OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing…
Read MoreDay: January 1, 2021
Exxon Set For Fourth Loss In 2020 After $20-Billion Write-Down
ExxonMobil is on track to book another quarterly loss this year—its fourth consecutive loss in 2020—announcing that it expects to book a massive up to $20-billion write-down for Q4, the U.S. oil and gas supermajor signaled in an SEC filing on Wednesday. Impairments of between $18 billion and $20 billion will weigh on the fourth-quarter earnings in Exxon’s upstream division,…
Read MorePossible Mine Found On Oil Tanker Off Iraq
A Liberian-flagged fuel oil tanker off the coast of Iraq has been identified to be carrying a “suspicious object” according to sailors, which could be a mine. The suspicious object was reported by authorities on Thursday, and comes as relations between the United States and Iran continue to sour. According to two private security companies, sailors think they have found…
Read MoreU.S. Energy Independence Is Fueling Iran’s Middle East Power Grab
The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political and economic turmoil, and there is…
Read MoreWhat Were the Top Oil and Gas Trends in 2020?
2020 has been an extraordinary year for the oil and gas industry. When Rigzone asked several informed industry-watchers what they considered the biggest oil and gas trends during such a momentous year, their responses focused largely on two areas: digitalization and consolidation. Read on for their insights. Bob Benstead, Vice President, Strategic Planning with business cloud software firm Infor: One of the biggest…
Read MoreCommodities 2021: Brazil eyes more oil industry reforms to lure investors
Rio de Janeiro — Brazil needs to continue making important oil industry reforms in 2021 to remain as one of the world’s top destinations for investments amid heated global competition and uncertainties about the coronavirus pandemic, according to government and industry officials. The efforts will come during a period of massive change in Brazil’s energy sector that will see state-led oil…
Read MoreExperts’ webinar views: Energy sector should be depoliticised
LAHORE: The energy sector should be depoliticized and people having conflict of interests should not be appointed in any of the key posts in the sector. This will help end incompetency, nepotism and favoritism in the energy sector and lead to proper development of the sector. These views were expressed by the energy sector experts responding to the questions speaking…
Read MoreAzerbaijan Makes First Gas Deliveries To Europe
Baku, (APP – UrduPoint / Pakistan Point News – 31st Dec, 2020 ):Azerbaijan said Thursday it started gas deliveries to Europe from the Shah Deniz field in the Caspian Sea, part of a project aimed at reducing European dependence on Russian supplies. The Shah Deniz consortium led by British oil giant BP said in a statement that gas from the…
Read MoreOGRA notifies massive raise of Rs16/kg in LPG prices for January
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday notified a record increase of Rs16 per kilogramme in the prices of Liquefied Petroleum Gas (LPG), which will be effective from January 1, 2021. According to OGRA’s notification, the LPG prices for the month of January are raised by Rs16 per kilogramme, raising the price of an LPG cylinder for domestic…
Read MoreNatural Gas Monetization Binds Africa and Mozambique’s Oil and Gas Industries
For many years, and as it was pursuing ambitions to become a global LNG exporter, Mozambique has struggled to generate enough energy for its domestic market. We are now about to see an energy revolution thanks to great gas discoveries made by international investors over the past decade. While international technological innovation and skillful know-how will be driving such projects,…
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