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A $200-300 billion annual gap in global investment in

World oil prices reach their highest levels in nearly two years By: Times News Service Photo used for illustrative purpose only Muscat: World oil prices closed on Friday at their highest levels in nearly two years, after producers agreed to increase supply from April by a smaller amount than expected. The price of a barrel of Brent North Sea crude for May delivery rose by 3.9 per cent to $69.66 in London, its highest closing price since April 2019. In New York, the price of a West Texas Intermediate (WTI) per barrel for April delivery rose by 3.5 per cent and reached $ 66.9, the highest closi...

Oil demand to bounce back this year, says report The Covid pandemic led to oil demand contracting by 9-10 million barrels per day in 2020, but it is expected to rebound by 5-6 million barrels per day this year, a major symposium heard. The pandemic has also led to a downward revision in long-term annual economic growth by as much as 0.8 percentage points in some outlooks, a high-level report noted. The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (Opec) hosted the 11th IEA-IEF-Opec Symposium on Energy Outlook...

The Covid pandemic led to oil demand contracting by 9-10 million barrels per day in 2020, but it is expected to rebound by 5-6 million barrels per day this year, a major symposium heard.