Tag Archives: Reuters International News Agency

The U.S. Department of Energy on Wednesday said it will provide $625 million over the next five years for five newly formed quantum information research hubs as it tries to keep ahead of competing nations like China on the emerging technology. The funding is part of $1.2 billion earmarked in …

Turkey’s largest-ever natural gas discovery in the Black Sea could lead to new cooperation with Russia and Iran even as it aims to be a producer and not just a buyer, Turkish Finance Minister Berat Albayrak said on Tuesday. “The countries we have been cooperating with for years are Iran …

Saudi Arabia’s energy ministry is to offer assistance so that Neom, a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea, can be completed on schedule, minister Abdul Aziz bin Salman said on Sunday. The 26,500 square km (10,230 square mile) development, first revealed in …

Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) for a month to make up for their oversupply between May and July, an internal OPEC+ report seen by Reuters shows. That oversupply above OPEC+ agreed targets …

The oil market has not yet stabilised, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday, but added that the measures implemented by OPEC have been successful in raising crude prices. “The market is not stabilised yet for several reason including the coronavirus outbreak … But OPEC has taken …

Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, …

The US and China have delayed a review of their Phase 1 trade deal initially slated for Saturday, sources familiar with the plans told Reuters, citing scheduling conflicts and the need to allow time for more Chinese purchases of US exports. No new date for the initial six-month compliance review …

Russia’s largest oil producer Rosneft made a second-quarter profit of 43 billion roubles (€496 million) after reporting a loss in the previous three months thanks to a rise in oil prices, it said on Friday. Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, is the first …

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …