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 […]
Rock-bottom prices and predictions of a massive plunge in global oil demand for this year are seeing China buy up record tonnes of Russian oil, temporarily vindicating Moscow as it persists in its stubborn market share war with the Saudis. Reuters reported that China is scooping up 1.6 million tonnes of Russian Urals grade oil for […]
It appears that the OPEC+ alliance may soon be over as Russia refuses to cut production as and its oil minister hinted at increasing production. Oil prices plunged by more than 8 per cent after the OPEC+ meeting broke up with no deal. Saudi Arabia and Russia negotiated behind closed doors in Vienna, but Moscow […]
OPEC+ is meeting urgently to discuss moves in the face of an inexorable slide in oil prices that has brought Brent crude far below $60 a barrel and that saw West Texas Intermediate dip below $50 this week, according to oilprice.com. “Given oil’s fast and furious fall — and the havoc that it could wreak […]
At a time when many countries are finally trying to reduce their reliance on fossil fuels, the world is suddenly awash in oil and gas discoveries. But for the countries with the newest finds, many of them in Africa and South America, mineral wealth may not be the bonanza it was in decades past, Amy […]
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 […]
The Indian government has discussed measures to reduce dependency on Gulf for meeting its oil demand with the global oil supplies anticipated to get disrupted in the wake of the killing of Iranian commander, General Qassem Soleimani, in a US drone strike in Baghdad. Following the death of Iran’s top commander, senior officials of the […]
“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 […]
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 […]
The American fracking for oil and natural gas boom will continue on through the 2020s. And why not? Since fracking took off in 2008, we have more than doubled our proven oil reserves to ~65 billion barrels. Natural gas reserves have surged over 80% to ~430 trillion cubic feet. Already the largest oil and gas […]
