International

Middle Eastern Petro-States’ Reliance on China Surges With Covid

China is an ever-more important customer for Middle Eastern oil producers as they scramble to find buyers in the wake of the coronavirus.

Brent Oil Rises Past $40 as OPEC+ Cut Extension Looks Likely

Brent oil rose above $40 a barrel for the first time in almost three months on signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.

Google Says No More AI or Machine Learning for Upstream Industry

Google said it will continue to work on existing projects with oil and gas companies which will also still be able to use the company’s cloud platform to run IT functions or to store data. Last year’s financial filings show that Google took in about $65 million from oil and gas companies which equates to less than 1% of its overall cloud business.

Korean Shipyards Draw $20 Billion of Work From Qatar

Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas.

Oil Edges Higher With OPEC+ Decision on Output Cuts in Focus

Oil edged higher toward $36 a barrel as the market waited to see if OPEC and its allies will extend record production curbs.

OPEC+ to Discuss Extending Cuts as Early Meeting Seen

OPEC+ will discuss a short extension of their production cuts at a meeting that looks set to be held sooner than planned.

OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other.

ConocoPhillips completes sale of interests in Australia

U.S. firm ConocoPhillips announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Australian independent Santos.