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The Covid-19 pandemic and an ongoing shift to renewables are accelerating an exodus of the world’s largest oil and gas companies from South-east Asia, dimming prospects for investment and raising the possibility of supply shortages once demand recovers. US and European oil majors have either announced or are thought to …

Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end. Brent crude for December fell 32 cents, or 0.8%, to $42.53 a barrel by 0347 GMT and …

Iran’s Energy Minister Reza Ardakanian held talks with Acting Foreign Minister of Afghanistan Mohammad Hanif Atmar on the permanent transmission of electricity to Afghanistan. In a videoconference on Saturday night, the two sides discussed preparation for holding a joint economic commission next month, planning and implementing joint economic programs, electricity …

Iraq’s Oil Minister Ihsan Abdul Jabbar said oil prices are expected to reach around $45 in the first quarter of 2021, the al-Sabah state newspaper reported on Sunday. Iraq has also based a draft 2021 federal budget on a projected oil price of $42 per barrel, the paper cited the …

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, stated that the Kingdom seeks to be a leader in finding solutions for the green energy future. “We will not be a part of the problem, nor will we accept to be just a part of the solution. Our …

Iran witnessed a surge of almost 25 percent in exports during the 6th month of the current year (August 22-September 21) compared with the previous month, Iran’s Customs Administration (IRICA) spokesman Rouhollah Latifi said on Saturday. Latifi said that the exports had reached $2.691 billion in value terms from August …

Germany won’t need additional gas flows this season, giving Chancellor Angela Merkel and Russian President Vladimir Putin another reason to bide their time on the controversial Nord Stream 2 pipeline. After two warm winters and the coronavirus pandemic, demand for the fuel used for heat and power generation is sagging …

Ambassadors of several European Union countries reiterated Saturday to the Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah their full support for the NOC to regain oil production rates as before the January shutdown. Italy, Sweden, Denmark, Austria, Spain, Belgium, Norway, Finland, Poland, Hungary, and Holland’s ambassadors hailed …

Turkey is likely to raise the estimated amount of natural gas from its recent discovery in the Black Sea, Bloomberg reported on Friday, citing sources familiar with the matter. Ankara may issue a new guidance on the discovery as early as next week, Bloomberg said, after the completion of exploratory …

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of …