November 10, 2020 - Petroleumbazaar

10 Nov – Oil jumps on vaccine hopes and OPEC+ supply signal

CRUDE OIL NEWSBy admin November 10, 2020 Leave a comment

LONDON: Oil jumped by almost 10% on Monday for its biggest daily gain in almost six months after news of a highly effective Pfizer vaccine against Covid-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market. Brent crude rose $3.41, or 8.6%, to $42.86 a…

10 Nov – Oil soars 8% on promising COVID-19 vaccine results

CRUDE OIL NEWSBy admin November 10, 2020 Leave a comment

NEW YORK – Oil surged about 8% on Monday, putting it on track for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine, boosting risk assets around the globe. Brent crude LCOc1 was up $3.11, or 7.9%, at $42.56 a barrel at 1:35…

10 Nov – Oil market eyes Iran’s return with Biden win

INTERNATIONAL NEWSBy admin November 10, 2020 Leave a comment

The president-elect has vowed to lift US sanctions against Tehran and rejoin the Joint Comprehensive Plan of Action (JCPOA) nuclear deal, as long as Iran resumes compliance with all restrictions on its nuclear program. Sanctions imposed by President Donald Trump in 2018 have cut off more than 2mn b/d of Iranian oil exports.…

10 Nov – Russia, Iraq face OPEC+ cuts, look to new deals

INTERNATIONAL NEWSBy admin November 10, 2020 Leave a comment

Iraq is one of the few countries to benefit from the Iranian sanctions’ exemptions. The United States has repeatedly extended the period of a sanctions waiver for Iraq — most recently in September — due to Baghdad’s dependence on Iran’s gas and electricity. Iraq’s need to comply with the OPEC+ quotas has a negative…

10 Nov – Libya won’t join OPEC quotas until its output steadies, says NOC chief

INTERNATIONAL NEWSBy admin November 10, 2020 Leave a comment

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 from making production…

10 Nov – OPEC’s Saudi, UAE ministers discuss output deal adjustments

INTERNATIONAL NEWSBy admin November 10, 2020 Leave a comment

OPEC+ ministers talked openly about the possibility of tweaking their oil-cuts deal, the latest signal that the group is reconsidering its January production hike. While Saudi Arabia and the United Arab Emirates, two core members of the cartel, didn’t commit to any policy changes before their Nov. 30 meeting, they reiterated their intention…

10 Nov – Somalia: The new oil and gas frontier

EXPLORATION NEWSBy admin November 10, 2020 Leave a comment

Somalia’s opportunity as one of the world’s last true oil and gas exploration frontiers may soon be rekindled – creating an industry to deliver long-term economic growth and prosperity to the Somali people. The launch of the 2020 Somali Bid Round after ratification of the Petroleum Law and Resources Revenue Sharing Agreement, the…

10 Nov – Cenovus sells northern Alberta oil assets to Headwater Exploration

EXPLORATION NEWSBy admin November 10, 2020 Leave a comment

CALGARY – Cenovus Energy Inc., through a wholly owned partnership, has entered into a definitive agreement to sell its Marten Hills oil assets in northern Alberta to Headwater Exploration Inc. for initial cash and common share equity consideration of approximately $100 million. Total consideration paid to Cenovus consists of $35 million in cash…

10 Nov – Brazil’s Petrobras hunts for buyers in India as oil exports take off

NATIONAL NEWSBy admin November 10, 2020 Leave a comment

RIO DE JANEIRO – As Brazil’s state-controlled Petrobras rapidly boosts oil output and exports, executives are looking to a new market: India. In an interview as part of the Reuters Commodity Trading Summit, Chief Executive Roberto Castello Branco said that crude sales to China – an increasingly vital export market for Brazilian oil…

10 Nov – India to be key driver of global oil demand in coming decades-oil minister

NATIONAL NEWSBy admin November 10, 2020 Leave a comment

NEW DELHI: India’s fuel demand has almost recovered to pre-COVID-19 levels and the nation will experience the fastest growth in energy consumption among all large economies in the coming decades, oil minister Dharmendra Pradhan said on Monday. In October local sales of gasoline, gasoil and cooking gas in India, the world’s third biggest…

Daily Archives: November 10, 2020