Wood Mackenzie

China is taking advantage of reduced oil demand in Europe amid the coronavirus pandemic to replenish its oil reserves from Russia, Deutsche Welle reports.

A natural gas reservoir discovered by US oil giant ExxonMobil off the coast of Cyprus may be worth as much as 30-40 billion dollars, according to initial estimates the Cypriot Phileleftheros newspaper reported on Friday.

ExxonMobil added another giant gas discovery to the east Mediterranean region after finding a gas-bearing reservoir offshore Cyprus but infrastructure bottlenecks and geopolitical disputes mean output from the field could be far off.