Even as international organisations forecast the first drop in global energy demand in over a decade, OPEC has yet to make a decision on its output cuts
OPEC
Posted inDRILLING & PRODUCTION
Iran and Russia energy minister talk ahead of OPEC meeting
Iranian representatives also met with OPEC secretary-general Mohamad Barkindo
Posted inDRILLING & PRODUCTION
Coronavirus impact on oil is like a house on fire: Saudi energy minister
Saudi Energy Minister Prince Abdulaziz bin Salman reportedly said that it could either be treated ‘with a garden hose’, or with ‘a fire brigade’
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OPEC+ meeting will happen on March 6 – Russian deputy energy minister
Meeting will go ahead as planned despite coronavirus outbreak
Posted inDRILLING & PRODUCTION
Global oil demand to drop for the first time in 10 years: IEA
The IEA cut its 2020 growth forecast by 365,000 bpd down to 825,000 bpd, the lowest since 2011
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Global oil stocks to pile up following coronavirus outbreak
Rystad Energy said that OPEC’s cuts were no match for the massive surplus
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Iran will support deeper OPEC+ production cuts: Bijan Zanganeh
Iran’s oil minister noted that coronavirus would have a limited impact on the nation’s economy
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Russia still assessing additional OPEC+ cuts: Energy minister
Alexander Novak noted that there is no evidence of lower Chinese demand for Russia’s oil and gas
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Russia counts on oil production growth even as it agrees to OPEC+ production cuts
2019 was a record year for oil production in Russia, according to its statistic agency
Posted inDRILLING & PRODUCTION
Saudi King Salman and Vladimir Putin discuss oil market amid price drop
This comes as oil prices slid to a one-year low, with Brent crude at under $55 per barrel