Energy Focus Washington from

IAE Says Oil Demand Recovery Set to Slow for Rest of 2020

September 15, 2020 Focus Washington

The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic, Reuters writes. The Paris-based IEA cut its 2020 outlook by 200,000 […]

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IEA Sees Oil Market Stuck Between No Major Slowdown but Stalled Recovery

September 7, 2020 Focus Washington

The global economy is likely not headed for any major slowdown due to COVID-19 but piled-up storage and uncertainty over China’s oil demand cloud oil markets’ recovery, an official with International Energy Agency (IEA) said, […]

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Oil Holds Near Five-Month High on U.S. Output Cuts and Inventories

August 26, 2020 Focus Washington

Oil rose towards $46 a barrel on Wednesday, near the highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a […]

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Oil Gains on Storm-Hit U.S. Output and COVID-19 Treatment Hopes

August 24, 2020 Focus Washington

Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a COVID-19 treatment, Reuters informs. […]

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Lobbying for Russian Pipeline Spikes in Washington

August 4, 2020 Focus Washington

As U.S. lawmakers plot to stop one of Moscow’s most important projects in Europe, the Nord Stream 2 pipeline, lobbyists supporting it are busier than ever but disclosing few details of their work, according to […]

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UAE Fires up First Nuclear Plant in the Arab World

August 1, 2020 Focus Washington

The UAE has successfully conducted start up operations at Barakah, the first nuclear plant in the Arab world. Unit 1 of the Barakah Nuclear Energy Plant has been successfully started up by Nawah Energy Company, […]

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Tesla’s Musk Says Open to Supplying Batteries to Other Automakers

July 29, 2020 Focus Washington

Tesla’s Chief Executive Officer Elon Musk said on Tuesday that the company is open to licensing software and supplying powertrains and batteries, Reuters writes. Tesla has previously supplied batteries to Mercedes and Toyota Motor under […]

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Saudi Arabia Top Oil Exporter to China in June

July 28, 2020 Focus Washington

Saudi Arabia’s oil exports to China increased by 15 per cent in June compared with the same month last year, RT reported on Sunday. Chinese refineries recorded an increased demand in March and April when the oil […]

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Oil Slips as U.S.-China Friction, Rising Virus Cases Weigh on Markets

July 27, 2020 Focus Washington

Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets, Reuters writes. Brent crude LCOc1 dipped 8 cents, or 0.2%, to $43.26 […]

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Saudi Oil Revenues Continue To Slide After Ending Price War

July 24, 2020 Focus Washington

Oil revenues for the world’s largest oil exporter, Saudi Arabia, continued to slide in May after the Kingdom ended its oil price war with Russia, with the income from oil exports plunging by 65 percent […]

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Oil Prices Slip as U.S. Inventories, Virus Fears Grow

July 22, 2020 Focus Washington

Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world’s biggest oil consumer, Reuters informed. In […]

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OPEC+ Eases Record Oil Cuts as Economy Recovers From Pandemic

July 15, 2020 Focus Washington

OPEC and allies such as Russia agreed on Wednesday to ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic but said a second wave of the virus […]

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U.S. Puts Pressure on Maritime Industry to Cut off Venezuela’s Oil

July 13, 2020 Focus Washington

Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin […]

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Oil Demand to Return to Pre-Pandemic Levels by 2022, Goldman Analysts Say

July 3, 2020 Focus Washington

Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending, CNBC reports. In a research note […]

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Oil Falls Below $40 on Record U.S. Inventories, COVID Fears

June 25, 2020 Focus Washington

Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel […]

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U.S. Slaps Sanctions on Mexican Firms, Individuals Linked to Venezuelan Oil Trade

June 19, 2020 Focus Washington

The United States on Thursday blacklisted Mexico’s Libre Abordo and a related company, accusing them of helping Caracas evade U.S. sanctions in the first formal action by the U.S. Treasury Department against Mexican firms involved […]

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U.S. Drilling Industry Claims Offshore Ban Would Crush Government Revenues

May 26, 2020 Focus Washington

A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost […]

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Iran Starts Shipping Fuel to Venezuela

May 25, 2020 Focus Washington

The first of five tankers carrying Iranian fuel has reached gasoline-starved Venezuela in a show of defiance by two U.S. adversaries flouting American sanctions aimed at unseating their authoritarian governments, the Wall Street Journal reported. […]

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Saudi Arabia Raises Oil Prices As Demand Recovers

May 10, 2020 Focus Washington

Saudi Arabia’s oil giant Aramco raised the price for all its crude oil grades to all regions for June in a move that analysts see as the start of demand recovery—and this move sent oil […]

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Trump Administration Drafting ‘Artemis Accords’ Pact for Moon Mining

May 6, 2020 Focus Washington

The Trump administration is drafting a legal blueprint for mining on the moon under a new U.S.-sponsored international agreement called the Artemis Accords, people familiar with the proposed pact told Reuters. The agreement would be […]

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Oil Hits Lowest This Century

April 22, 2020 Focus Washington

Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand for fuels, Reuters […]

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Saudi Arabia’s Oil Exports to the U.S. Skyrocket During March

April 17, 2020 Focus Washington

Saudi Arabian oil exports to the U.S. more than doubled from February to March as oil prices crashed and American shale producers reeled over demand destruction from the coronavirus pandemic, data from analytics firm TankerTrackers.com […]

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Oil Gains on OPEC+ Deal

April 13, 2020 Focus Washington

Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to […]

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Saudi Arabia Delays Crude Pricing Decision

April 12, 2020 Focus Washington

Saudi Arabia delayed a key pricing decision for its crude exports yet again as talks to secure an agreement among global producers for an unprecedented joint supply cut entered a fourth day, Bloomberg reports. State […]

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Trump Says U.S. Might Join Saudi Arabia, Russia in Talks on Oil Prices

April 1, 2020 Focus Washington

President Donald Trump said on Tuesday he would join Saudi Arabia and Russia, if need be, for talks about the sharp fall in oil prices resulting from a price war between the two countries, Reuters […]

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Russia Calls for New Enlarged OPEC Deal to Tackle Oil Demand Collapse

March 27, 2020 Focus Washington

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic […]

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UAE Joins Saudi in Opening Oil Taps

March 11, 2020 Focus Washington

The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in […]

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Saudi Arabia, Russia Raise Stakes in Oil Production Standoff

March 10, 2020 Focus Washington

Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow’s suggestion for new talks, Reuters informs. […]

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OPEC Seeks Big Oil Cut in Crunch Talks With Russia Amid Virus Outbreak

March 6, 2020 Focus Washington

OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying […]

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Oil Prices Drop Further as Saudi Arabia Dismisses Reports on OPEC+ Breakup

February 24, 2020 Focus Washington

Saudi Arabia’s energy minister said on Sunday his country is not looking to break with the global OPEC+ pact to cut oil output with other producers, The National writes. Media reports last week suggested Saudi Arabia could […]

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