OPEC and its allies, led by Russia, pressed for better compliance with oil output cuts on Thursday against the backdrop of falling crude prices as uncertain reigns over the global economic outlook. The group, known as OPEC+, warned that rising COVID-19 cases in some countries could curb energy demand despite initial indications of a decline…
SINGAPORE: The number of ships fuelled by liquefied natural gas (LNG) is expected to more than double by 2030, driven by the shipping industry’s desire to cut emissions, a senior executive at Malaysia’s Petroliam Nasional Bhd (Petronas) said on Wednesday. Currently, less than 400 out of a total of more than 80,000 registered ships, run…
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to…
These are, for sure, bad times for the oil market. Global demand will tumble by 9.46mn bpd this year, the Organisation of the Petroleum Exporting Countries said in a monthly report on Monday. The decline is more than the 9.06mn bpd drop expected a month ago. Oil prices have collapsed ever since the coronavirus crisis…
16 Sept 2020-NEW YORK: US oil output from seven major shale formations is expected to decline by about 68,000 barrels per day (bpd) in October to 7.64 million bpd, the US Energy Information Administration (EIA) said in its monthly productivity report on Monday.That would be the first decline in production since May, according to revised…
16 Sept 2020-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…
16 Sept 2020-China has supported oil markets with its purchases of record volumes of crude oil in recent months, but it has also imported doubled volumes of fuel blending products, suggesting that the fuel demand recovery in the world’s top oil importer may be more impressive than expected, its top refiner Sinopec said on Tuesday.…
15 Sept 20-After shocking the oil industry with last week’s extension to a coastal drilling ban offshore Florida, Georgia, and a handful of other states, the Trump Administration said on Monday that is has rejected nearly the vast majority of retroactive biofuel waiver petitions that were pending review, according to a Reuters report. Biofuel waivers…
15 Sept 20-Iran supports the Organization of the Petroleum Exporting Countries (OPEC) as long as the group protects Iranian interests alongside other members, Iran’s OPEC governor Amir Hossein Zamaninia said on Monday. Sixty years after its formation, OPEC’s founding members, Iran and Venezuela, have been sidelined by U.S. sanctions while its kingpin, Saudi Arabia, has…
15 Sept 20-TBILISI: From planting more trees to saving on energy use in old buildings, governments should look at greening their cities to create jobs and spur growth as they seek to revive economies hit hard by the coronavirus pandemic, researchers said on Monday. Home to more than half of the world’s population, cities have…
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