Monday, August 3, 2020

Shadia Nasralla News

IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall

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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 lockdown measures.Demand…

IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market

Fatih Birol - IEA Executive Director - Credit: IEA

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough…

Shell, Eni Lead Oil Majors' Climate Ambitions But Still Fall Short - Investors

Image Credit: Olivier Le Moal - AdobeStock

None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19…

Shell Cuts Dividend for First Time Since World War Two

Shell logo - Image Credit: Alexandr Blinov / AdobeStock

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due…

Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market

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The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus…

OPEC+ Outlines Record Oil Production Cut; Mexico Balks

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OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in…

Saudi, Russia Closing in on Record Oil Cut Deal

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OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis…

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

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OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called…

UK Limits Travel to Offshore Platforms

(Photo: BP)

Britain's oil and gas sector association OGUK on Thursday banned people from traveling to offshore installations such as platforms if they have traveled to certain countries…

Coronavirus Spurs Oil Majors to Cancel IP Week Events

Big Ben and House of Parliament London; By inspi - AdobeStock

The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which…

Tullow to Axe a Third of Its Workforce

(Photo: Tullow Oil)

Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana…

US Oil Workers Leaving Iraq After Air Strike

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Dozens of U.S. citizens working for foreign oil companies in the southern Iraqi oil city of Basra were leaving the country on Friday, the Oil Ministry said, after a U.S. air…

Energean Seeks to Pipe Karish Gas to Cyprus

Stena's DrillMAX drilling Karish North, offshore Israel (Photo: Energean)

Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.In its application to Cypriot authorities…

Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks

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Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal…

BP Raises Asian Profile

(Photo: BP)

BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China's Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant…

Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output

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Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected…

Saudi Minister Commits to Output Cuts

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Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy…

Total CEO: Britain Must Stick by Brexit Mistake

Total CEO Patrick Pouyanne speaks at Offshore Europe in Aberdeen (Photo: Eric Haun

The chief executive of French oil major Total believes that Britain should stick by its decision to leave the European Union even though he thinks it is a fundamental mistake…

Tullow Decides $33 Mln Interim Payout

(Photo: Tullow Oil)

The board of British oil producer Tullow will pay an interim dividend of 2.35 cents per share, representing a payout of about $33 million, the company said on Wednesday, in…