ABU DHABI, Ministers from across Asia have used the ADIPEC 2020 Virtual conference and exhibition to urge greater collaboration between oil and gas producing nations and consumer-led countries to ensure business resilience in a post-COVID world and during the transition to lower carbon energy. Addressing the ADIPEC 2020 Virtual Strategic Conference on day…
MUMBAI – Even in tough times, some deals are too important to let slip. One of them is Saudi Aramco’s intention to acquire a 20% stake in Reliance Industries’ oil and chemicals business at a generous $75 billion valuation. Terms might get tweaked, but both sides have strong motivation to get it done. …
New Delhi: The government has gone to court to secure dues of about $500 million from Vedanta, whose refusal to pay so far has delayed the renewal of the contract for its prolific Rajasthan block. “We have filed a petition in Delhi HC seeking to recover and secure our dues,” Petroleum Secretary Tarun…
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…
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…
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.…
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…
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…
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…
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…
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