According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Saudi Arabia’s Oil Exports Climb 147% to $16 bln in May | Devamı>>>

The 17th Ministerial Meeting, where the OPEC+ member countries, energy and oil ministers came together via video conference to evaluate the market conditions and discuss the amount of production cuts agreed on April 01, ended.

In the statement made by OPEC, it was stated that the production regulation decision determined at the 15th Ministerial Meeting, in line with the observations made on the fundamental situation in the markets, will also be implemented for July.

‘OPEC+ Countries’ to Continue Plan to Mitigate Production Cuts | Devamı>>>

A National Football Team, which has been camping at Antalya Regnum Carya Golf & Spa Resort for EURO 2020 since 18 May, took a short break from their work last night and watched the stage show of the brand face, Cem Yılmaz, with the surprise organization of OPET. OPET and Cem Yılmaz wished success to the Nationals in EURO 2020 with the slogan “Goodbye, goodbye, goodbye”.

Turkish Football Federation Official Fuel Supplier OPET organized a morale show with the concept of “Goodbye Go, Goodbye Bride” for the National Team on its way to the UEFA Euro 2020 European Football Championship, together with its brand face, Cem Yılmaz.

National Team Morale Night “Goodbye Go, Goodbye Come” Happened | Devamı>>>

Herculean global action to roll back the economic carnage of the coronavirus is about to bump into a new problem: climate change. With as much as $15 trillion in economic stimulus on offer – an unfathomable 17% of global GDP – we’ll see spending on a scale that will affect the earth’s climate no matter what.

Most of the spending is being raised in China, the European Union and the United States, the big three global emitters.

Can Coronavirus Stimulus Get Us Off Fossil Fuels? | Devamı>>>

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said. As the global economy restarts, fewer people will fly and use their cars, analysts including Ed Morse wrote. With meetings going virtual and business no longer needing to move employees around the world in the same way as before, there will be powerful forces pushing a transition away from oil, they wrote in a report.

At its peak, the virus wiped out as much as 30% of total oil demand, and the market is still recovering.

Citigroup Says Oil Demand Will Never Reach Pre-Pandemic Levels | Devamı>>>

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following days of discussions among the world’s largest energy producers. It’s the single largest output cut in history.

West Texas Intermediate crude, the U.S. benchmark, fell 1.54% on Monday to settle at $22.41 per barrel. Brent crude traded 34 cents higher at $31.82.

Sunday’s emergency meeting — the second in four days — came as oil-producing nations scrambled to reach an agreement in an effort to prop up falling prices as the coronavirus outbreak hammers demand.

OPEC and Allies Finalize Record Oil Production Cut After Days of Discussion | Devamı>>>

The ongoing slide in global oil prices – catalyzed by the novel Coronavirus and fueled by structural issues including excess supply from oil giants like the U.S., Russia and Saudi Arabia, and slowing demand growth – is creating a new imperative for hydrocarbon revenue-dependent states to diversify their economies. This is particularly true for the oil and gas- producing nations of Central Asia led by Kazakhstan, Turkmenistan, and Uzbekistan, who are reliant on fossil fuel revenues to balance their budgets.

Central Asia Needs A Financing Solution To Low Oil Prices | Devamı>>>

Saudi Arabia abruptly altered its oil production strategy in early March and began to flood the market with cheap oil. Financial markets worldwide hemorrhaged value at the prospect of a protracted and painful price war, and American oil firms immediately cut back spending and dividend payments as the price for their primary product halved.  As of this morning, WTI Crude (a pricing benchmark tied to U.S. supply) was barely north of $20/bbl, prices not seen since 2002.

Renewables Poised To Clean Up From Oil’s Price Spill | Devamı>>>

Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

Oil Nose-Dives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” John Kilduff, founding partner of Again Capital, told CNBC.

Oil Nosedives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bpd) compared with a year earlier, it said, noted it would be “the first quarterly decrease in more than a decade”.

Oil Demand Set for First Fall in a Decade as Virus Takes Toll: IEA | Devamı>>>