The speed of their recovery is causing anxiety for OPEC and allies such as Russia as they restrict global output to prop up crude prices. Libya is exempt from the cuts and currently supplies more oil than several of its OPEC peers. SourceContinue Reading

The nation’s success in warding off a major outbreak during the Golden Week holiday in early October may boost optimism for locals preparing to travel back home during the Lunar New Year break. SourceContinue Reading

A clear majority of OPEC+ is expected to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. SourceContinue Reading

While crude prices have rebounded to an eight-month high, demand in early 2021 still looks too fragile to absorb the extra barrels. At the same time, key OPEC+ members Iraq and the United Arab Emirates have signaled they’re eager to ramp up sales as soon as possible. SourceContinue Reading

The award underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves. SourceContinue Reading

Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade. SourceContinue Reading

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents. SourceContinue Reading

European leaders in October called on Ankara to abstain from unilateral hydrocarbon exploration in disputed waters, saying it’s in breach of international law. Turkey nonetheless resumed the surveys, making any negotiation with Greece on delimitation of sea borders even more problematic. SourceContinue Reading

The Organization of Petroleum Exporting Countries and its allies, who will meet on Monday and Tuesday, are already grappling with a difficult market to evaluate. Oil demand has rarely been so volatile. SourceContinue Reading

The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement said. The incident took place as the ship was preparing to leave a berth at the Shuqaiq facility, having finished unloading its cargo. SourceContinue Reading