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The impact of the move, announced at a time when oil prices are languishing at around $25 per barrel, on Rosneft’s upstream joint ventures with Venezuelan state oil company Petroleos de Venezuela was not immediately clear. The U.S. government has ramped up pressure on Venezuelan President Nicolas Maduro’s government, including …

The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to embrace green energy as a source of jobs that also serves climate goals. In an interview with Reuters, Birol said …

India’s solar and gas-fired electricity generation rose in April even as overall power demand fell at the steepest monthly rate in at least thirteen years, a Reuters analysis of provisional government data showed. Solar-powered electricity generation rose 16.9%, accounting for a record 5.6% of the country’s total output, while gas-fired …

Saudi Arabia’s finance minister has warned the kingdom needs to make “extreme” spending cuts to manage the economy during the COVID-19 crisis and oil price crash. “It is very important to take strict and extreme measures, which may be painful, but are necessary for public financial stability,” finance minister Mohammed …

Until three months ago, the oil industry was pinning its hopes on aviation, alongside petrochemicals, for continued growth in oil demand for at least another decade. The aviation industry, however, was dealt a near-deadly blow by the coronavirus pandemic, which upended all plans for fleet utilization for years to come. …

Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets …

Iranian Industry, Mining, and Trade Ministry has it on the agenda to establish working groups for developing non-oil export in various provinces across the country, Head of Trade Promotion Organization (TPO) announced. According to Hamid Zadboum, due to the significant role of the country’s provinces in developing export goals and …

Iran’s government spokesman says shares of four refineries will begin to be offered to the public soon. Ali Rabii said public offerings of shares of oil refineries in Isfahan, Tehran, Tabriz and Bandar Abbas will start on June. He noted among the key measures adopted by the government to spur …

Finance minister Mohammed Al-Jadaan said that government spending would need to be “cut deeply”. Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister …

Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …