CNBC Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990, when it registered gains
CNBC The International Energy Agency has laid out a $3 trillion green recovery plan, offering governments around the world a “once-in-a-lifetime” roadmap to sustainably rebuild their economies in the wake of the coronavirus pandemic. The Sustainable Recovery report, published Thursday, is designed to present world leaders with cost-effective measures that could be implemented from 2021 through to 2023. It sets
Reuters LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of June averaged 2.93 million bpd, according to
CNBC Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, had been expected to hold their next meeting on Thursday.
CNBC The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year. In the group’s annual World Energy Investment report, published on Wednesday, the IEA said that the unparalleled decline in worldwide energy investment had been “staggering in
CNBC The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections. International benchmark Brent crude traded at $29.72 a barrel on Thursday morning, up around 1.8%, while U.S. West Texas Intermediate stood at $25.84,
CNBC Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April
CNBC A vast renewable energy scheme has been recommended for environmental approval by Western Australia’s Environmental Protection Authority (EPA). The Asian Renewable Energy Hub is a planned development in the East Pilbara area of Western Australia. Set to cover 6,500 square kilometers of land, it’s envisaged that the project will produce as much as 15 gigawatts (GW) of wind and
CNBC The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II. With roughly 4.2 billion people around the world subject to some form of lockdown in an effort to slow the spread of the coronavirus, the IEA is forecasting a 6% decline
Reuters LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in
CNBC The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020, with countries around the world effectively having to shut down in response to the pandemic. A public health crisis has prompted governments to impose draconian measures on the lives of billions of people. It has
Reuters LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to
