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Trump denies OPEC wants US production cut

President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic. Trump said U.S. oil production had already fallen, anyway. “I think it’s happening …

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G20 wants emergency energy congerence

Energy ministers from the Group of 20 major economies will convene an extraordinary meeting by video conference on Friday “to ensure energy market stability”, according to an internal document seen by Reuters. The call was organised by G20 host Saudi Arabia, which is locked in an oil price war with …

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Putin in emergency talks with Russian oilbarons

President Vladimir Putin will meet the heads of Russia’s top oil companies for talks on Friday, the Kremlin said, describing the atmosphere on the global market as “unfavourable”. Kremlin spokesman Dmitry Peskov told reporters on a conference call that the meeting would be held in the same format as one …

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US oil sector preparing for battle

The world is about to run out of oil storage and U.S. shale producers are selling crude for almost nothing but they are still refusing to shut production, hoping to survive the storm, one of the world’s biggest oil traders said. The continuing production shows the challenges that Russia and …

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OPEC wants 10 million bpd production cut

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance. U.S. President Donald Trump on Thursday said he had brokered a deal that could …

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Saudis rebuff Russian OPEC proposals

A Saudi Arabian energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said …

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Russia wants new, emergency OPEC deal

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other …

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America thinking of attacking Iran again

President Donald Trump and Secretary of State Mike Pompeo on Friday came close to blaming Iran for a rocket attack in Iraq last week in which two American troops and a British service member were killed. “Maybe we shouldn’t say yet,” said Trump when the question was posed to Pompeo …

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Texas wants OPEC to combat coroanvirus fallout

Texas oil regulator Ryan Sitton said in a tweet on Friday that he spoke with OPEC Secretary General Mohammed Barkindo about an international deal “to ensure economic stability as we recover from COVID-19.” Sitton is a commissioner at the Texas Railroad Commission, the agency that regulates that state’s oil and …

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Offshore oil production on the rise in Iran

Iran’s oil production capacity increased by 6,000 barrels per day after a platform was installed at the offshore Salman field in the Gulf, the official news agency IRNA reported on Saturday, citing Alireza Salmanzadeh, head of the Iranian Offshore Oil Company. “With the installation of the S1 platform at Salman …

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Oil price plundge forces Arab, African petro-pegs

Oil’s $30 price plunge this week has sharply increased strains on a number of pegged currencies in energy-exporting emerging markets, above all in Nigeria and Oman where currencies have come under pressure in forward markets. The coronavirus threat to an already fragile global economy and an oil price war between …

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Algeria wants reforms after oil price crunch

Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said on Monday. Energy Minister Mohamed Arkab said the country had been in “permanent consultations” with other oil producers after the collapse on Friday of an OPEC+ supply deal, which led Saudi Arabia …

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Offshore drilling to begin in Lebanese waters

Lebanon’s search for offshore oil and gas will begin on Thursday, President Michel Aoun said, as the country grapples with an unprecedented financial crisis. The results from the first exploratory well are expected in the next two months, the chairman of the Lebanese Petroleum Administration (LPA) said earlier on Wednesday. …

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Khaled al-Falih back in Saudi cabinet

Former Saudi energy minister Khalid al-Falih, who was removed last year, was tapped to head the kingdom’s newly-created investment ministry in a cabinet reshuffle announced on Tuesday that also created new ministries for tourism and sports. According to royal orders published by state news agency SPA, the ministers of media …

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Shale gas breakthrough made in Saudi Arabia

Saudi Aramco plans to invest $110 billion to develop unconventional gas reserves in Saudi Arabia’s Jafurah field, the state news agency SPA said on Friday. It said the development plans were reviewed by the Saudi High Commission for Hydrocarbons in a meeting chaired by Crown Prince Mohammed bin Salman. The …

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Clean energy quashes Israel oil shale

Israel said on Tuesday it will not issue new licenses for oil shale exploration and production as it moves towards cleaner energy sources. The decision was made due to concerns over the environmental impact and ecological footprint of oil shale projects, Israel’s energy and environmental protection ministries said on Tuesday. …

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UN trying to free Libyan oil from tribesmen

The United Nations has received conditions from tribesmen allied to eastern forces to lift a blockade of eastern oil export ports, its Libya envoy said on Tuesday. “The tribesmen have sent me their conditions but I have to say that these conditions are quite general and they will be dealt …

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US not worried about OPEC production cut

The United States is not concerned by the prospect of further output cuts by OPEC and its allied oil producers, U.S. Energy Secretary Dan Brouillette said on Tuesday. A technical panel that advises the Organization of the Petroleum Exporting Countries and its allies, led by Russia, have proposed an additional …

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