse, “this new exemption, which is longer than all previous exemptions, is the result of long …

Saudi energy minister Prince Abdulaziz bin Salman delivered a stark warning to his OPEC+ counterparts, urging the coalition to stay disciplined with their crude production or risk upending the oil market’s recovery fostered by their historic output cuts since May. “Now as we see light at the end of the …

Iraq has agreed a multibillion-dollar oil-supply deal with a Chinese company, according to the Arab nation’s official news agency. SOMO, which oversees Iraq’s petroleum exports, picked a Chinese firm after receiving bids from several traders, INA reported, citing an interview with SOMO General Manager Alaa Al-Yasiri. While INA didn’t name …

Norway’s risk management and quality assurance firm DNV GL has refused to certify Russia’s Nord Stream 2 gas pipeline when its construction is completed over new U.S. sanctions. According to the current situation, DNV GL cannot issue a certificate upon completion of the pipeline construction, the Russian news agency RBC …

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah has said they are aiming to reach 1.2 million oil barrels per day (bpd) in 2021, adding that this aim is part of the NOC plan for the new year. Sanallah added on Friday that the NOC plan included …