Petroleum industry

Turkey intensifies Eastern Mediterranean drilling despite COVID-19

Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Mediterranean despite the COVID-19 pandemic, which along with low oil prices has caused the temporary suspension of activities of foreign oil companies in the region.

Despite the negative consequences of the pandemic on drilling plans in the region, Turkey is expanding its operations.

OPEC, allies agree to lower oil production by 10 mln bpd

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

Oil prices at 17-year lows as virus ravages world

Oil prices extended losses in Asian trade on March 30 and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.    

U.S. benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23.