- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
After a historic decline .. US oil price is back to rise above the zero level ($ 0)
The price of US oil, WTI, rose again above zero on Tuesday, April 21, 2020, after falling to zero for the first time, due to lower demand on global energy markets, where demand fell by about a third, in addition to closings to limit the spread of the Covid-19 virus.
WTI was $1.43 a barrel in afternoon trading in Asia after the session started at -14 dollars, which meant that producers were paying buyers to take out the oil. And later on Monday, April 20, 2020, producers were paying more than $40 a barrel to get rid of it.
Whereas, the price of a barrel of WTI crude oil on Friday was $18.27. If the global storage crisis worsens quickly, Brent crude could catch WTI down, according to Citi analysts, adding that WTI crude volatility is expected to continue due to the difficulty in storing US oil, according to Financial Times.
Tuesday, April 21, 2020 is the final day of trading for WTI futures contracts for delivery in May, and June delivery contracts rose 4.9% to $21.43 in Asian trading, with hopes that a slump in demand could improve by then, if closures and travel bans are eased, While traders warn that the June contract will come under further pressure.
