The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Prince Abdulaziz bin Salman is the most powerful man in petroleum. The Saudi oil minister navigates unruly OPEC+ nations, huge swings in prices — and the end of fossil fuels.
BP’s latest review of energy use has been presented as positive developments in carbon reduction. However, the facts remain that fossil fuels continue to provide most of the world’s energy needs and that developing Asia is driving demand.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
KCA Deutag has hailed a series of contract awards worth around $550million (£388m) across the UK, Russia and Norway.
A 20,000-tonne “eyesore” on the Cromarty Firth of more than 12 years is finally being removed as the huge Hutton platform legs are being taken to shore.
Sinopec has signed a memorandum of understanding (MoU) with Sonatrach, with a focus on its Zarzaitine licence.
Among major liquefied natural gas (LNG) suppliers, Qatar, as well as Russia and African producers, look set to benefit from China’s rising demand for the fuel, according to FitchSolutions.
Russia and China will lead global small-scale liquefaction natural gas (LNG) capacity additions by 2025, according to a report by GlobalData.
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.