International

OPEC Gets Chance to Gain Upper Hand in Long Battle With Shale

Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC.

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Oil drops as new coronavirus outbreaks raise fuel demand concerns

Brent crude futures fell 89 cents, or 2.3%, to $37.84 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude futures were down $1.18, or 3.3%, to $35.08 a barrel. The oil benchmarks fell about 8% last week, their first weekly declines since April.

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ADNOC to host virtual roundtable looking at post COVID-19

The world’s leading oil, gas, and petrochemical CEOs will join a virtual roundtable hosted by the Abu Dhabi National Oil Company (ADNOC) on June 16, to discuss the critical issues facing the industry and share best practices on effective response to COVID-19, as oil markets continue to rebalance amid encouraging signs of economic renewal.

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SABIC EGM paves way for integration into Aramco

SABIC has paved the way for its integration into Saudi Aramco after a majority of the petrochemical giant’s shareholders voted to amend a total of its corporate 34 bylaws.

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Scotland dedicates £62 million to leading the net-zero energy transition

EDINBURGH - A multi-million pound fund has been set up to help the energy sector recover from the dual economic impacts of coronavirus (COVID-19) and the oil and gas price crash.

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Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves.

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Iraq Gets Serious on Oil Cuts By Asking Buyers to Forgo Cargoes

Iraq has asked some Asia refiners to consider forgoing prompt shipments of its Basrah crude, a potential signal the country is trying to meet the output-cut pledges it made to OPEC at the weekend.

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Kuwait to Stop Hiring Foreign Workers for Oil Sector

Kuwait will no longer hire expatriates for jobs in its oil sector as the OPEC member moves to reduce the number of foreigners in the country.

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