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

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.

The Commodity Futures Trading Commission probe is focused on whether aspects of the strategy that the Russian government pursued last month with other members of the OPEC+ coalition leaked out to market participants ahead of time

the State of Kuwait sensing a responsibility for responding to market conditions has already decreased some of its supplies to the international markets,

Saudi Arabia and Russia are strongly committed to implement the agreed target cuts over the next two years

Saudi Aramco will cut oil supplies in May by almost 4 million b/d,

ADNOC has terminated $1.65 billion worth of contracts

This is Saudi Arabia's second consecutive monthly price cut after it slashed crude prices by $5-$8/b for April loading crude last month.

effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day

OPEC led by Saudi Arabia and its allies led by Russia, which together make up the informal OPEC+ group, had forged a pact to curb crude production by 10 million barrels per day (bpd) or 10% of global supplies in marathon talks on Thursday.

We will use the SPR to store as much oil as possible," US Energy Secretary Dan Brouillette said at a G20 energy summit. "This will take surplus oil off the market at a time when commercial storage is filling up and the market is oversupplied."

Adjust downwards their overall crude oil production by 10.0 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. For the subsequent period of 6 months, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 8.0 mb/d. It will be followed by a 6.0 mb/d adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022.

The United States has become the world’s largest producer but Trump’s administration has shown no appetite to mandate cuts.

Saudi Arabia and Russia, the two OPEC+ leaders, have insisted that they will only participate if the US also agrees to production cuts.

The oil market has collapsed due to the coronavirus pandemic, as well as the inability of the OPEC+ alliance to agree on a production cut strategy at its last meeting March 5-6, when Russia rejected a Saudi-led proposal for deeper cuts.