If the oil industry’s upstream investments continue to be lower next year, there is a material risk that the world could end up with a shortage in new conventional supply in a few years, the International Energy Agency (IEA) said in its annual World Energy Outlook on Wednesday. Source: OilPrice
Prime Minister Alexis Tsipras is in Moscow for an official visit being touted as the beginning of the end of a frosty period in traditionally warm ties between Greece and Russia and during which energy cooperation is expected to be a key focus of talks. Source: Ekathimerini
Caracas and Moscow have signed $5 billion US dollars’ worth of contracts related to oil production during President Nicolas Maduro’s visit to Russia, Maduro tweeted a day after meeting with President Vladimir Putin. Maduro announced the deal on Twitter, thanking Putin and the people of Russia. “Contracts have been signed to guarantee investments for $5 billion to increase oil production with Russian partners of joint ventures,” Maduro said. Source: RT
ibya has closed all its oil loading terminals due to bad weather, and soon-to-be-full storage tanks will lead to a shut-in of 150,000 bpd, or half of the oil production at the large Sharara oil field, a source close to the issue told S&P Global Platts on Wednesday. Source: Oil Price
