INTERNATIONAL NEWS

17 DEC – Oil industry looks ahead to better times in 2021

  After a year of depressed prices and dramatic price swings oil industry, officials expect to ring out the old when clocks around the world strike midnight on New Year’s Eve. Though economies across the globe are still struggling with the devastating impact of the COVID-19 pandemic, analysts foresee oil prices will move modestly higher Read more

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17 DEC – China’s LNG imports could hit record high in Dec as demand bounces back

China’s LNG imports could hit record high in Dec as demand bounces backSINGAPORE/BEIJING: China’s liquefied natural gas (LNG) imports could hit a record in December on strong industrial demand and a continued gasification push, trade sources said. The world’s second largest LNG importer after Japan is on track to import its highest monthly volumes since Read more

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17 DEC – World faces long-term oil supply gap despite COVID demand destruction

  World faces long-term oil supply gap despite COVID demand destructionLONDON – Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say. The long-term outlook contrasts with today’s situation where plunging oil demand due to Read more

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16 DEC – OPEC President: OPEC+ Shouldn’t Hurry To Ease Oil Output Cuts

  The OPEC+ group of producers must continue to calibrate the easing of its collective oil production cuts to the still fragile global oil demand in the pandemic, Abdelmajid Attar, the Energy Minister of Algeria, which holds OPEC’s rotating presidency for 2020, told Bloomberg in an interview. “Despite the positive signs and a significant improvement Read more

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16 DEC – OPEC report shows room to raise output with allies while keeping oil market balanced

  OPEC’s analysts on Dec. 14 painted a much gloomier view of the oil market in 2021 -– and yet indicated that the bloc and its allies can afford to be more aggressive with their planned increase in crude production in the months ahead. In its closely watched oil market report, OPEC revised down its Read more

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15 DEC – Letter from the Middle East: The UAE and Opec—a problem postponed, not solved

  The solution reached by Opec+ in early December may have calmed oil markets’ fears over lack of unity in the alliance’s appetite for retaining production curbs until the end of the year. But month-by-month revisiting of output limits opens the prospect for tensions to emerge with each negotiation. And the potentially growing impatience of Read more

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15 DEC – OPEC’s President Says Oil Cartel Cannot Rush Output Increases

  The president of OPEC reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world. Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency, said there was no guarantee the group and its allies Read more

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14 DEC – Oil Prices Rise As U.S. Vaccinations Begin

  Oil prices rose early on Monday after the U.S. FDA approved the Pfizer-BioNTech vaccine for emergency use and shipments of batches of vaccine vials began this weekend, with first vaccinations expected as early as on Monday.   As of 9:04 a.m. ET today, WTI Crude prices had gained 1.67 percent at $47.34, and Brent Read more

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14 DEC – Shell, Eni Settle Dispute With Kazakhstan in $1.3 Billion Deal

  Royal Dutch Shell Plc, Eni SpA and their partners in the Karachaganak oil and gas venture paid $1.3 billion to settle a long-running dispute with Kazakhstan over revenue sharing.   The deal unlocks plans to boost output from the Karachaganak field and funnels additional revenue to the Kazakh economy, which is heading for its Read more

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14 DEC – Exxon Mobil, under pressure on climate, aims to cut emissions intensity by 2025

  Oil major Exxon Mobil Corp, under increasing pressure from investors and climate change campaigners, said on Monday it planned to reduce its greenhouse gas emissions over the next five years.   Last Thursday, the Church Commissioners for England joined growing investor campaigns to demand changes at Exxon and backed calls for a board refresh Read more

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14 DEC – Biden presidency to reset US sanctions focus

  Washington’s failure in the past two years to force regime change in Caracas by means of severe sanctions gives the incoming US administration of president-elect Joe Biden an opportunity to try a more diplomacy-focused approach.   Biden’s policy goal for Venezuela — ensuring a free and fair election to help restore democracy and rebuild Read more

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14 DEC – OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

  LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.   Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 Read more

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14 DEC – Jordan finds ‘promising’ gas finds near Iraq border

    AMMAN – Jordan’s majority state-owned National Petroleum Company (NPC) has discovered “promising” new quantities of natural gas in the Risha gas field along its eastern border with Iraq, the energy minister said on Sunday.   Hala Zawati said in a statement the flow of gas from a new well among several drilled this Read more

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14 DEC – UK PM Boris Johnson Vows To Stop Government Funding For Fossil Fuel Projects Overseas

    Ahead of the international climate change summit, UK PM Boris Johnson said that Britain is set to end government funding for fossil fuel projects overseas. Previously, Britain has been criticised for sending billions of pounds abroad to help extract and refine fossil fuels and build power stations. On December 11, Johnson announced halt Read more

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14 DEC – EU leaders reach consensus on 55% emissions cut by 2030

  Brussels, Dec 12 (IANS) Leaders of the European Union (EU) reached an agreement to cut the bloc’s greenhouse gas emissions by at least 55 per cent by the end of next decade from the 1990 level, European Council President Charles Michel announced.   “Europe is the leader in the fight against climate change. We Read more

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