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The Organization of Petroleum Exporting Countries (OPEC) Tuesday announced that 13 member nations lost 18 percent of their income in 2019 due to both the fall in oil prices and the loss of markets. According to OPEC’s Annual Statistical Bulletin data, the most affected countries were Iran and Venezuela, which …

Qatar’s gas supplies to the UK have reached their highest rate with 42.7 million cubic metres being provided per day over the last three weeks, the Gulf states’ Al-Sharq newspaper reported yesterday. The paper reported that six of the largest tankers had arrived in the station of South Hook Gas …

Demand for OPEC’s crude oil is set to bounce back next year at a historically quick pace, the global coalition said in its July report published Tuesday. OPEC expects demand for its product to spike roughly 25% to 29.8 million barrels per day in 2021, bringing it slightly above levels …

Royal Dutch Shell Plc, the world’s biggest liquefied natural gas merchant, is making a bet on the trade’s digital future by taking a minority investment in the online platform developer GLX Digital. GLX is among a handful of companies using web-based trading to modernize the world of physical commodities and …

U.S. crude oil production from seven major shale formations is expected to decline by about 56,000 bbl/d in August to about 7.49 million bbl/d, the lowest in the two years, the U.S. Energy Information Administration (EIA) said in a monthly forecast on July 13. The biggest decline is forecast for …

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supplies from the market. It’s a victory for Saudi Arabia and …

In retrospect, it’s impressive that it lasted as long as it did. Four months after OPEC cobbled together a record production cut to offset the demand destruction unleashed by the COVID-19 lockdowns, R-OPEC+ (i.e., OPEC plus Russia and a bunch of non-OPEC exporters) is set to slowly resume pumping more …

The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday. The international lender expects an overall economic …

Russian energy giant Gazprom Neft has started supplying crude from its Novy Port Arctic oil field to China. The first batch amounting to 144,000 tons of crude was delivered to Yantai port, the company announced. The tanker route from Murmansk to Yantai crosses the Arctic seas and three oceans, and …

The United Arab Emirates wants Libya to “return to oil production” as soon as possible, a top Emirati official said Monday, after officials with Libya’s U.N.-supported government in Tripoli accused the UAE of ordering rival Libyan forces to block oil sales. Anwar Gargash, the Emirates’ minister of state for foreign …