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The world oil demand growth forecast for 2020 is revised lower by 6.9 million barrels per day (mb/d), to a historical drop of around 6.8 mb/d, said OPEC in its monthly market report. The contraction in the second quarter (2Q) of this year is expected to be around 12 mb/d, …

Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …

Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …

There have been many articles written about the social changes that may occur in the aftermath of the Great Shutdown. But one major change is already upon us, and it’s being powered by forces that began years before the coronavirus emerged. It’s occurring inside the global energy system. Since the …

Qatar Petroleum has announced the start of the development drilling campaign for the North Field East Project, or NFE (previously known as the North Field Expansion Project). The first of 80 NFE development wells was spudded by the jack-up rig “GulfDrill Lovanda”, which is managed and operated by GulfDrill, a …

Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …

Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced that Toshiba Transmission and Distribution Systems Gulf S.P.C. (TTDG), a wholly owned subsidiary, has finalized a contract with Toyota Tsusho Corporation（hereafter“Toyota Tsusho）, one of Japan’s major trading companies, to supply gas-insulated switchgears (hereafter “GIS”) and power transformers to the Ministry of …

Iran’s Energy Minister Reza Ardakanian and Qatar’s Minister of Commerce and Industry Ali bin Ahmed Al Kuwari agreed on cooperation in energy and investment spheres between the two countries during a video conference. As the next meeting of Iran-Qatar Joint Economic Committee, which was scheduled to be held in Iran’s …

The World Bank (WB) will provide Iran with a $50- billion loan to support the country in fighting coronavirus. “For the first time since 2005, we will receive a loan worth 50 billion dollars from the World Bank. Preliminary measures have been taken by related bodies such as the Central …

Iran’s president has tasked the ministry of economic affairs to facilitate the selling of the shares of major state companies at the stock market as soon as possible. President Hassan Rouhani said the process of selling the shares of large state companies in the stock market must continue and possible …