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The U.S. cut its oil output forecast by more than one million barrels a day, days before OPEC and other producers meet to discuss a global deal to stem an unprecedented collapse in prices. Production will average 11.76 million barrels a day in 2020, down from an expected 12.99 million, …

By calling for an urgent OPEC+ meeting to discuss oil price stabilization under pressure from President Donald Trump, Saudi Arabia has admitted defeat in its price war against Russia, Mamdouh Salameh, a visiting professor of Energy Economics at ESCP Europe Business School said. In an exclusive interview with Anadolu Agency …

The meeting of ministers of OPEC and countries outside the cartel (OPEC+) is scheduled for April 9, 2020, Advisor to Azerbaijan’s Minister of Energy Zamina Aliyeva told Trend on April 7. Azerbaijan is ready to make its contribution to the process of global regulation of the oil market in order …

Saudi Arabia will host a video conference meeting on Friday for G20 energy ministers “to ensure energy market stability”, it was reported on Tuesday, citing an internal document. Oil prices have fallen sharply due to the impact of Covid-19, in addition to last month’s collapse of coordinated output cuts led …

State-owned China Three Gorges Renewables Group Co. is seeking to raise 25 billion yuan ($3.5 billion) in what could be one of the country’s biggest initial public offerings this year. The company plans to sell as many as 8.57 billion shares in Shanghai, according to a prospectus posted on the …

Punjab Minister for Energy Dr Akhtar Malik has said countries around the world could face food scarcity due to the coronavirus pandemic. He expressed these views while chairing a meeting to review wheat procurement in Circuit House on Monday. The meeting was attended by Provincial Parliamentary Secretary for Information Nadeem …

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …

G20 energy ministers have agreed to hold an emergency meeting on Friday to discuss global collaboration with OPEC+ oil production cuts. Boosting the price of crude is an economic imperative for members such as Saudi Arabia and Russia, but the majority of the group of major economies arguably have more …

States in the Persian Gulf region understandably are ramping up spending in the midst of the Covid-19 pandemic. But their income also is in sharp decline as oil prices test lows. They must thus decide how to cover newfound deficits as oil trades in the US$20-$35-per-barrel range, and natural gas …

The head of the Organization of Industry, Mine and Trade of Gilan Province in northern Iran said on Monday that the non-oil export of the province surpassed reached $579 million dollars in the last Iranian year (ended March 19, 2020). Saying that the province had an acceptable record despite all …