The Saudi Arabian Monetary Authority said on Tuesday its net foreign assets, which include securities such as U.S Treasuries and foreign deposits, fell in March to $464 billion, their lowest since 2011.

LNG output jumped by the largest increment ever, 40.9mn t, and grew by the fastest annual rate since 2010, 13pc.

Jiangsu is China’s biggest provincial gas market with consumption growing by 6.3pc in 2019 to 28.7bn m³

Sterling rose 0.2% against the weaker dollar, at $1.2443. As the euro also strengthened versus the dollar, the pound was down around 0.3% versus the euro at 87.335 pence.

UAE, Abu Dhabi Power Corporation (ADPower) announced, today, the world’s lowest tariff for solar power.

Brent rose 41 cents, or 2%, to $20.40 a barrel, WTI was down 78 cents, or 6%, at $12.00 a barrel.

"Due to the low LNG prices in 2019, and into 2020 amid a global LNG supply surplus and uncertainties in the trade environment, some of the proposed projects are seeing slower progress towards FID," the report said. "With the additional effect of COVID-19 on stock markets, many companies, including those in the energy industry, are struggling financially, further delaying progress of projects."

The pan-European STOXX 600 held at a near seven-week high with a 0.7% gain,

Germany's economy shrank by 1.9% in the first three months of 2020

Iraq is heavily reliant on Iran to maintain its power supply, and even then it has significant blackouts that are exacerbated by the summer heat.