Tag Archives: Bloomberg News Agency

India’s fuel demand jumped by 13 percent in the first two weeks of June, for a first monthly rise since March, suggesting that the worst of the impact of the second COVID wave has peaked and consumption is rebounding. Sales of diesel, the most used road fuel in the world’s …

Oil is expected to rise further this year amid supply constraints and higher demand as global economies continue to rebound from the coronavirus pandemic on the back of vaccination programmes and stimulus measures. And when the global economy regains its pre-pandemic momentum in a couple of years, crude could rise …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

Oil posted its third straight weekly rise on improving demand, with the International Energy Agency (IEA) saying that the market would need extra supply next year. Futures in New York rose this week, extending their rally to the highest settle since October 2018. The IEA said that OPEC and its …

OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day — or roughly 5% — in the second half of …

It’s not just BP Plc and Royal Dutch Shell Plc that are having to prepare for a world that’s less hungry for oil and gas. The world’s biggest independent oil storage company Royal Vopak NV is partnering with battery startup Elestor BV to develop a battery that they think could …

OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s …

Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition. “The world risks a severe deficit of oil and gas,” Rosneft Chief Executive Officer Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world …

Turkey has discovered further deposits of natural gas in the Black Sea, according to people familiar with the matter, and is likely to make an announcement soon. Initial data from the offshore Amasra-1 well show a significant amount of newly discovered gas, the people said, asking not to be identified …

The European Commission and Bill Gates joined forces in an initiative that wants to mobilize as much as $1 billion investment in clean technologies such as green hydrogen and sustainable fuels. The Commission and Breakthrough Energy Catalyst, a program founded by Gates, want to muster the funding in 2022-2026 to …