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Alexander Novak: “In the long term, Russia’s share in the global LNG market may reach a quarter of the global figure”

Alexander Novak: “In the long term, Russia’s share in the global LNG market may reach a quarter of the global figure”

According to the Minister of Energy of the Russian Federation Alexander Novak, soon the share of Russia in the world market of liquefied natural gas may reach a quarter of the global figure. Addressing his greetings to the participants of the 9th Conference of LNG Producers and Consumers, the head of the Russian Ministry of […]

Alexander Novak: “The future production capabilities of Russian oil depend on the level of development of oilfield services”

Alexander Novak: “The future production capabilities of Russian oil depend on the level of development of oilfield services”

According to the head of the Russian Ministry of Energy Alexander Novak, the future oil production of Russia depends on the level of development of the oil service industry. In the author’s column for the Energy Policy magazine, Novak spoke about how the Covid-19 pandemic has affected the oilfield services industry, how it can be […]

As Big Oil Stumbles, Total Manages to Stay on Its Feet

As Big Oil Stumbles, Total Manages to Stay on Its Feet

Europe’s oil giants came into 2020 promising shareholders they can “do it all” — maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed. Since the coronavirus pandemic wiped out oil demand, Royal Dutch Shell Plc shocked investors with its first dividend cut since […]

Covid-19 Will Hasten The Demise of Many Oil Refineries

Covid-19 Will Hasten The Demise of Many Oil Refineries

Who needs a loss-making, inflexible oil refinery in a world where demand for petroleum has been obliterated? We’re about to find out. When consumption of transport fuels collapsed this year because of coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped […]

One Trader Who Cashed In on Subzero Oil Prices Sees Rare Payout

One Trader Who Cashed In on Subzero Oil Prices Sees Rare Payout

The day oil prices turned negative will likely be remembered as the climax of the darkest period ever for the petroleum industry, but for one lucky trading shop it was the opportunity of a lifetime. While many rushed to liquidate positions and cover margins as the May contract neared expiration, BB Energy, a medium-sized trading […]

Oil-Tanker Rates Crash as OPEC+ Cuts Near

Oil-Tanker Rates Crash as OPEC+ Cuts Near

Oil tanker rates are crashing as a pact to limit global crude production begins. Don’t bet on the rout enduring. From today, crude producers in the OPEC+ alliance are cutting their collective output by a level that’s unprecedented in history — almost 10% of global consumption. Normally, such huge curbs would have destroyed the tanker […]

Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse

Oil’s 60% Crash Is the Tip of an Iceberg. The Reality Is Worse

As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still. Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price […]

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude. Reliance Industries Ltd. booked the supertanker Princess Mary for more than $400,000 a day to haul crude from the Middle East to […]

First Coronavirus Case Found on Offshore Oil Rig in Norway

First Coronavirus Case Found on Offshore Oil Rig in Norway

Equinor ASA reported the first case of coronavirus among employees on oil and gas installations offshore Norway and is testing more workers on several platforms. The positive test at the Martin Linge field, due to start output at the end of the year, appears to be the first confirmed instance of an infected worker on […]

Oil Buyers Seek Up To 50% More Saudi Crude Amid Price War

Oil Buyers Seek Up To 50% More Saudi Crude Amid Price War

At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according to people familiar with the matter. The so-called nominations show how the price war that’s broken out between the world’s biggest crude producers is […]

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