Known for his elegant manner and trademark goatee, Sheikh Zaki Yamani’s 24-year tenure running the oil affairs of the world’s biggest producer made him a global celebrity during the inflationary “oil shocks” of the 1970s.
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
Sanctions are possible but may take time and depend on White House negotiations with allies and Capitol Hill.
Saudi Arabia is expected to announce its plans when a coalition of oil producers meets next month, according to a WSJ report on Feb. 17, adding that the output rise won’t kick in until April.
Russian state gas company Gazprom is racing to finish the $11 billion Nord Stream 2 project to bring natural gas to Europe via Germany ahead of the implementation of further U.S. sanctions.
WTI crude oil in the U.S. was on track for a weekly gain of about 5% while Brent was set for a 5.7% rise on the week due to hopes a U.S. stimulus will boost the economy and fuel demand.
More than 1 million barrels of gasoline seized in 2020 sold.
Ottawa shifts to clean energy export effort following cancellation of the KXL pipeline.
India’s growing energy needs will make it more reliant on fossil fuel imports as its domestic oil and gas production has been stagnant for years despite government policies, the IEA said in its India Energy Outlook 2021.