Saudi Arabia has hinted in a recent public discourse that it will cut down oil production in February 2021 to stabilise market prices. This is a unilateral action in an otherwise tense geo-political scenario, where Russia and Kazakhstan have declared they will increase their output, in a reluctance to cede market share to the United…
Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.The market did find some support from weekly inventory figures that showed a drop in crude inventories and rising refinery production. Brent crude prices settled at $56.06 a barrel, down 52 cents, or…
eThe U.S. State Department this month told European companies which it suspects are helping to build Russia’s Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said on Tuesday. “We are trying to…
The US Energy Information Administration revised its crude price forecast higher in its in its monthly Short-Term Energy Outlook released Jan. 12 amid tightened supply outlooks and upward-trending demand projections. The EIA now expects Brent crude prices to average at around $52.75/b in 2021, up $4.25/b from its December forecast, and at $53.42/b…
OPEC and shale oil output will need to rise this year to help offset a potential supply squeeze by the year-end as the markets play catch-up with 2019 demand levels, the CEO of Vitol said Jan. 13. “The market is fast forwarding to a point where demand kind of catches up with where…
In a shift away from fossil fuels, Norway is planning to deep dive for metals as part of its plan for a greener future. Having gained most of the country’s wealth from its successful oil industry, Norway is now looking to get ahead of the curve in metals by mining copper, zinc and other…
Dublin-based United Oil and Gas said its main asset in Egypt continued to perform strongly in the final part of 2020.The company said production from the Kuwait Energy Egypt operated Abu Sennan Licence in Egypt averaged 2,243 boepd (barrels of oil equivalent per day) in the final quarter of last year, comprising 1,960 bopd…
SINGAPORE/NEW DELHI: Top oil exporter Saudi Arabia has cut supplies of February-loading crude for at least three Asian buyers while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million…
The 2,426 mmscm of natural gas produced in December was however the highest monthly output recorded in the ongoing fiscal, with the commencement of production from Reliance Industries (RIL) and BP’s ultra-deep-water field in the KG D6 Block of the Krishna Godavari basin on the east coast of India. Domestic natural gas production…
LNG shipping rates from U.S. surge to record highs on Asia buying boomLONDON: The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire.…
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