Developing nations may lose up to 85% of oil and gas income this year - IEA, OPEC

17/03/2020 09:33 Oil Market


Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday, citing recent IEA analysis.

This is likely to have “major social and economic consequences”, notably for public sector spending in vital areas like healthcare and education, the statement from IEA director Fatih Birol and OPEC secretary-general Mohammad Barkindo said.


Oil prices slid below $30 a barrel on Monday as the global spread of coronavirus became more entrenched, leading to lockdowns as the global economy appeared to be headed toward certain recession.


The oil price rout was exacerbated by the collapse of an alliance between the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia which had been withholding production from the market.


Daily (03.06.2020): EUAs climbed by 5% to above €22 on Tuesday as coal disruptions lifted the energy complex

03/06/2020 10:18:00

Crude oil futures edged higher on Tuesday, with investors hoping for a further cut in black gold production at the next OPEC + summit, which could be brought forward to this week. Brent crude for August delivery soared by $1.25, or 3.3%, to settle at $39.57 a barrel, while U.S. WTI crude for July delivery gained $1.37, or 3.9%, to end at $36.81 a barrel.


Europe is going coal-free, but a vast lignite mine is expanding in eastern Germany and coronavirus has delayed new climate laws

03/06/2020 08:49:00

The landscape makes you think of the surface of the moon. As far as the eye can see, deep gashes scar the earth. At the spot where the giant machines stand, ancient layers of bared coal are visible all the way to the base of the pit.


Yamal LNG cargo completes ice-covered transit of Northern Sea Route: Novatek

03/06/2020 08:45:00

A cargo of LNG from the Novatek-operated Yamal LNG plant in northern Russia has completed its journey across the ice-covered part of the Northern Sea Route (NSR), the Russian company said June 1.