The Iraqi Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban attributed on Sunday the postponement of the conference of oil producing and exporting countries, until next Thursday due to “technical reasons”. Al-Ghadban said, in a statement to the official newspaper, “Al-Sabah”, that “the conference that was scheduled to take place …
Read More »Norway May Join Oil Output Cuts for the First Time Since 2002
Norway, the biggest oil producer in western Europe, said it would consider joining a broad international agreement to cut production. The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to support prices since 2002. OPEC and …
Read More »Saudi Arabia: It was Russia that Pulled out of OPEC+ Deal
Saudi Arabia’s foreign and energy ministers on Saturday denied Russia’s claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices. In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said “a statement attributed to one of the …
Read More »China Starts Buying Oil for State Reserves after Price Crash
China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter. The world’s biggest importer is taking advantage of a 60 per cent plunge this year to snatch up cheaper barrels for its stockpiles, …
Read More »Coronavirus Economy could Bring U.S. Shale Market to Its Knees, Break up OPEC
The rampant spread of the coronavirus has turned busy streets worldwide into quiet, abandoned thoroughfares. Few cars and trucks on the road means drastically less fuel is needed as millions of people stay at home. “The unprecedented reduction in demand as the economy has basically come to a standstill worldwide …
Read More »Norway Postpones Decision on Interconnector to Scotland
The 1,400MW Project NorthConnect, which is partly owned by Swedish energy group Vattenfall, has been put on hold pending public consultation.
Read More »OPEC Members Balk at Request to Review Virus’ Impact on Markets
OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate. Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions as oil slumps amid the coronavirus crisis …
Read More »Iraq Wants 30% Capex Cut from Foreign Oil Firms
Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 percent on the condition that crude production levels do not suffer, Reuters reported on Friday, quoting local officials and industry …
Read More »Saudi Arabia Denies Contact with Russia over OPEC+ Deal
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 …
Read More »Prepare For a Massive Oil Demand Shock
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 …
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