International

The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not …

Chinese President Xi Jinping says his country will aim to stop adding to the global warming problem by 2060. Xi’s announcement during a speech Tuesday to the UN General Assembly is a significant step for the world’s biggest emitter of greenhouse gases. Calling for a “green revolution,” Xi said the …

The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday. The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of …

Libya’s state-owned National Oil Corp. expects its production to rise to 260,000 b/d during the week starting Sept. 27 following the lifting of force majeure and the end of an eight-month blockade on its oil infrastructure imposed by the self-styled Libyan National Army. The first two ports to resume operations …

Libya is expected to resume production from fields and export crude from ports that are secure, said the country’s state oil company. The National Oil Corporation said a force majeure in place will be eased across “oilfields and ports that are secure”. Force majeure refers to an unforeseen event outside …

Workers at Libya’s major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation (NOC) announced a partial lifting of force majeure. They said flaring had restarted at the field and shared a video of it, and added that engineers had been returning to the area …

The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to their lowest in over 2 months, as some oil firms like British Petroleum …

Turkmenistan on Friday announced that it intended to start building a gas pipeline from the Turkmenistan-Afghanistan border to the Herat offtake point in Afghanistan. Turkmenistan also assured Pakistan of addressing its concerns over different issues pertaining to the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister on Petroleum …

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents …

Iraq’s commitment to a recent agreement by the Russian-led OPEC+ group will deprive the country of 750,000 barrels of oil per day (bpd), the former Iraqi oil minister warned yesterday. “OPEC+ deal would incur $50 billion in losses over the next two years,” Ibrahim Bahr Al-Ulloum told Russia Today (RT). …