Tag Archives: Gulf Times

The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories – which rebounded …

BP will sell oil and gas assets to fund its ambitious low-carbon strategy even if prices improve, three unnamed sources told Reuters. A tenfold increase in investments in low carbon businesses to some $5 billion annually is among BP’s new strategic priorities for the next ten years as the supermajor …

With the pandemic raging in large parts of the southern hemisphere and persisting in heavy oil consuming economies in the northern hemisphere, downside risks to the oil demand outlook are sizeable, National Bank of Kuwait (NBK) has said in an economic update. The spike in coronavirus infections in economies newly …

The LNG Events Series Steering Committee has announced that Qatar has been selected as the host country for LNG2025, the 21st International Conference and Exhibition on Liquefied Natural Gas. Professor Joe M Kang, chair, LNG Events Series Steering Committee and president, International Gas Union (IGU), made the announcement marking the …

Qatar has the lowest “2020 central government deficit-to-GDP ratio” in the GCC at 10%, S&P Global said and noted fiscal deficits will shrink in the region from 2021, assuming oil prices improve and oil production cuts taper in line with the ‘April 2020 |OPEC+’ agreement. As a percentage of GDP, …

The long-term outlook for Qatar’s second gas boom does not fundamentally change whatever the eventual economic impact of Covid-19 be, on both the energy market and the country’s non-hydrocarbons economy, a new report has shown. According to PwC, the current crisis may even work to Qatar’s advantage as potential competitors, …

Russian Energy Minister Alexander Novak said OPEC+ hasn’t made any decision yet on extending its deepest output cuts beyond July, while signaling a preference for avoiding repeated changes to the group’s current plan. “Let’s see the situation, technical data, June figures and then the OPEC technical committee will analyze the …

Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the group’s target this month. The nation’s crude exports have fallen by 2% so far in June, according to tanker-tracking data compiled by Bloomberg. That suggests it’s not …

OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official. The outlook for the market in the second half of the year is starting to look more encouraging as the global economy recovers, said Mohammad Barkindo, secretary-general …

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 …