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An oil pump is seen at sunset near Reims, France.

REUTERS/Pascal Rossignol

Does the world really need more oil right now?

We’ve heard dire warnings in recent weeks from oil industry analysts and professionals about how already-high oil prices could rise to record levels in the coming months. Goldman Sachs has increased its price forecast for the second half of the year to $135 per barrel. Trading giant Trafigura predicted that prices could rise even higher to over $150 per barrel.

Underpinning these alarms are fears that the war in Ukraine will lead to a big fall in Russian crude production and exports. Ever since Russia invaded its western neighbor, markets have been on alert for signs of acute disruptions that would squeeze crude supplies.

But what if they are looking in the wrong direction? What if the fixation on the risk of a supply shock (losing Russian barrels) is diverting attention from a very real weakening of global demand for oil?

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December 08, 2020 5:00 AM

KUALA LUMPUR • Malaysian energy giant Petronas said yesterday that it has agreed to a commercial settlement that grants Sarawak state a higher share of revenue for oil and gas produced in the state.

Huge India oil well fire extinguished after five months

November 15, 2020 10:30 PM

NEW DELHI (AFP) - A massive oil well fire that has raged for more than five months in northeast India has finally been extinguished, officials said on Sunday (Nov 15).

Qatar puts up 'for sale' sign with new property visas

November 11, 2020 5:35 PM

DOHA (AFP) - Gas-rich Qatar has flung open its property market to foreigners, with a scheme giving those purchasing homes or stores the right to call the Gulf nation home.

Philippines expects unhampered oil exploration in disputed waters after lifting of moratorium

October 16, 2020 7:27 PM

MANILA - The Philippines is confident that it can resume searching for oil and gas in the South China Sea unhampered, as China signals it is willing to help a friendly neighbour with dwindling energy sources.

Pandemic, shift to renewables speed up Big Oil's S-E Asia exit

October 12, 2020 5:00 AM

The Covid-19 pandemic and an ongoing shift to renewables are accelerating an exodus of the world's largest oil and gas companies from South-east Asia, dimming prospects for investment and raising the possibility of supply shortages once demand recovers.

Big Oil's exit from South-east Asia may crimp supply after Covid-19

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JAKARTA - The Covid-19 pandemic and an ongoing shift to renewables are accelerating an exodus of the world's largest oil and gas companies from South-east Asia, dimming prospects for investment and raising the possibility of supply shortages once demand recovers.

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