Most OPEC+ countries would like to postpone a planned increase in oil output from February due to weakening fuel demand amid new global lockdowns to stop the spread of the coronavirus, three OPEC+ sources said on Monday. OPEC+, a group combining OPEC and allies such as Russia, meets later on Monday after a meeting Read more

  LONDON/DUBAI/MOSCOW -OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand.   The unusual decision to push negotiations into a second day was taken after a three-hour debate Read more

  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, Read more

  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 Read more

  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 Read more

  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 Read more

    Kochi: Giving an impetus to the use of green and cost-effective natural gas in Kerala and Karnataka, Prime Minister Narendra Modi will dedicate Kochi-Mangaluru natural gas pipeline of GAIL (India) Ltd to the nation on Tuesday.   The project worth Rs 3,000 crore will ensure convenient and uninterrupted supply of affordable fuel in Read more

  China’s crude throughput fell slightly in December due to some maintenance works toward the year-end, the latest industry data and information collected by S&P Global Platts showed.   The average run rate of the four state-owned oil majors, Sinopec, PetroChina, CNOOC and Sinochem, stood at around 78% to date in December, from an 80% Read more

    SINGAPORE: China has issued 5 million tonnes of clean marine fuel export quotas in the first release for 2021, to five companies including a private refiner, according to two trading sources with knowledge of the matter.   The quotas for the very low sulfur fuel oil (VLSFO) were granted to state-run Sinopec, CNPC, Read more

  The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political Read more

  MOSCOW,  OPEC+ countries are beginning to gradually increase oil production after nine months of tough restrictions. The rate of production increase will not exceed 0.5 mln barrels per day (bpd). By setting such a small rate, the oil exporters, which account for 40% of the global oil market, will be able to better control Read more

  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

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

  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

  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