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The B20 – which represents the global business community within the Group of 20 (G20) countries – and the International Energy Agency (IEA) have called on political and industry leaders in the global forum to seize the “unique opportunity” presented by the coronavirus pandemic to put in place policies that …

The EU’s relations with Russia in connection with the construction of the Nord Stream-2 gas pipeline are unlikely to improve in the future. Therefore, the approach to this project should be changed, said the head of the European Commission (EC) Ursula von der Leyen, reports the newspaper Les Echos. “Russia’s …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview. “Reserves accumulated in the second quarter are gradually shrinking, and we see that July and August were the first two months when …

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents …

OPEC+ could hold an extraordinary meeting in October if oil markets weaken further, Saudi Energy Minister Prince Abdulaziz bin Salman said, according to an OPEC+ source. Brent oil prices extended their gains to trade up 3% on the news, above $43 per barrel. Prince Abdulaziz was speaking at a closed-door …

OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a …

Iran has completed 13 phases of South Pars Gas Field (SPGF) in the past seven years to bring the country’s production of natural gas to 700 million cubic meters from this field. Development of South Pars Gas Field has been among the top priorities of the Ministry of Petroleum. Seven …

The Organization of Petroleum Exporting Countries turned 60 on September 14 – and despite its colorful past, COVID-19 is proving to be its greatest challenge in that time span. The pandemic wiped out a third of global demand for oil during the darkest days of crisis – the second quarter …

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 …

Russian President Vladimir Putin announced that he would instruct the government to deliver on the idea of appointing Gazprom as the single operator of gas supply and gasification programs, he said on Wednesday at a meeting with the head of Gazprom, Alexei Miller. Miller said that the government is currently …