Royal Dutch Shell Plc, the world’s largest liquefied natural gas trader, expects buying and selling of the fastest-growing fuel to recover to levels seen before the pandemic. Global LNG demand took a severe hit when nations imposed lockdowns to combat the spread of the coronavirus, impacting the fuel’s use in everything from power plants to transport and.
Oil was up on Monday morning in Asia, after OPEC extended its existing production cuts into July on Saturday, with output to be cut by 9.6 million barrels next month. Brent oil futures rose 0.95% to $42.37 by 9:55 PM ET (2:55 AM GMT) and WTI futures gained 0.03% to $39.56, reversing earlier losses. Brent futures gained up.
Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude (LCOc1) was up 89 cents, or 2.1%, at $43.19 per barrel, by 0500 GMT, while U.S. West Texas Intermediate (WTI) crude.
Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May, near its target under a deal within the OPEC+ group, Interfax news agency reported on Tuesday, citing energy ministry data. The figure was in line with data from sources, reported by Reuters on Monday, and down from.
Iran will continue fuel shipments to Venezuela if Caracas requests more supplies, the Iranian Foreign Ministry spokesman said on Monday, despite Washington’s criticism of the trade between the two nations, which are both under U.S. sanctions. “Iran practices its free trade rights with Venezuela and we are ready to send more ships if Caracas demands.
Top oil exporter Saudi Arabia is expected to raise its official selling price (OSP) for all grades it sells to Asia in July, to track a jump in Middle East benchmarks although overall weak refining margins could cap price gains, industry sources said. Saudi Arabia is expected to increase the July OSP for Arab Light.
Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 15 cents, or 0.4%, to $37.69 a barrel, on the first day of trading in the.
Description: Absent any discovery thus far, there has been little talk as to what to do with Lebanon’s offshore hydrocarbons, once found and deemed commercially viable Ticker: The Eastern Mediterranean has been a household name in European energy circles for quite some time, with the undisclosed demise of erstwhile plans to link Turkmenistan to Europe elevating.
Investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion, a Rystad Energy analysis finds. But a closer look at the numbers reveals that some $10 billion, or 57% of the amount, is expected to be invested by a single company, Equinor,.
Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry. The world’s offshore oil market, responsible for 30 percent of all the world’s oil production, is facing an impossible set of challenges. With oil sitting at half the price of.