Brent oil rose past $55 a barrel — with some assistance from a weaker dollar — even as the International Energy Agency cut its demand outlook for the rest of the year.Consumption in the first quarter of 2021 will be 600,000 barrels a day lower than previously thought, the agency said as the coronavirus…
Methane emissions from the global oil and gas industry fell by an estimated 10 per cent in 2020 as producers slashed output in response to the historic shock of the Covid-19 crisis, the International Energy Agency (IEA) said on Monday, warning that these emissions could rebound strongly without greater action by companies, policy makers…
Oil demand recovery will take a hit from a spike in new coronavirus cases before vaccine roll-outs and stimulus measures help in the second half of the year, International Energy Agency (IEA) said on Tuesday. “Border closures, social distancing measures and shutdowns…will continue to constrain fuel demand until vaccines are more widely distributed,…
The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington’s sanctions on the South American nation. The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro,…
LONDON, Jan 19 (Reuters) – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought on by the coronavirus pandemic. Monthly meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia – a group known…
ERBIL – The Kurdistan Regional Government’s (KRG) Ministry of Natural Resources on Monday responded to the recent statements Iraq’s oil minister made about the Kurdistan Region’s oil. In a recent interview with Iraq’s Sharqiya TV, Iraqi Oil Minister Ihsan Abdul-Jabbar made comments about “a number of issues related to the Kurdistan Region’s oil,”…
The Trump administration said on Tuesday it had issued drilling leases on more than 400,000 acres of Alaska’s Arctic National Wildlife Refuge, delivering on a promise to fossil fuel proponents on President Donald Trump’s last full day in office. Formal issuance of the leases by the U.S. Bureau of Land Management comes a day…
MUMBAI: India’s gas output will rise 25% this year to 95-100 million metric standard cubic metres a day (mmscmd), led by production from fields jointly owned by Reliance Industries (RIL) and BP plc, and from that of state-run Oil and Natural Gas Corporation Ltd (ONGC).The RIL-BP joint venture started production from the new R…
India, the world’s third biggest oil importer and consumer, on Tuesday complained that recent output cuts by some OPEC nations had created uncertainty for customers and led to a surge in prices. Top exporter Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March…
Shell Energy India, a leading diversified energy company opened its first small-scale LNG supply infrastructure, a truck loading unit at its LNG terminal in Hazira, Surat. The virtual inauguration was done by the Union Minister for Petroleum, Natural Gas and Steel, Dharmendra Pradhan.The company says this will now augment its natural gas supply offerings…
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