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OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside. In its Monthly …

Iran has announced the launch of the first phase of a new oil export terminal in the Direstan region. The project, which was officially launched by the Iranian President Hassan Rouhani, is expected to increase the export capacity of the country. The first phase of the Qeshm oil terminal with …

China’s gas power plants are struggling to stay afloat as they face mounting pressure from lower tariffs and the ongoing trade war, says Wood Mackenzie. The Chinese government has been reducing regulated gas-fired power tariffs by 16% to 28% in key provincial markets since June 2020. This is driven by …

On 14 September 1960, the five Founding Fathers of the Organization of the Petroleum Exporting Countries (OPEC), Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait gathered together in the Al-Shaab Hall …

Turkey will deploy another drilling ship, named Kanuni, to the Black Sea, Energy and Natural Resources Minister Fatih Donmez said on Sunday. Kanuni will support another Turkish vessel, named Fatih, which in mid-August discovered gas deposits in the Black Sea of 320 billion cubic meters with an estimated value of …

BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more. Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on …

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 …

Visiting US Secretary of State Mike Pompeo said Saturday that Washington is “deeply concerned” over Turkey’s gas exploration in the Eastern Mediterranean amid growing tensions between Turkey, Cyprus and Greece. “We remain deeply concerned by Turkey’s ongoing operations surveying for natural resources in areas over which Greece and Cyprus assert …

Cutting carbon emissions has become a central focus of countries and companies alike in the past decade. The oil majors are racing to ‘go green, Microsoft has pledged to go ‘carbon negative’, and over 20 nations have either committed to or achieved net-zero carbon targets. For public companies, the incentives …

It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best …