Global energy demand to plunge this year as a result of the biggest shock since World War II – IEA

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The Covid-19 pandemic represents the biggest shock to the global energy system in more than seven decades, with the drop in demand this year set to dwarf the impact of the 2008 financial crisis and result in a record annual decline in carbon emissions of almost 8%, the International Energy Agency (IEA) said in a […]

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Record fall seen in global oil demand in 2020 as COVID-19 bites economies hard – IEA

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Global oil demand is expected to fall by a record 9.3 million barrels/day (mb/d) year-on-year in 2020, the International Energy Agency (IEA) said, as demand shrinks due to a global economic slowdown triggered by the spread of the dreaded coronavirus across the world. “The impact of containment measures in 187 countries and territories has been […]

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China prepares to oust US influence in the Middle East; closes “super attractive oil deal” in Iraq

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China is back and busy taking up where it left off in terms of exploring and developing new field opportunities. Last week, Iraq awarded a $203.5 million engineering contract for its supergiant oil field, Majnoon, to China Petroleum Engineering & Construction Corp (CPECC).  Majnoon is a key focus in Iraq because it has an insane […]

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India’s middle eastern crude oil imports slump to 4-year low; government seeks other sources

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India’s imports of Middle Eastern oil plunged to a four-year low in 2019, tanker data obtained from sources shows, as the energy-hungry nation diversifies its supplies to cut costs and help shield itself from geopolitical tensions, reports Reuters. India, the world’s third-biggest oil consumer, imports about 84 per cent of its oil needs and traditionally […]

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The oil surplus is going to continue in 2020; average price may rule at $65 a barrel: IEA

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Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I […]

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