Saudi Arabia and other major oil producers, including Russia and UAE, announced surprise cuts totalling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
The energy ministry in Oman says that the decision by OPEC to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilise it.
"The country's oil production will be suspended in less than 48 hours as vandalism, the seizure of oil wells and road closures have prevented the transport of equipment and diesel needed to keep operations going," says Energy Ministry.
The move offers modest relief for a global economy suffering from soaring energy prices and the resulting inflation.
France supported the African country’s military-ruled government, angering Chadians and opening old wounds of the European country’s past colonial practices.
Ottawa okays project which is expected to see 300 million barrels of oil extracted over 30 years, but environmentalists say it ignores UN warnings over tapping new oil sources.
For 50/50 chance of limiting rise in global temperatures to 1.5C, 19 countries including US and UK must end their energy production first, a new report says, adding poor oil producers like Angola could end production by 2050.
Organization of the Petroleum Exporting Countries has chosen Haitham al Ghais to become the group's top diplomat, as it navigates a delicate recovery from the Covid-19 pandemic.
Washington demanded Opec and Russia to increase oil production to help bring down the surging fuel prices, which have hit the US and several developing countries.
Yemen’s Iran-backed Houthi rebels fired a Quds-2 missile at Aramco’s North Jeddah plant, later confirmed by Saudi authorities.
Zeta moves towards beach resorts on Mexico's Caribbean coast, and is expected to sweep over with strong winds and heavy rain before heading towards oil-producing areas of the southern US.
Crude oil prices plunge over expectations for less demand during the pandemic just as more supply from Libya becomes available.
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