OPEC Expects Virus Outbreak to Curb Oil Demand Recovery Into 2021

Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day(bpd) next year to 96.26 million bpd, the Or

Libya’s Oil Production Recovers Past 1M Barrel a Day

Libya’s oil production has surged past 1 million barrels a day, national petroleum officials said on Saturday, marking an important milestone months after its conflict almost choked the country’s energy production. Oil-rich Libya has been pushing to recover production levels in recent

Saudi TAQA Acquires AZR Technologies

Saudi Arabia's Industrialization and Energy Services Company (TAQA) announced on Thursday that it would acquire AZR Technologies, a Dhahran-based Electric Wireline Well Logging Company. The transaction is part of TAQA's strategy to expand its Oilfield Services capabilities in the Middle East and

Aramco makes $11.8bn in third quarter as economic activity improves

 Saudi Aramco, the world’s biggest oil company, reported a better performance in the third quarter of 2020, but was still significantly impacted by the global economic downturn in the wake of the COVID-19 pandemic lockdowns. The company, listed on the Tadawul exchange in Saudi Arabia,

Sudan, UAE sign MoU to construct solar energy plants with a capacity of 500 mw

Sudan and the United Arab Emirates signed a Memorandum Of Understanding (MoU) for the construction of solar energy plants with a capacity of 500 megawatts (MW), the Sudanese energy ministry said in a statement on Sunday.UAE, represented by one of its private companies, will supply, build, install

OPEC oil output rises more on Libya restart, says survey

OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum Exporting Countries has pumped 24.

Libya oil production at 680,000 barrels per day

 Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source said on Thursday, more than a third higher than earlier this month, as the OPEC member seeks to revive its oil industry. Libya’s National Oil Corp. (NOC) on Monday ended force majeure on the last faci

Demand issues ‘to overshadow OPEC+ supply next year’

 The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said.OPEC and its allies plan

Colombia oil and coal production to fall over the next decade, government says

Colombia’s output of top exports oil and coal will fall by 16.9% and 28.4% respectively over the next 10 years, government predictions showed on Tuesday, but the impact will be mitigated by better prices for both fuels. Oil production will fall to 654,000 barrels per day (bpd) in 2030, from

Libya's NOC Lifts Force Majeure on El-Feel Oilfield

Libya's National Oil Corp (NOC) said on Monday it had lifted force majeure on the El-Feel oilfield and that by doing so it had ended all the closures of oilfields and ports that resulted from an eight-month blockade by eastern forces. NOC said on Friday it expected its total oil output to reach 8

World Should Look at All Options to Reduce Emissions, Saudi Energy Minister Says

Saudi Arabia's energy minister said on Monday the world should be looking at all options to mitigate emissions of greenhouse gases in its fight against climate change, but that getting rid of oil and gas would be "far-fetched and unrealistic". "Let's not focus on the fuel of choice but rather how

WEEKLY ENERGY RECAP: Prices fall, Libyan output up

Although oil prices weakened last week, they remain anchored in the low 40s. Brent retreated to $41.77 per barrel while WTI also fell to $39.85 per barrel. Analysts attributed the decline to a somewhat weaker demand outlook after US gasoline inventories increased steadily. The latest data from

SABIC, Aramco to Expand Scope of Converting Crude Oil to Chemicals Project

SABIC announced plans to expand the scope of converting crude oil to chemicals project with Saudi Aramco to include existing development programs of advancing crude to chemicals technologies as well as through integrating existing facilities, according to official statements on Tadawul. The two o

Abu Dhabi to Host Oil, Gas Industry’s Largest Online Exhibition

Abu Dhabi will host the oil and gas industry’s largest online exhibition and conference, as the ADIPEC Virtual Conference brings together over 5,000 government ministers, global energy leaders and professionals to assess the collective measures the sector is putting in place to fast-track re

WEEKLY ENERGY RECAP: Market awaits major OPEC+ meet

Oil prices were relatively stable despite increasing pessimism and skepticism about the slow pace of the oil demand recovery. By the end of the week, prices had settled near the levels of a week earlier. Brent crude edged higher to $42.93 per barrel while WTI crude also ticked up to $40.88 per bar

OPEC+ says it will ensure oil prices do not plunge again

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary general said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partners

Sudan Signs MoU With GE to Boost Power Supply

The Sudanese government signed a memorandum of understanding with General Electric (GE) on Thursday aimed at increasing power generation by up to 470 megawatts (MW) as Sudan struggles to emerge from an economic crisis and long economic isolation. GE said in a statement it planned to deliver elect

IEA Says Oil Stocks Being Steadily Reduced

Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the market. OPEC+ producers - OPEC members and others includi