International

Russia’s oil and gas condensate production fell to 9.42 million barrels per day (bpd) during May 1 to 19 as a global deal on reducing output took effect, two sources familiar with the data told Reuters. The deal on curbing crude output reached between the Organization of Petroleum Exporting Countries, …

The U.S. Supreme Court justices declined on Monday to review a federal court’s ruling that had allowed Canadian miner Crystallex to take over shares of U.S. refiner Citgo in compensation for US$1.4 billion for the expropriation of assets in Venezuela. U.S. refiner Citgo is the crown jewel in the holdings …

As demand for oil crashed amid the coronavirus outbreak, many traders seized the opportunity to store cheap oil stock to resell at a higher price. However, this scenario wasn’t an easy task for everyone. The shipping costs increased sharply and storage facilities surpassed the 90 per cent occupancy mark for …

The Russian Ambassador to Iraq, Maxim Maksimov said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate. Maksimov said in a press statement yesterday that “Russian companies are willing to mobilise significant funds and have submitted an investment tender for Al-Mansouriya gas field in …

In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a …

Kuwait and Saudi Arabia agreed to stop production from the Al-Khafji crude oil field – part of their shared Neutral Zone – as of June 1, according to a source with knowledge of the situation. The shutdown comes just months after both countries agreed to resume production at the Neutral …

Algeria has fully adjusted its oil production under the agreements reached at the 9th and 10th OPEC and non-OPEC Ministerial Meetings, Trend reports with reference to OPEC. “Algeria has reduced its oil production in full conformity with the agreement concluded on 12 April 2020, expressing his confidence that all the …

Saudi Arabia stood by its pledge to curtail oil output under the OPEC+ deal, reducing shipments to the prized Asian market. Saudi Aramco cut contractual volumes for June loading to at least seven Asian customers, according to traders notified by the state-owned company. Three other regional buyers received what they …

The US Energy Information Administration lifted its Henry Hub natural gas price forecast for the second and third quarters of 2020 on Tuesday, even as the agency substantially trimmed its estimates for production and consumption over the same period, citing coronavirus pandemic-related impacts. The agency, in its May Short-Term Energy …

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 …