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The Saudi-led OPEC group of oil producers and their allies will meet on Monday via video conference, a source close to OPEC said on Friday, to seek to boost oil prices which have tumbled by two-thirds since the beginning of the year. Top world crude exporter Saudi Arabia on Thursday …

There are yet no talks about a possible new deal to replace the OPEC+ agreements, Russian presidential spokesman, Dmitry Peskov said on Thursday. “So far, no one has started talking about any specific deals or even abstract deals to replace OPEC+,” he said, answering a question from TASS about whether …

China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter. The world’s biggest importer is taking advantage of a 60 per cent plunge this year to snatch up cheaper barrels for its stockpiles, …

US President Donald Trump said he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month …

European liquefied natural gas (LNG) imports are set to hit an all-time high in March, as the region absorbs global oversupply at a time of declining demand, Kallanish Energy reports. According to experts at the IHS Markit LNG Research Service, total LNG deliveries to Europe are expected at nearly 11 …

Natural gas exports from Iran to Turkey were halted early on Tuesday after an explosion and fire at a pipeline just inside the Turkish border, an official at Turkey’s energy ministry has said. The official said that “all necessary efforts” were underway to manage the situation, but that currently it …

The German Federal Foreign Office confirmed that the first transactions between Europe and Iran has successfully been concluded through the Instrument in Support of Trade Exchanges (INSTEX)‎. A European payment system set up by Germany, France and the UK for trade with Iran, INSTEX ‎has been designed to circumvent US …

The coronavirus pandemic and resulting plunge in crude prices will result in a leaner, stronger oil industry but raise the risk of shortages further down the line, Goldman Sachs analysts said March 30. Crude prices suffered another sharp fall on March 30 as the pandemic worsened and the Saudi Arabia-Russia …

The rampant spread of the coronavirus has turned busy streets worldwide into quiet, abandoned thoroughfares. Few cars and trucks on the road means drastically less fuel is needed as millions of people stay at home. “The unprecedented reduction in demand as the economy has basically come to a standstill worldwide …

The momentum-building global expansion of wind and solar power plant could be stymied for at least year as government restrictions on movement impact construction timeframes and foreign exchanges market contract around the world, according to new forecast by Rystad Energy. The Norwegian analyst group calculates growth in newly commissioned renewables …