Global oil consumption to fall by $1 trillion in 2020 due to pandemic
Consumers’ oil expenses will drop by $1 trillion in 2020 to $2.5 trillion as a result of the pandemic-related quarantine measures globally, the International Energy Agency (IEA) wrote in its report …
Oil demand recovered by 20% in May against April
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said on Monday, cited by the Ministry.
"Despite the grave situation, …
Putin, Iraqi PM discuss Syria, oil market stabilization
Russian President Vladimir Putin had a phone conversation with Iraqi Prime Minister Mustafa al-Kadhimi to discuss interaction to stabilize global hydrocarbon market, the Kremlin press service reported …
Gazprom ready to complete Nord Stream 2 construction
The situation with record low gas prices in Europe, the elapsed autumn and winter period, as well as the global energy niche oversupply combined with the so far unbridled coronavirus pandemic – …
Brent crude oil surpasses $34 per barrel first time since April 9, 2020
The price of futures contract for Brent crude oil with July delivery on London’s ICE rose by 4.9% and reached $34.09 per barrel.
The last time the price of oil of this grade was above $34 per …
German regulator refuses to exempt Nord Stream 2 from EU Gas Directive
The Federal Network Agency of Germany refused Nord Stream 2 AG in withdrawing the Nord Stream 2 project from the rules of the updated EU Gas Directive, the regulator said on Friday.
Meeting of OPEC+ ministerial monitoring committee to be held on June 8
The Joint Ministerial Monitoring Committee (JMMC) meeting will be held on June 8, 2020, most probably in a video format, while ministerial meetings of OPEC and non-OPEC states will be held on June 9 …
Oil production in US may drop from 2 to 3 mln barrels/day
Crude oil production in the United States may contract by 2-3 mln barrels per day, Deputy Energy Minister of Russia Pavel Sorokin said in an online interview with the Roscongress Foundation.
"We see …
Russia to cut crude production by 10% within OPEC+ in 2020
Russia’s crude oil production will go down by around 10% in 2020 due to OPEC+ restrictions compared with 2019 when it reached the record 560.2 mln tonnes, Energy Minister Alexander Novak said at …
Global economy will face long recovery period after pandemic
The coronavirus pandemic had a serious negative impact on the global economy and experts forecast it will have a long recovery period, Russian Foreign Minister Sergey Lavrov said on Monday giving a …