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Putin keeps OPEC+ waiting for decision on output cuts

Putin keeps OPEC+ waiting for decision on output cuts

President Vladimir Putin, who plays a decisive role in OPEC+ oil policy, hasn’t yet decided whether Russia will support the group’s proposal for deeper production cuts. A delegate made the announcement ahead of the next meeting of the Organisation of Petroleum Exporting Countries on April 17. The cartel has been flooding the world market with...

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Oil price gains hold while Russia keeps OPEC+ waiting on output cut

Oil price gains hold while Russia keeps OPEC+ waiting on output cut

Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels. All the leading producers are committed to the level....

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UAE finds 80 tcf gas field, the world’s biggest since 2005

UAE finds 80 tcf gas field, the world’s biggest since 2005

Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates. UAE is committed to implementing the global plan to reduce disaster losses via the Sendai Framework. It keen to develop a museum and future strategy. It’s aim to push...

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Oil snaps a five-day losing streak on possible OPEC+ cuts

Oil snaps a five-day losing streak on possible OPEC+ cuts

Oil reversed five days of losses as the potential for an OPEC+ production cut overshadowed an uptick in U.S. crude inventories. Oil headed for the biggest quarterly advance in seven years as falling US supply added to speculation the global surplus is easing. Iraq and Libya are the two countries most at risk of political...

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Oil crests $50/bbl before OPEC+ meets to assess demand

Oil crests $50/bbl before OPEC+ meets to assess demand

Oil traded back above $50 a barrel before OPEC and its allies gather Tuesday for an urgent meeting to assess the impact of the work effect on global demand. OPEC are reportedly planning to meet on coming Tuesday and Wednesday in Vienna to discuss options. Saudi Arabia opens talks on possible Feb OPEC+ meeting. The...

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Apache and Total tally significant oil find offshore Suriname

Apache and Total tally significant oil find offshore Suriname

Apache and Total announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. Apache Corp. tumbled after the company’s update on a closely watched exploratory oil well. Apache Corp. has awarded Wood a commissioning services contract for multiple U.K. North Sea platforms. The well was drilled using the drillship...

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Russia’s energy minister says OPEC+ cuts can’t last forever

Russia’s energy minister says OPEC+ cuts can’t last forever

OPEC+ output cuts have stabilized the global oil market but can’t last forever. OPEC+ will adjust its output target and redistribute production cuts between its members under pressure. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels a day. The uncertainty persists over the...

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Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. Saudi Aramco welcomes the new agreement signed between the Kingdom of Saudi Arabia and the State of Kuwait. The year opened with five Gulf Arab economies joining JPMorgan...

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Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Oil prices are likely to remain in check during 2020 as OPEC+ production cuts are offset by higher output from other countries. Oil prices were little changed on last Monday as Russia said an OPEC-led producer group may consider easing output cuts next year. The Trump administration on last Thursday renewed a waiver for companies...

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IMO 2020 shipping-fuel rules face adoption, compliance and enforcement hurdles

IMO 2020 shipping-fuel rules face adoption, compliance and enforcement hurdles

Historic rules to clean up pollution in the shipping industry are two weeks from taking effect. The IMO Intersessional Working Group on Reduction of GHG Emissions from Ships agreed last week. Norway has provided an additional NOK 40 million (USD 4.3. million) to the IMO-Norway GreenVoyage-2050 project. The International Maritime Organization, part of the UN,...

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