Less flying means oil demand to stay below pre-virus levels before 2022 – IEA
Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but less flying due to coronavirus fears means the…
Oil demand expected to fall by 8.6 mbpd – IEA
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing…
Oil falls as fears of second coronavirus wave take hold
Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease…
Oil price inches to $31 per barrel on lockdown easing
Oil rose above $31 a barrel on Wednesday as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in U.S. inventories. Brent crude has almost doubled since…
Nigeria’s oil bid stalled, upstream projects delayed due to price crash – NNPC
GMD NNPC, Mele Kyari Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned,…
COVID-19: Economic lockdowns will trigger biggest ever fall in energy demand, emissions – IEA
Economic lockdowns brought on by the coronavirus pandemic set to cut global energy demand and carbon dioxide emissions by record amounts, the International Energy Agency (IEA) said on Thursday. Global…
OPEC+ nations to cut output by 9.7m barrels; oil prices to rebound in May
Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s…
More worries for Nigeria as OPEC sees excess crude supply in Q2
The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed Barkindo has said that the global oil market would record excess crude oil supply of 14.7 Million Barrel…
Deeper oil cuts won’t work – Russia tells OPEC
This week’s oil price rout had become inevitable and cutting oil output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand…
OPEC countries lose $500m a day in oil price crash
With oil erasing over a third of its value overnight after a messy breakup of the OPEC+ alliance, OPEC members are bleeding over half a billion dollars a day in…