International

The 1,400MW Project NorthConnect, which is partly owned by Swedish energy group Vattenfall, has been put on hold pending public consultation.

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 …

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 …

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 …