LONDON: Saudi Arabia’s share of the oil market is set to rise this decade to its highest since the 1980s as investment in production elsewhere dries up in the wake of the coronavirus crisis, J.P. Morgan said in a report.   Oil prices have plunged more than 40 per cent this year after an unprecedented Read more

LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend the agreement further.   OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep Read more

The world owes much to Azerbaijan for promoting international energy cooperation and for being at the forefront of efforts to ensure sustainable oil market stability, Mohammad Sanusi Barkindo, OPEC Secretary General, said at the Webinar on ‘Energy Issues in the post-COVID-19 World’, Azerbaijan Center of Analysis of International Relations (AIR Center), 11 June 2020, via Read more

U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead.   The U.S. oil and gas rig count, an early indicator of future output, fell by Read more

Guwahati: A ‘roadmap’ has been chalked out to douse Assam’s oil well fire, which continues to blaze for the fourth day on Friday and has till now claimed two lives, the state-owned Oil India Ltd (OIL) announced.   An OIL release said that a “Roadmap” for the well control operation by experts’ team from Singapore Read more

Gas Exchange can facilitate trading of coal bed methane in a short term market: Vilas Tawde, MD & CEO, EOGEPLMumbai-based Essar Oil & Gas Exploration & Production Ltd (EOGEPL) will soon evacuate gas from the Raniganj block through GAIL’s Urja Ganga Gas Pipeline which once commissioned will become the energy lifeline of local industry, Vilas Read more

Singapore — India’s oil demand has rebounded from levels witnessed during the lockdown, prompting refiners to raise throughput, but consumption will struggle to recover to year-ago levels in coming months and keep overall demand numbers for 2020 in the red, analysts told S&P Global Platts.   With the economy struggling and COVID-19 cases rising, domestic Read more

Emergency Response Centres (ERCs) to handle major oil fires in the fastest way possible are yet to be set up in India, more than a decade after they were recommended by the MB Lal Committee.This is according to the last report of the Parliamentary panel on Petroleum and Natural Gas that was tabled in the Read more

Hit badly by the lower crude oil price, state-run Oil and Natural Gas Corporation (ONGC) has sought a price assurance of $45 a barrel from the government. Owing to the lockdown and Covid-19 impact, the company has also cut its capital expenditure by over 15 per cent or Rs 5,000 crore for 2020-21.   The Read more

Oil prices dropped sharply on Thursday as fears resurfaced that a second wave of coronavirus could hit the US and stunt economic activity, while data showing that US oil inventories surged last week also subdued prices. On Wednesday, data showed US commercial crude oil inventories rose by 5.7 million barrels compared to the previous week, Read more

NEW YORK – Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States. U.S. coronavirus cases surpassed 2 million on Wednesday, according to a Reuters tally, and new infections are rising Read more

The race for crude oil domination will become even more interesting as China is set to go head-to-head with African giant, Dangote in the refinery business. With its reputation as the world’s biggest single-refinery train at 650,000 barrels per day capacity (bpd) after its completion in 2020, the Dangote Petroleum Refinery has the potential to Read more

Although revisions to EIA’s forecasts in the June STEO are generally smaller than they have been in recent months, this forecast remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes Read more

The study, OPEC’s Pursuit of Market Stability, was conducted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and published by the International Association of Energy Economics. The cartel’s performance between 2001 and 2014—three years before the advent of OPEC+ as opposed to just OPEC, was still robust, reduced oil volatility by as much Read more

The Department of Petroleum Resources (DPR) announced earlier today that it had extended, by one week, the deadline for the registration of interest to bid for the marginal oilfields in Nigeria. As Nairametrics reported last week, the initial deadline for interested applicants to indicate interest for the bid was supposed to be June 14.However, the Read more