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The chance of OPEC and its allies agreeing to increase crude output by 1.5 million b/d for April will hinge on a successful rollout of the COVID-19 vaccines and its impact on demand as the group seeks to lower inventories, the UAE’s energy minister said. “Whether the market can absorb an additional 1.5 million b/d ...
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DUBAI: The long-awaited global economic recovery is awaiting take-off — in a literal as well as a figurative sense. All the experts, from august institutions like the IMF down to the smallest of small and medium-sized enterprises, are agreed that 2021 will see a significant recovery from the lockdown recessions of last year. But one factor above all others is still casting a shadow over the pace and strength of that turnaround: the global aviation business. Fewer passengers traveling for business or for leisure has a direct effect on the global economy. Less air cargo flying around the worl...
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The recent rally in liquefied natural gas (LNG) prices in Asia is being driven by various supply problems and cold weather, the boss of oil trader Vitol told an industry event. “Asia was short LNG; there were various production problems, this has been going all winter,” Russel Hardy told the Gulf Intelligence forum. He added ...