History is full of Black Swan moments, where everyone expected life to carry on as it had done for decades and then it didn’t. Nassim Nicholas Taleb popularized the term with his book of that title, published in 2007, just in time to make it look like he foresaw the 2008/9 stock market crash,…
RIYADH: The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world’s oil reserves. The political and economic bloc — a regional counterweight to Shiite Iran — comprises Saudi Arabia, Bahrain, Kuwait, Oman, the…
Azerbaijan started commercial natural gas exports to Europe via the U.S.-backed Southern Gas Corridor, helping the region to diversify supplies away from Russia. Gas pumped from the BP Plc-led Shah Deniz deposit in the Caspian Sea began flowing into Italy, Greece and Bulgaria on Thursday, BP and Azerbaijan’s state energy company Socar said…
LONDON: Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price…
The crisis that enveloped the oil industry last year can be measured in various ways, but in the US there might be no better single gauge than the tally of drilling rigs operating across the world’s largest producer. The weekly data shows at a glance the level of confidence from hundreds of…
Egypt’s Minister of Petroleum and Mineral Resources, Tarek el-Molla, signed on Friday nine new agreements to search for oil and natural gas in the eastern and western regions of the Mediterranean Sea and the regional waters of the Red Sea. The agreements were signed with six major international and Egyptian companies, including…
MOSCOW: Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last…
Chandigarh: Linking the supply of ‘costlier’ LPG during the lockdown and the spread of coronavirus infection, a study by PGI scientists has recommended reducing the price of the clean fuel to prevent insufficient access to clean energy, especially in the rural areas, which may aggravate the Covid-19 situation. In the study, published in…
New Delhi: India has “no immediate plans” to resume oil purchases from Iran as American sanctions remain in place, and it will take time for the incoming Joe Biden administration to return to the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), ThePrint has learnt. Sources said India believes…
New Delhi: Reliance Industries Ltd and its partner BP Plc of UK have committed to pay in cash for any natural gas volumes they are unable to deliver to customers from the next wave of discoveries in the eastern offshore KG-D6 block. According to draft gas sales and purchase agreement (GSPA) Reliance and…
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