Oil

Key OPEC+ ministers will convene online Sept. 17 in the face of stalling global oil demand, patchy compliance with output cuts, and Libya’s potential return to the market after a month-long blockade that shut down almost all of its crude production. But despite frustration among members that oil prices have …

The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories – which rebounded …

The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Sept. 15, citing caution about the pace of economic recovery from the pandemic. The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bbl/d) to 91.7 million bbl/d in its second downgrade in as many months. …

A surge in Chinese buying of blending fuels this year means oil demand in the world’s biggest importer is likely bigger than the official figures indicate, according to the trading arm of refining giant Sinopec. Chinese fuel consumption was already back at year-earlier levels in May, Fairy Wang Pei, head …

Global oil demand may have already peaked, according to BP’s latest long-term energy outlook, as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels. Demand for oil will be the biggest casualty over lower energy demand in the coming three …

Uncertainty continues to rule. The US Energy Information Administration (EIA) has cut its 2021 demand growth outlook for 2021 to 6.5 million barrels per day (bpd) – 500,000 bpd lower than projected last month. The EIA now expects the Chinese demand to grow only by 1m bpd next year, and …

Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been eased to 7.7 million bpd but as the second-largest producer in OPEC, Iraq is shouldering quite a large chunk of …

Behind the facade of political rhetoric, Russia and the United States have embarked on an impressive show of synergy, with fuel oil becoming a rare demonstration of improving relations. The issue of US-Russia energy ties has been enjoying a bit of media spotlight as President Trump accused Democrats in New …

According to the National Iranian Oil Company (NIOC), the announcement of the headquarters of the International Exhibition of Iranian Oil states: “The event will be held from 12 to 15 October, 2020.

Oil prices could potentially rise to around $65 per barrel next year, but expected to be volatile, Russian Energy Minister Alexander Novak said on Friday, speaking at an online conference reported by Reuters. He also expected that global oil demand could fall by 9-10 million barrels per day (bpd) this …