International

On Thursday, Riyadh, Moscow and other OPEC+ members and partners tentatively agreed to cut crude output by some 10 million barrels per day (bpd) over the next two months, with the deal requiring each country to cut about 23 percent of its output. Saudi state-owned oil giant Saudi Aramco has …

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump’s mediation efforts to end a standoff with Mexico. The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output …

Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said on Friday, after marathon talks to counter a collapse in prices. The videoconference led by the Organization of the Petroleum Exporting Countries has been seen as the best chance …

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …

OPEC+ countries will discuss on Thursday the creation of a new agreement to reduce oil production with the possible participation of other major oil producing states to stabilize the situation on the market, which came under pressure from the novel coronavirus (COVID-19) pandemic. The meeting will be held in the …

The United States will return to being a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021. That’s what the U.S. Energy Information Administration (EIA) forecasts in its latest short-term energy outlook …

Liquefied natural gas (LNG) demand is expected to drop in 2020 in China, Japan and South Korea, the three biggest importers of LNG in the world, Kallanish Energy reports That assessment was released on Tuesday by the Independent Commodity Intelligence Services (ICIS). It is forecasting that China 2020 LNG imports …

By calling for an urgent OPEC+ meeting to discuss oil price stabilization under pressure from President Donald Trump, Saudi Arabia has admitted defeat in its price war against Russia, Mamdouh Salameh, a visiting professor of Energy Economics at ESCP Europe Business School said. In an exclusive interview with Anadolu Agency …

G20 energy ministers have agreed to hold an emergency meeting on Friday to discuss global collaboration with OPEC+ oil production cuts. Boosting the price of crude is an economic imperative for members such as Saudi Arabia and Russia, but the majority of the group of major economies arguably have more …

States in the Persian Gulf region understandably are ramping up spending in the midst of the Covid-19 pandemic. But their income also is in sharp decline as oil prices test lows. They must thus decide how to cover newfound deficits as oil trades in the US$20-$35-per-barrel range, and natural gas …