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

  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

  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

  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

  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

  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

  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

  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

    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

    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

  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

    CAIRO (Reuters) – Algerian Energy Minister Abdelmadjid Attar said on Sunday that OPEC+ countries will meet on Jan. 4 to study the market after their last decision to limit production rises to 500,000 barrels per day starting next year, Algeria’s state news agency said.   The minister’s comments came after the conclusion of Read more

  European Union leaders early Friday gave the green light for the expansion of sanctions against Turkey over its exploration of gas reserves in Mediterranean waters claimed by EU members Greece and Cyprus.   Regrettably, Turkey has engaged in unilateral actions and provocations and escalated its rhetoric against the EU, EU member states and European Read more

  The UAE Ministry of Energy and Infrastructure, along with the Israeli Ministry of Energy, held their first natural gas and petroleum working group meeting to discuss opportunities for cooperation and collaboration.   Following the signing of the historic Abraham Accords in Washington earlier this year, representatives from the UAE and Israel welcomed the opportunity Read more

    After a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively pursuing market share. The UAE was very vocal during the OPEC+ meeting about its resentment of having to carry the burden of COVID-19 demand destruction Read more