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Well-known American linguist, philosopher and political activist Noam Chomsky said on Saturday that the Trump administration has sheer sadism of sanctions. Chomsky made the remarks when asked by IRNA Correspondent to New York to comment about US sanctions on Iran while the coronavirus disease (COVID-19) continues in the country. “The …
Read More »Saudi Arabia’s Outlook Cut to Negative by Moody’s
Saudi Arabia’s outlook was cut to negative from stable by Moody’s Investors Service after the crash in oil prices exposed the vulnerability of the kingdom’s finances amid the global pandemic and its reserves plunged to the lowest level in almost a decade. The rating company kept the sovereign at A1, …
Read More »Iran’s Dams to Hit 156 by August 2021
The number of large dams in Iran would reach a total number of 156 by August 2021, Energy Minister Reza Ardakanian said, adding that the government is pushing ahead with plans to build 12 more dams across the country. Ardakanian said that Iran had broken a record of launching a …
Read More »Covid-19 Delivers Historic Shock to Energy World
Global energy demand will plunge this year, with the Covid-19 pandemic representing the biggest shock to the global energy system in more than seven decades, a new report released by the International Energy Agency (IEA) says. The report says that the drop in demand this year is set to dwarf …
Read More »ConocoPhillips Swings to $1.7 Billion Loss
ConocoPhillips went from a profit in the 1st quarter last year to a loss in the same period of 2020 after being hit by impairment charges and lower oil and gas prices. The company reported a 1st-quarter 2020 loss of $1.7 billion compared with 1st-quarter 2019 earnings of $1.8 billion. …
Read More »Adjustments under OPEC+ Agreement Get Going
Abu Dhabi National Oil Company (ADNOC) has notified its customers in a letter of its plans to voluntarily adjust its crude oil production in May and June 2020, Trend reports citing OPEC. May’s voluntary adjustments: 15 percent Murban crude; 5 percent Umm Lulu crude; 5 percent Das crude; and 15 …
Read More »Will OPEC+ Historic Deal Save the oil market?
The historic oil deal meant to help crude prices rebound amid the coronavirus crisis has come into force. Starting today, global oil production is set to be slashed by nearly 10 million barrels per day. On April 12, the group known as OPEC+, which includes 13 members of the Organization …
Read More »Trump to Saudis: Cut Oil Supply or Lose US Military Support
As the United States pressed Saudi Arabia to end its oil price war with Russia, US President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohamed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting …
Read More »Oil Rises again as Output Cuts Kick in, Inventories Grow less than Expected
Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month …
Read More »Global LNG Market must Bide Its Time for Price Gains
One of the world’s fastest-growing commodity markets is under great pressure — but it’s healthy. LNG prices are depressed amid destruction in demand, in large part due to the Covid-19 pandemic stalling the global economy. The first big economic punch to the LNG gut started with swathes of virus cases …
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