International

Saudi Arabia has denied it has had any contact with Russia’s Energy Ministry over the possibility of a new OPEC+ deal to rebalance global oil markets. A statement from the Saudi Energy Ministry dismissed reports from Moscow that there had been discussions between Russia and the Kingdom aimed at resurrecting …

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …

Global oil demand could dive by 20% as 3 billion people are in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency (IEA) said March 26 as he called on OPEC leader Saudi Arabia to help stabilize oil markets. “Today, 3 billion people in the …

Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions, …

Amid a thunderstorm of horrifically sad COVID-19 news, I wanted to focus on an energy story to lift your spirits. We all realize that energy markets are such an afterthought right now, but I wanted to give you something. Remember Red, hope is a good thing, maybe the best of …

Russia is out of control. All of a sudden, it has launched an oil price war, even though it is unrealistic that the Kremlin can defeat Saudi Arabia and the United States in such a contest. Saudi Arabia’s population is one-fifth of Russia’s, while holding equivalent international currency reserves. The …

Forging an oil alliance between the United States and OPEC’s top producer Saudi Arabia is one of “many, many ideas” being floated by US policymakers but it is uncertain whether it will become a formal proposal, the US energy secretary told Bloomberg TV on Monday. “I don’t know that that’s …

The Chinese Petroleum Engineering and Construction Company “CPCEC” won an engineering contract worth $ 203.5 million to process high-sulfur gas in Majnoon oil field in Iraq. The project, which is scheduled to be completed within 29 months, aims to build a facility to process high-sulfur gas with a daily capacity …

British oil major Shell joined other companies in the sector in lowering capital expenditure for the current year by about $5 billion and suspended the next tranche of its share buyback plan to weather a hit from the recent oil price crash. The company said it would reduce 2020 cash …

Wood Mackenzie’s latest analysis reveals that China’s crude stock (including strategic and commercial petroleum reserves) could reach 1.15 billion barrels in 2020, equivalent to 83 days of oil demand. Wood Mackenzie senior consultant Lei Sun said: “Major crude oil importers such as China have been known to build their strategic …