International

Norway plans to spend a record 420 billion kroner (€37.6 billion) of its oil wealth to weather the brutal Covid-19 downturn. The richest Nordic economy and western Europe’s biggest oil and gas producer has been hit on two fronts as the coronavirus pandemic shut down mainland activity and led to …

China, the world’s leading energy and food importer, bought more crude oil, natural gas and soybeans in the first four months of 2020, customs data showed. The country imported some 170 million tons of crude oil in the period, up 1.7 percent year on year, while natural gas imports rose …

State oil producer Saudi Aramco slashed its official selling prices for April crude sales to some of the lowest levels in decades, undercutting rivals. The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters …

Saudi Arabia’s boost to prices of most of its oil is signaling an end to a destructive price war, but it’s left Asian buyers less than impressed. The increase was a surprise to Asian customers, which were expecting another cut to prices, according to ten traders surveyed by Bloomberg, just …

Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller …

Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry. Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While …

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day (bpd), close to its production target of 8.5 million bpd for May and June under a global deal to cut crude supplies, two sources familiar with the data told Reuters. Together with gas …

With the U.S.’s patience wearing thin on its dealings with neighboring Iran, endemic corruption still prevalent in both the south of the country and in the northern semi-autonomous region of Kurdistan, and enduring political chaos with frequently-changing prime ministers popping up whilst the real power remains with firebrand cleric Moqtada …

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China’s move to speed up the construction of natural gas storage facilities is expected to boost the storage capacity over the next two-three years, but the country is unlikely to meet its 2020 targets amid incomplete market liberalization reforms and coronavirus pandemic, trading sources said. City gas suppliers have so …