Satellites reveal major new gas industry methane leaks

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Last year, European Space Agency satellites detected huge plumes of the invisible planet-warming gas methane leaking from the Yamal pipeline that carries natural gas from Siberia to Europe. Energy consultancy Kayrros estimated one leak was spewing out 93 tonnes of methane every hour, meaning the daily emissions from the leakage were equivalent to the amount […]

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Crude oil prices dips again on fears of second coronavirus wave

Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]

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Asian steel trade still languishing

Asian steel market participants have seen another week pass without signs of light at the end of the tunnel in containing the coronavirus pandemic as countries across the region extend lockdown measures, with the exception of Vietnam. China, which has provided some relief to the supply glut by importing steel recently, has started to show […]

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OPEC+ signs historic deal; Russsia and Saudi to cut oil production stabilise plummeting prices

Top oil-producing countries including Russsia have agreed for output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour in a last-ditch effort to cement an accord that rested […]

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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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Philippines to dethrone Indonesia as largest global nickel ore producer

Global nickel production will drop significantly over 2020 as major producer Indonesia’s nickel ore export ban comes into effect, Fitch analysts assert in a recent report. This drop will be slightly offset by the impact of rising production growth in the Philippines where some currently suspended mines will become operational again, while the country aims to plug […]

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