EghtesadOnline: OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year as supplies from their rivals increase faster than world demand.
EghtesadOnline: South Korea overtook China as the No. 2 destination for US crude behind Canada in 2018, as shipments to South Korea soared to a record high of 558,000 barrels per day in December while shipments to China have started to return from zero, according to Energy Information Administration data released Friday.
EghtesadOnline: Oil prices dropped by more than one % on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
EghtesadOnline: OPEC and its allies will probably achieve their goal of draining oversupply from the oil market and boosting prices by next month, says Jeff Currie, global head of commodities research at Goldman Sachs.
EghtesadOnline: Although China will continue to raise its liquefied natural gas (LNG) imports this year, the 2019 rise in the world’s key LNG demand growth market may not be enough to absorb all the new supply coming on stream over the next months.
EghtesadOnline: OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Persian Gulf Arab allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
EghtesadOnline: Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC, but the US shale revolution has helped to prevent "major, major energy chaos" in the world.
EghtesadOnline: The number of greenfield oil and gas projects to get their final investment decision could rise threefold in 2019 all over the world, Norwegian energy consultancy Rystad Energy has forecast.
EghtesadOnline: Global natural gas demand will rise by almost 50% over the next 23 years and Iran will be among the major suppliers alongside Russia and the United States.
EghtesadOnline: A drop in global biodiversity is putting ability to produce food at risk, a new United Nations report warns.