Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and Continue Reading
Fuel oil exports from Fujairah in the UAE slumped to an 18-month low in May, weighed down by plentiful supplies held in floating storage and contango in Singapore, according to Continue Reading
Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country’s finance minister said, as OPEC’s second-largest oil Continue Reading
PM Mustafa al-Kadhimi has completed his 22-minister government, can focus on financial crisis and rising pandemic cases. Newly appointed Finance Minister Ali Allawi (left) formally takes over the portfolio from Continue Reading
Saudi Arabia increased prices for some crude exports by the most in at least two decades, doubling down on a strategy to bolster the oil market after OPEC+ producers extended Continue Reading
A Russian drive to recruit Syrians to fight in Libya for militia leader Khalifa Haftar accelerated in May when hundreds of mercenaries were signed up, five Syrian opposition sources and Continue Reading
A deal to extend record OPEC+ output cuts was going smoothly — until Saudi Arabia and Russia discovered just how much some of their allies had been cheating. In private conversations, Saudi Continue Reading
Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers Continue Reading
The number of coronavirus cases in Saudi Arabia exceeded 100,000 on Sunday following a rise in new infections over the past ten days. The Saudi Ministry of Health reported 3,045 Continue Reading
Nigeria said it reaffirms its commitment to the OPEC+ deal struck on Saturday and “subscribes to the concept of compensation” from members pumping above their quota. “We are in full Continue Reading
The densely populated and prosperous metropolis is at the center of India’s worsening coronavirus outbreak Volunteers carried the body of a Covid-19 victim at a graveyard in Mumbai this month. Continue Reading
The city of New Delhi on Sunday ordered many of its hospital beds to be reserved solely for residents of the Indian capital, as the number of COVID-19 infections continued Continue Reading
Cities like Karachi and Quetta are seeing long queues of vehicles waiting for refill. Prices of petrol, diesel have shot up by three times. The Pakistani government has blamed oil Continue Reading
Hundreds of Venezuelans queued up in miles-long lines to try to fill their cars with subsidized gasoline over the weekend, a week after President Nicolas Maduro launched a new dual-price Continue Reading
The U.S., reeling from the coronavirus, has suffered its worst surge in unemployment since the Great Depression. By contrast, the pandemic has barely touched China’s official jobless rate, which inched Continue Reading
Foreign demand for Chinese goods cooled off in May, a sign that the coronavirus-driven global slowdown is weighing on the world’s second-largest economy even as it reports stronger business activity Continue Reading
Under continued fire for its early mishandling of the coronavirus, the Chinese government vigorously defended its actions in a new, detailed account on Sunday that portrays the country’s approach to combating the outbreak as Continue Reading
Japan’s economy braced for its worst postwar slump even as first-quarter GDP contracted less than initially thought, as the cornonavirus crisis slams the brakes on global growth and raises pressure Continue Reading
Car sales in China rose for the first time in almost a year last month, evidence that the world’s largest auto market is rebounding from the coronavirus crisis and the Continue Reading
The Chinese behemoth that makes electric-car batteries for Tesla Inc. and Volkswagen AG developed a power pack that lasts more than a million miles — an industry landmark and a potential boon for Continue Reading
Following the publication of the energy industry’s first quarterly results since the Covid-19 outbreak, a Rystad Energy analysis reveals a surprising contrast. While the oilfield service (OFS) market has taken Continue Reading
American oil producers are reopening the spigots, complicating the crude market’s recovery. Scores of shale drilling companies turned off wells to reduce output when U.S. oil prices fell to negative territory in Continue Reading
Crushed by plunging oil prices and demand in the coronavirus pandemic, Canadian oil firms slashed budgets, dividends, and production to save their finances through one of the worst crises in Continue Reading
When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when Continue Reading
U.S. shale drillers are bringing back shut in production three months after the onset of the current downturn. But steep decline rates will increasingly take hold, dragging down overall U.S. Continue Reading
Energy producers shut down almost 35% of the US Gulf of Mexico’s crude oil production and more than 32% of natural gas supplies ahead of Tropical Storm Cristobal making a Continue Reading
As of June 7, workers have been evacuated from 185 production platforms in the U.S. Gulf of Mexico due to Storm Cristobol. As of June 7, workers have been evacuated Continue Reading
British Prime Minister Boris Johnson is considering giving drivers up to 6,000 pounds ($7,609.20) to swap their diesel and petrol cars for electric vehicles, under plans to relaunch the economy, Continue Reading
Investigators have determined that the leakage of of 20,000 tons of diesel (about 150,000 barrels) from a reservoir at a power plant in Russia’s Far North was caused by damage from thawing Continue Reading
The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a Continue Reading
German industrial output posted a record plunge in April as the coronavirus pandemic forced manufacturers in Europe’s largest economy to halt production, with firms expecting a bumpy road ahead despite Continue Reading
German industrial production took a record-hit in April, before a gradual easing of lockdown restrictions set off an ever-so-slow recovery. Output slumped 17.9% during the month that saw unprecedented closures of Continue Reading
Crude oil futures settled at three-month highs June 5 amid improved demand outlooks following better-than-expected US economic data and declining drilling rig counts. NYMEX July WTI settled $2.14 higher at Continue Reading
Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production Continue Reading
Crude oil demand this year will fall to around 90.6 million bpd this year, OPEC’s secretary-general Mohammed Barkindo said ahead of the next OPEC+ meeting, as cited by Trend. This Continue Reading
WTI Crude prices may be set for a 90-percent jump to $70 a barrel by the fall as U.S. oil producers may have “over-cut” production, Dan Eberhart, chief executive of Continue Reading
The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts Continue Reading
with Paulina Firozi Greenhouse gas emissions have plunged since the start of the coronavirus pandemic. At the same time, Earth’s carbon dioxide levels are at their highest point in human Continue Reading
The turbine inventor Henrik Stiesdal is small in the shadows of gigantic curves of steel, watching workers weld towers that will be rooted to the seabed. This factory in the Continue Reading
OPEC and its allies led by Russia meet on Saturday over plans to extend record oil production cuts and to push countries such as Iraq and Nigeria to comply better Continue Reading
OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry. After a Continue Reading
In his 20 years as a high-school English teacher in Baghdad, Abu Majeed has seen his fair share of conflict and upheaval. Yet, he’s rarely felt so desperate as one Continue Reading
The United Nations atomic agency expressed “serious concern” Friday about Iran’s failure to cooperate with its probe into undeclared nuclear material in the country, adding to calls from opponents of Continue Reading
A dramatic surge in coronavirus infections in Iran has rekindled the largest outbreak in the Middle East, just weeks after the country appeared to have tamed its epidemic. Iran is Continue Reading
Forces of Libya’s U.N.-backed government seized control of the last remaining western stronghold of militia commander Khalifa Hifter on Friday, dealing a major setback to his ambitions to wrest control Continue Reading
Protests that prompted an emergency evacuation in May were caused by a breakdown in payments and cooperation between Shell and its government partners. After cutting output less than anticipated, Iraq Continue Reading
A wedding party contributed to a new surge in coronavirus infections in Iran, President Hassan Rouhani said on Saturday but insisted the country had no option but to keep its Continue Reading
As of Thursday, Libya’s Government of National Accord (GNA) was celebrating in the streets after claiming to have taken full control of Tripoli from General Haftar and his Libyan National Continue Reading
The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% Continue Reading
Angola is reducing oil shipments to China with which it pays part of its debt to its biggest creditor as the African OPEC member looks for debt relief from its Continue Reading
