Top News

Global oil demand is forecast to decline by 4.9% in 2020, compared to the previous year, Norway-based energy research center Rystad Energy said in a statement on Wednesday. Oil demand around the world is estimated to decrease by 4.9 million barrels per day (bpd) to reach 95 million bpd, from …

The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues to fall due to the Covid-19 pandemic. Oil storage levels across the world’s storage facilities have climbed to about three-quarters …

Iran will go ahead with implementation of important oil projects including development of joint oil and gas fields in the new Iranian year started on March 20, NIOC official said on Wednesday. Karim Zobeydi, an official at National Iranian Oil Company (NIOC) told IRNA on Wednesday that implementation of oil …

The International Monetary Fund (IMF) called Tuesday, March 24, for urgent action from Middle East governments as the coronavirus pandemic threatens a persistent slump in oil revenues and a “big drop” in growth. The IMF said a dozen Middle Eastern and North African countries had already approached it for financial …

Saudi Arabia is pricing the crisis, but going back to the negotiations table may be difficult. The global crude supplies are entering the market at a time when global demand for crude has contracted for the first time in 10 years. By entering into a fierce oil war, Saudi Arabia …

Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions, …

Russia sees a silver lining in the oil price collapse—it now believes that the oil price war will help it win the war for natural gas market share in Europe. Russia’s gas giant Gazprom, the single largest supplier of natural gas to Europe, has watched with apprehension the growing volumes …

Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions. …

Russia is out of control. All of a sudden, it has launched an oil price war, even though it is unrealistic that the Kremlin can defeat Saudi Arabia and the United States in such a contest. Saudi Arabia’s population is one-fifth of Russia’s, while holding equivalent international currency reserves. The …

Forging an oil alliance between the United States and OPEC’s top producer Saudi Arabia is one of “many, many ideas” being floated by US policymakers but it is uncertain whether it will become a formal proposal, the US energy secretary told Bloomberg TV on Monday. “I don’t know that that’s …