oil and gas industry

UK offshore union calls Government to take immediate action to manage COVID-19

RMT, UK’s offshore union is calling for urgent action to protect the UK’s energy supply sector from collapse amid the COVID-19 pandemic. The Union highlighted that the oil price wars and the public health at risk could lead the North Sea oil and gas sector to an overall damage, placing tens of thousands of offshore workers out of work, increasing the UK’s reliance on imported fossil fuels.

Oil market can achieve up to 3m barrels per day from April

Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.

US blacklists Chinese, South African companies for Iran oil trade

According to Reuters, the US Department of State identified seven companies that has blacklisted, due to their involvement in Iranian petrochemincals’ transport, marketing and sale. In fact, three of the seven companies are Chinese-based, while another three are in Hong Kong and one in South Africa.

MOL Norge completes oil and gas discovery in North Sea

The Norwegian Petroleum Directorate (NPD) announced that MOL Norge completed an oil and gas discovery close to the Balder field in the North Sea – 25/8-19 S and 25/8-19 A. Namely, the wells were drilled 8 kilometers northwest of Ringhorne on the Balder field in the central part of the North Sea and 200 kilometers west of Stavanger.

Oil industry marks its worst week since 2008

Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.

Oil price falls by 2.01$ following Trump’s travel ban

In light of the COVID-19 global outbreak and the travel restrictions imposed by the US President Donald Trump, the oil prices dropped by $2.01. In fact, Brent crude LCOc1 oil was down by 5.6%, at $33.78 by around 0930 GMT. US crude CLc1 was down $1.77, or 5.4%, at $31.21, Reuters reported.

ADNOC aims for more oil

ADNOC, UAE’s oil giant, stated that it will boost its efforts and produce more oil, aiming to increasing the supply to over 4 million barrels per day in April 2020, following the collapse of the OPEC+ agreement and the oil price war between Saudi Arabia and Russia.

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