The Global News
The significant reduction in oil market volatility has entered the phase of inventory reduction
Alexander Novak, Russia's energy minister, said the data showed that global demand for crude oil had returned to 90 per cent of pre-crisis levels, basically balancing supply and demand. Global oil supply in July was 1 million b/d below demand, indicating a drawdown phase. Volatility in the oil market has weakened significantly, and OPEC+ could quickly decide to cut quotas if the market overheats without a second wave.
320 billion cubic meters of natural gas have been found in Turkey's Black Sea
Turkish President Recep Tayyip Erdogan said Tuesday that the Turkish oil and gas drilling ship Fatih has found 320 billion cubic meters of natural gas in the Black Sea, adding that the country will continue to explore for more energy resources in the area. Local media reports say it could be Turkey's largest gas discovery to date.
Russia's oil and gas export revenues fell 13.9 per cent in the first half from a year earlier
According to a report by the Federal Audit Office of The Russian Federation, Russia's total fiscal revenue from January to June was 9.09 trillion rubles, among which the oil and gas export revenue was only 2.66 trillion rubles, accounting for 29.3% of the total fiscal revenue and 13.9% lower than the same period last year. The main reasons for the decline of Russia's oil and gas export revenue are the reduction of oil and gas export tariffs, lower oil prices, lower natural gas exports and the Economic recession in Europe.
Shell may sell its Norwegian LNG subsidiary
Shell said Tuesday it is exploring the sale of Gasnor, its Norway LNG subsidiary. The company is a market leader in small LNG in Norway, providing industrial and Marine users with LNG fuel and station to station delivery services. Like many big international oil companies, Shell is looking for ways to make the transition to low-carbon energy and is still selectively disposing of its assets.
