World’s largest oil trader says global oil demand could plummet by 20 million barrels per day

A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil demand could slump by 15 to 20 million bpd over the next few weeks. On an annual basis, Hardy said, this would contribute to a demand […]

Read more

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

Oil-Platform-ConocoPhillips.jpg

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 […]

Read more

U.S. sanctions have cost Iran $200 billion

“Iran would have earned $200 billion surplus income…if the country were not involved in an economic war,” President Hassan Rohani made the comments while launching a railway project near Tehran on December 31. The United States imposed new sanctions against Iran after Washington abandoned the 2015 nuclear deal in which Iran agreed to curb its controversial nuclear […]

Read more

Is China slowly trying to capture the offshore oil market?

Oil-Platform-ConocoPhillips.jpg

China is expanding its offshore oil and gas scene, undeterred by compliance, transparency, corruption or environmental issues that plague so many oil-rich countries.  Chinese development banks are willing to lend billions to oil-producing countries in Latin America and Africa, and its state-run oil companies are willing to invest in projects others fear to touch. This […]

Read more