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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 …

Increasing oil production will not serve the interests of any country, Russia warned yesterday, stressing that Russian President Vladimir Putin was seeking “constructive negotiations aimed at stabilizing the global energy market.” “Russia did not back the termination of OPEC+ deal – The Organization of the Petroleum Exporting Countries,” Russia Today …

Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …

The Iraqi Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban attributed on Sunday the postponement of the conference of oil producing and exporting countries, until next Thursday due to “technical reasons”. Al-Ghadban said, in a statement to the official newspaper, “Al-Sabah”, that “the conference that was scheduled to take place …

Oil prices have collapsed recently both due to the lowered demand amid the rapid spread of COVID-19 and OPEC+’s failure to reach an agreement on cutting oil output in April. President Donald Trump said on Saturday that he “does not care about OPEC” and that he will put tariffs on …

The gas giant Gazprom is no longer in the spotlight after the US Treasury sanctioned Rosneft, the Russian national oil company, most probably triggering the collapse of the OPEC+ agreement and bringing about an unexpectedly low pricing environment for March 2020 within both the oil and gas segments. Having launched …