OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before reacting. OPEC member Libya is exempt from cutting oil output under a deal by the Organization of the Petroleum Exporting Countries and…
Market sentiment has been generally bullish over the last week supported by (i) supply disruption caused by Hurricane Sally in the Gulf of Mexico (ii) a draw in commercial crude oil inventories by 4.4 million barrels w/w and (iii) strong language coming from OPEC+ during the JMMC meeting last Thursday, during which Saudi Arabia pressured…
ISLAMABAD: Turkmenistan on Friday announced that it intended to start building a gas pipeline from the Turkmenistan-Afghanistan border to the Herat offtake point in Afghanistan. Turkmenistan also assured Pakistan of addressing its concerns over different issues pertaining to the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister on Petroleum Nadeem Babar led a…
As the price of oil begins to falter, Saudi Arabia has stepped up its rhetoric, even going as far as to warn short sellers not to bet against the price of the commodity. Saudi Energy Minister Prince Abdulaziz bin Salman gave “clear hints” on Thursday that there could be a change of direction in production…
New Delhi, A bigger global effort to stabilise oil prices involving all major oil producers including Russia is again on the cards to see that the current crisis does not escalate further putting several oil producers closer to bankruptcies. Sources said that an emergency meeting of OPEC+ including Russia could be scheduled next month if…
Pakistan and Turkmenistan on Friday held a detailed discussion and reviewed progress achieved so far on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar led the discussion with the Turkmenistan delegation, which was headed by Chief Executive Officer and Chairman of the Board of Directors of TPCL…
The oil industry’s search for carbon-free alternatives to fossil fuels has led to many interesting investment decisions over the years. Somewhere high on that list is nuclear fusion, the energy that powers the sun, which has drawn investment from at least three major oil companies. Chevron became the most recent player to show an interest…
Vienna: UN Secretary-General Antonio Guterres called Thursday on governments not to “throw away” economic stimulus funds by supporting fossil fuel industries that contribute to global warming. Speaking at a virtual conference on climate change, Guterres noted that countries have “a choice of two paths” as they mobilise trillions of dollars of taxpayers’ money for economic…
Crude oil prices are falling again, on word of OPEC member Libya’s plan to reopen its oil ports as soon as this coming weekend. As of this writing late on Monday afternoon, Texas Intermediate (WTI) and Brent crude futures are lower, with WTI October deliveries down to $37.26 per barrel, while Brent November deliveries are…
LAUNCESTON: If 2020 had been anything close to a normal year, the oil and gas industry would have just wrapped up its annual gathering in Singapore, most likely reassured of its ongoing essential role in humanity’s future.But this is far from a normal year, and the Asia Pacific Petroleum Conference (APPEC) was a virtual event…
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