A deal to make the biggest oil supply cuts in history may not be enough to boost prices in the coming months as the COVID-19 (coronavirus) outbreak continues to decimate oil demand. Over the Easter weekend, the OPEC+ cartel and G20 leaders including the US, Canada...
Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Saudi Aramco will cut capital spending in 2020 in light of the coronavirus (COVID-19) outbreak and it reported a 21% decline in net profit last year. The state-run oil giant said it expects capital spending to be between US$25-30 billion this year, compared to $32.8 billion in...
Oil is on course for its worst day of trading in 29 years on Monday after Saudi Arabia slashed its official selling prices and made plans to ramp up crude output, in response to Russia’s refusal to back an OPEC-led supply cut extension last week. The...
Iran, Russia and three ex-Soviet states have reached a breakthrough agreement over sovereign rights in the Caspian Sea, paving the way for major oil and gas extraction and pipeline projects. The treaty marks the conclusion of more than two decades of disputes between Azerbaijan, Iran, Kazakhstan,...
OPEC and Russia have made a renewed commitment to restrict crude oil supplies this year and agreed on a new pledge to continue collaborating into 2019. The news followed a meeting between the leading international oil cartel and the world’s largest oil producer in Oman, which...
Russia has started production at a US$27 billion LNG plant located in the remote Obe River and will export its first cargo from the Arctic port of Sabetta by the end of the week. The Yamal LNG project is operated by Russia’s second largest gas producer...
Oil production amongst OPEC member states fell in August for the first time since March as the cartel continues to lead cutbacks which have been in place since the start of the year. OPEC members pumped 32.76 million barrels per day (bpd) in August, down by...
Chinese energy major CEFC China Energy has announced it will purchase a 14.16% stake in Russian oil giant Rosneft at a cost of US$9.1 billion. The Chinese firm will acquire the position from a consortium between Glencore and the Qatar Investment Authority (QIA), signalling a closer...
Russia’s largest gold producer Polyus (LSE:PLZL) has announced the commissioning of its Natalka gold mine in far East Russia. Launched by Vladimir Putin at the Eastern Economic Forum in Vladivostock, Natalka will enter full production before the end of 2018 and is expected to increase Polyus’...