The United Arab Emirates has resolved its standoff with OPEC+ and reached a compromise deal that will give it a new output quota, said a delegate. The cartel will set a new date for a meeting soon, the delegate said, asking not to be named because the information was private. …
Read More »Chevron Launches $300m Fund to Focus on Low-Carbon Technology
Chevron Corp on Thursday said it had launched a $300 million fund focused on low-carbon technology, as traditional global oil and gas firms attempt to invest more in green energy and tackle climate change. Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in …
Read More »Libya Seeking Funds from Foreign Oil Firms to Repair Infrastructure
Libya is seeking funding from foreign oil companies to fix its ailing infrastructure after years of war and neglect, the nation’s top energy official said. The state-owned National Oil Corp. was forced to shut down a leaking pipeline on Saturday, which cut the OPEC member’s crude production by around 200,000 …
Read More »OPEC Backs Electric Vehicles but Says Oil Remains Relevant
The Organisation of the Petroleum Exporting Countries has expressed its support for the adoption of electric vehicles in a sustainable manner as well as renewable energy as part of efforts to reduce emissions. The Secretary-General, OPEC, Mohammad Barkindo, who spoke at the Atlantic Council Global Energy Forum 2021 on Tuesday, …
Read More »Algerian Energy Minister Urges OPEC+ Caution as Virus Mutation Clouds Outlook
The OPEC+ alliance should remain cautious at its upcoming meeting Jan. 4 because a new strain of the coronavirus that causes COVID-19, B117, is likely to weigh on global oil demand outlook at the beginning of 2021, the Algerian energy minister Abdelmadjid Attar said in a Dec. 27 interview with …
Read More »Libya won’t Join OPEC Quotas Until Its Output Steadies
Libya will not join OPEC quotas until its production stabilises at 1.7 million barrels per day (bpd), a Wall Street Journal reporter tweeted here, citing National Oil Corp chief. Libyan oil production could reach 1.3 million bpd within a month, NOC’s Mustafa Sanalla told the Journal. OPEC-member Libya is exempt …
Read More »Libyan Oil Output Reaches 500,000 Barrels Per Day Following Industry Restart
Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce. Sharara, the country’s biggest oil field, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, …
Read More »Oil Prices Rebound 2% on Trump’s Health Improvement, Norway Strike Escalation
Oil prices rose more than two per cent on Monday, lifted by comments from doctors for U.S President Donald Trump, suggesting he could be discharged from hospital as soon as Monday. This is just a few days after his positive coronavirus test sparked widespread alarm. Mr Trump’s health update eased …
Read More »Saudi Energy Minister Presses OPEC+ Members on Fulfilling Oil Cuts Pledge
Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …
Read More »IEA, OPEC Foresee Deeper Drop in Global Oil Demand
The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to their lowest in over 2 months, as some oil firms like British Petroleum …
Read More »