London’s two biggest oil companies are set to report their results for a year which has included a giant price war between Saudi Arabia, a drop in oil prices due to Covid and massive write-offs.
In the beginning of 2020 all eyes were on the Organisation of the Petroleum Exporting Countries (Opec) whose agreement with Russia to artificially reduce supply and therefore push up oil prices came to a close.
The two parties could not come up with a new agreement, and instead Russia and Saudi Arabia kicked off a production war, pushing down global prices.
Brent crude, the international standard, had started the year on around 61 dollars per barrel, but dropped to 55 before January was out.
India inks pact with IEA to bolster its energy security
Prices of major commodities such as crude oil surged in Q3.Premium
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India signed a ‘strategic partnership framework’ on Wednesday with the International Energy Agency (IEA), the world’s premier energy monitor, further bolstering the country’s energy security and it’s cleaner fuel transition plans.
The development comes at a time when international energy markets have been volatile and amid rising tensions between China and India, the world’s second- and third-largest crude oil importers.
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LONDON • Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10 per cent last year mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA) found.. Read more at straitstimes.com.