Weekly energy recap: Dec. 25, 2020

Crude oil prices registered the first weekly drop after the previous seven consecutive weekly gains. On the weekly closing, the Brent crude price declined to $51.29 per barrel. The West Texas Intermediate (WTI) crude price also declined, to $48.23 per barrel.Though oil prices registered a weekly d

Iraq aims to boost southern ports crude export capacity

 Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity, Karim Hattab, deputy oil minister for distribution affairs said in a statement.Hattab said the increased capacity would be after 2023 and

NIDC digs 87 oil, gas wells in 9 months

Abdollah Mousavi said the drilled wells consisted of 22 development wells, one appraisal well, 62 workover wells, and two exploratory wells. He said currently 17 drilling rigs are being relocated to operational areas. NIDC is conducting digging operations in 10 provinces of the country, the offi

WEEKLY ENERGY RECAP: December 18, 2020

Oil prices continued to rise for the seventh week in a row, and made another weekly gain that will make the Brent crude price settle above the important $50 mark by the end of the year. West Texas Intermediate (WTI) is following this upward momentum and might breach the $50 barrier before the year

Oil prices fall as US inventory gain

Oil prices decline on Wednesday as US crude oil inventories gains and countries continue to impose tighter restrictions. Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 04:21 GMT, while US West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel. Ed

Energy watchdog trims oil demand forecasts on aviation woes

The International Energy Agency (IEA) trimmed its global oil demand forecasts Tuesday as the massive coronavirus pandemic hit to the aviation industry will likely be worse than expected next year.For this year, total oil demand will fall by 8.8 million barrels per day (mbpd) to 91.2 mbpd, reflecti

UK in talks over new £20 billion nuclear power station

The UK will enter negotiations with France’s EDF for the construction of a new £20 billion ($27bn) nuclear power plant. The long-anticipated move would help to replace the existing generation of atomic plants, all of which will be retired by the middle of the next decade, and hel

WEEKLY ENERGY RECAP: December 11, 2020

Oil prices made their sixth consecutive weekly gain, despite unchanged fundamentals and bearish market developments, including increasing supplies, higher inventories and low refining margins. Brent crude price almost hit the important $50 barrier for the first time since March 2020, which was th

Oil prices gain on vaccine cheer

Oil jumped on Friday as investors remain hopeful for an increase in crude demand due to the rollout of coronavirus vaccine. Brent was up 11 cents or 0.2% at $50.36 a barrel by 04:27 GMT, after gaining nearly 3% on Thursday. US oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen al

Brent crude rises above $50 per barrel for first time since March

Oil prices climbed more than 4 per cent on Thursday, with Brent surging above $50 a barrel for the first time since early March, fuelled by hopes of a faster demand recovery as countries start to roll out Covid-19 vaccines. The bullish sentiment offset a large increase in US crude inventories tha

Finance minister: Iraq's Kurdish region to hand over oil to Baghdad

The Kurdistan Regional Government's Minister of Finance Awat Sheikh Janab yesterday announced that the government will abide by the fiscal deficit bill obliging Erbil to hand unspecified amounts of oil to the federal government in Baghdad in return for federal revenues. "Yesterday [Monday] our mi

Unit 1 of Barakah Nuclear Energy Plant Reaches 100% Power

The Emirates Nuclear Energy Corporation, ENEC, has announced that its operating and maintenance subsidiary, Nawah Energy Company, Nawah, has successfully achieved 100% of the rated reactor power capacity for Unit 1 of the Barakah Nuclear Energy Plant. This brings Barakah plant one step closer to

Saudi daily oil exports to US fall to lowest level in 3 decades

Daily exports of Saudi crude oil to the US recently fell to their lowest level in three decades, with industry experts putting the drop down to increased demand from Asia and a change in the energy dynamic between the two countries. Data from the US Energy Information Administration (EIA) showed

WEEKLY ENERGY RECAP: Five weeks of recovery and five years of cooperation

Oil prices rose for a fifth week as OPEC+ producers approached their fifth year of cooperation. Brent crude advanced to $49.25 per barrel, the highest level since early March as WTI also gained to $46.26. Crude was buoyed by a compromise deal ensuring slight production increases starting in the

OPEC exempts Libya from oil production cut

Libya's National Oil Corporation (NOC) announced on Friday that the Organisation of Petroleum Exporting Countries (OPEC) had exempted it from production cuts because of difficult conditions facing the country. A statement issued by the NOC confirmed that the decision to exempt Libya from the prod

OPEC+ to Ramp Up Production Early 2021

OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the Organization of the Petroleum Exporting Countries and Russia

IEA: Energy efficiency progress falters amid pandemic

Global progress toward energy efficiency has slowed to its lowest rate in 10 years due to subdued prices amid the COVID-19 pandemic, the International Energy Agency said on Thursday, dealing a setback to efforts to curb climate change.“As a result of the crisis and continuing low energy pric

Japan, Kuwait Reach Oil Storage Deal

Japan said on Tuesday it has reached a joint oil storage deal with state-run Kuwait Petroleum Corp (KPC) to lend it 3.14 million barrels (500,000 kiloliters) of capacity for free. Under the deal, KPC can use storage tanks at refiner Eneos’ Kiire base in southern Japan of Kagoshima as an exp