OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
Russian gas independent Novatek is set to export more than 3 million tonnes per year (t/y) of LNG to China from the Arctic LNG 2 project as part of its latest deal with Shenergy Group.
Wintershall Dea of Germany saw losses widen to more than £1billion in 2020 as Covid-19 brought down commodity prices.
Trafigura Group’s purchase of a stake in Rosneft PJSC’s flagship Arctic oil project was funded by a $7 billion loan organized by a Russian bank, according to documents that shed new light on the trading house’s biggest-ever deal.
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
Russia is stepping up work on the Nord Stream 2 pipeline before the US tightens sanctions against the controversial project designed to feed more natural gas into Germany.
Oil climbed as the UK is poised to grant regulatory approval to another Covid-19 vaccine and as the US passed its stimulus bill into law.
Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
Russia will remain the heart of Severstal’s focus for the near term, but uncertainty around the timing of a contract with Gazprom has encouraged international growth.
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
OPEC+ said oil producing countries must be ready to act when the group gathers for its next full ministerial meeting in two weeks, the latest indication the cartel is preparing to delay a production increase.
Russia’s state-owned Rosgeo has completed its first phase of work in Equatorial Guinea’s Rio Muni region.
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Oil was steady near $43 a barrel in London before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.
A team from Russia’s Rosgeo has arrived in Equatorial Guinea and begun geological mapping in the mainland Rio Muni area.
Analysts are expecting a backlash from Beijing as Malaysian national oil company (NOC) Petronas prepares to drill in gas-rich Block SK 316 in the South China Sea off the eastern Malaysian state of Sarawak.
OPEC+ emphasized the need to stick closely to its planned oil-production cuts to guard against the market recovery being undermined by a resurgence of the coronavirus.
Beijing has increased pressure on Hanoi thereby derailing yet another upstream project in the South China Sea.
The US has called for “all responsible parties” to allow the National Oil Corp. to go about its business.
Libya’s National Oil Corp. (NOC) has expressed concerns about increasing military presence at its facilities and the seizure of jet fuel at Zueitina.
An Aberdeen-based engineering group is eyeing a boost from Russia’s Far East after Covid-19 left it “scrimping and saving”, its boss said.