Energy MENA Edition
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Spirit Energy temporarily shuts 9,000 bpd Chestnut oilfield due to coronavirus
Spirit is majority-owned by Britain's largest energy supplier Centrica
U.S. energy secretary: OPEC+ countries can easily cut 10mln bpd
Dan Brouillette said he believed OPEC+ countries can easily cut oil output by 10 million barrels per day and he was optimistic Russia and Saudi Arabia can resolve their dispute.
Saudi ready to cut up to 4mln bpd from record April output - source
OPEC and other producers meet on Thursday to decide on cuts to cope with the falling demand due to the coronavirus crisis.
GCC Electricity and Water Ministries discuss COVID-19 combat efforts
The meeting agreed to continue efforts to confront the crisis and exchange cooperation
India shuns Gulf producers, diverts refiners' oil to SPR
India's state refiners have resorted to exporting refined products to avoid full closure of their plants after local fuel demand collapsed
Covid-19 silver lining a more support to Egypt’s renewable, industrial sectors
The government has committed to support exporters by allocating $63.5mln for export subsidies during March and April
Saudi ACWA Power pledges $13mln for COVID-19
The company is in full compliance with the measures taken by the official local authorities, not only in the Kingdom but in 12 countries where the company operates.
Fujairah fuel stocks for marine, power generation climb to all-time high
Total stockpiles, covering light, middle and heavy distillates, rose 3.5%
Brazil's Petrobras seeks $1.4bln in savings via buyout programs
Programs will affect 3,800 employees
Equinor powers ahead with floating wind turbines despite oil crash
Five platforms at Norway's Snorre and Gullfaks fields will be the first in the world to receive power from a floating wind par
Insights
Oil industry crisis starkly revealed in U.S. weekly data: Kemp
Global oil producers and refiners are struggling with a series of unprecedented dislocations
U.S. oil output set to slump as prices plunge: Kemp
U.S. crude production is predicted to decline by 1.75mln barrels per day (bpd) or almost 14% over the seven months from March to October 2020
Oil row rumbles on as crisis talks are postponed
Despite their differences, both Saudi Arabia and Russia would be unlikely to take on the full burden of cuts without matching reductions by the US