According to data and analytics company GlobalData, reduced demand due to economic slowdown in the Middle East and Africa (MENA) region, fuelled by the COVID-19 outbreak, has led to contract cancelations of supply of liquefied natural gas ( LNG) and cargo deferments by importing countries
Industry
Regional energy companies are investing to consolidate oil and gas market share
As the regional energy companies are investing to consolidate their oil and gas market share over the long term, the race among Gulf national oil companies (NOCs) to establish global energy supremacy has ushered in a boom period for the shipbuilding industry, according to MEED, part of GlobalData
Governments should reallocate fossil fuels investment to sustainable energy
The OECD and the International Energy Agency (IEA) have said that governments should take the opportunity of historically low oil prices to redirect some of the half a trillion dollars spent annually supporting fossil fuels into sustainable investment including low-carbon energy
Total joins Getting to Zero Coalition
Supermajor Total has announced that it has joined the Getting to Zero Coalition
Oil prices rise on extension of OPEC+ production cuts
Oil prices rose on Monday 8 June following the agreement of OPEC and its non-OPEC allies to extend the 9.7mn bpd June production cut for another month, which is set to tighten the market further
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