Saudi Crown Prince, Putin Stress Importance of OPEC+ Compliance

Saudi Crown Prince Mohammad bin Salman, Deputy Prime Minister and Minister of Defense, made a telephone call on Tuesday to Russian President Vladimir Putin, the Saudi Press Agency reported. During the call, they reviewed global oil market conditions and efforts made to achieve and maintain stabil

Saudi Aramco: Energy Market to Have Clearer Vision in 4th Quarter

Amin Al-Nasser, CEO of Saudi Aramco, said on Tuesday that the oil market has passed the worst stage with the recovery in global demand for crude, which now stands at 90 million barrels per day. He added that oil demand in China has almost returned to pre-pandemic levels. “The worst is defin

UN Mission Welcomes Resumption of Production in Libya’s Largest Oil Field

The United Nations Support Mission in Libya (UNSMIL) welcomed the resumption of production at Sharara, the country’s largest oil field. In a statement on Sunday night, it said: “The resumption of oil production at Libya’s largest oil field was due to the improved security situat

Libya's Total Oil Production Jumps to 355,000 bpd

Libyan state-owned National Oil Corporation (NOC) lifted on Sunday the state of force majeure on Sharara oilfield, the country's largest oilfield, while a Libyan source said initial output would start at 40,000 barrels per day (bpd) to reach 355,000 bpd on Monday. Libyan oil production almost ent

Saudi Arabia reaps rewards of gas-saving technology

The Master Gas System (MGS) led to Saudi Arabia to save more than 18 billion cubic feet per day of gas in 2018 and meet growing energy demands, experts have said. Majed Al-Suwailem, a leading researcher at the King Abdullah Petroleum Studies and Research Center (KAPSARC), said the energy-saving m

Libya to resume oil production at largest field amid talks

Libya’s national oil company announced Sunday it was resuming production at the country’s largest oil field as rival officials from eastern and western Libya began peace talks, part of preliminary negotiations ahead a UN-brokered dialogue set to take place next month.The National Oil C

OPEC: Worst is Over for Oil Market

OPEC Secretary General Mohammad Barkindo said on Thursday the worst was over for the oil market, following a price and demand collapse this year due to the coronavirus pandemic. World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said. The prediction fro

Iran’s Oil Sales to Reach $5 Bn in 2020

Iran lost $115 billion in oil exports and non-oil revenues, and the country’s crude oil sales this year will reach five billion dollars at best, according to an Iranian economic official. Iran’s total oil and non-oil exports will reach $35 billion this year, whereas its foreign curren

Norway's Equinor shuts four oilfields as strike expands

Energy major Equinor shut four of its Norwegian offshore oil and gas fields on Monday as its workers expanded their strike, a company spokesman told Reuters. Two more fields operated by Neptune Energy and Wintershall Dea also face likely shutdowns on Monday because of the strike, the Norwegian Oi

WEEKLY ENERGY RECAP: Global focus turns from China to US

The global oil market has entered the fourth quarter on a bearish note after a major sell-off following US President Donald Trump testing positive for the coronavirus. Uncertainty about the future of the US elections and the possibility of political chaos in the weeks ahead have had a negative im

Oil production triples as Libya restarts production

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd – a week after the blockade on the country’s oil ports was lifted, the National Oil Corporation (NOC) announced. Last week, the (NOC) announced a par

Jordan to Export Electricity to Iraq

Jordan signed an agreement to sell electricity to Iraq and connect the two countries' power grids, according to an official Jordanian source. The agreement was signed via videoconferencing and attended by Jordanian Minister of Energy and Mineral Resources Hala Zawati and her Iraqi counterpart Maj

Saudi Arabia to host ‘virtual’ G20 meeting on oil markets

 Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic. The Kingdom is strongly backing a “circular carbon

Iraq’s Ministry of Electricity to Add 3,000 MW to National Grid

Iraq’s Ministry of Electricity announced Friday that 3,000 megawatts will be added to the national grid, after the US has renewed a waiver for Baghdad to continue importing Iranian electricity for 60 days. The Ministry spokesman, Ahmed Moussa, said that the new megawatts will be added throu

Libya’s NOC says production to rise as it seeks to revive oil industry

 Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.Oil prices fell around 5 percent on Monday, partly due to the potential return of L

Egypt signs lucrative gas deals

The Egyptian Natural Gas Holding Company (EGAS) has signed eight research and exploration agreements with investments of $934 million. Five agreements were signed during the last fiscal year and three others during the first quarter of this fiscal year. Minister of Petroleum and Mineral Resource

WEEKLY ENERGY RECAP: Oil bounces back amid KSA pledge

Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months. The rebound came despite plenty of bearishness in the market that was emphasized by the monthly oil reports from both OPEC and the International Energy Agency (IEA). 

India's coal-fired power output picks up as industrial use rises

 India's coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from industrial western states rose for the first time since coronavirus lockdowns were enforced. The country's overall electricity generation rose 1.6% during t