This is due to the production cuts by the Organisation of Petroleum Exporting Countries and the gradual easing of lockdowns by many countries. The international oil benchmark rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar.
As the COVID-19 pandemic continues to spread across many major economies of the world, there is uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) and allies’ plan to return supply to the market after the group’s output cuts. Industry watchers say deep production curbs by the cartel and its allies had helped oil rebound…
Chinese data analyzed by Radio Free Asia’s Michael Lelyveld revealed that the country has been buying record volumes of crude oil over the past months in order to bolster its energy security, especially at a time when its relations with the United States are deteriorating.
Saudi Aramco is set to reorganize its downstream business to support the company’s vision of becoming the ‘leading’ integrated energy and chemical company worldwide.
Oil prices declined on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
As OPEC and its allies make their deepest cuts yet to crude production, Norway’s oil giant, Johan Sverdrup oil field is exporting more than ever before.
BP has announced that it has agreed to sell its global petrochemicals business to Ineos for a total consideration of $5 billion, subject to customary adjustments. The agreed sale, the next strategic step in reinventing BP, will further strengthen BP’s balance sheet and delivers its target for agreed divestments a year earlier than originally…
Following a pick-up in purchases, the second wave of coronavirus in China’s capital is gradually slowing down the country’s demand for the United States’ (U.S.) crude oil.
There are concerns that the second wave of Covid-19 infections across the world could stall fuel demand recovery, causing oil prices to edge-down.
China National Offshore Oil Corp (CNOOC) has agreed to buy from Royal Dutch Shell two cargoes of liquefied natural gas with offset carbon emissions, marking China’s first gas imports of this kind, said the Shanghai Oil and Gas Exchange.