Statistics showed that 38,650,000 tons of non-oil goods, valued at $24.198 billion, were exchanged between Iran and 15 neighboring states in the first half of the current year, showing a seven percent growth. Iran’s trade value with neighboring states registered a seven percent from March 21 to September 23, registering …

Iran and Gazprom have created a roadmap on fields, there are several working groups, Iranian Deputy Petroleum Minister Ahmad Asadzadeh said. “Another area is the development of fields in Iran. This is one of the topics in the agreement. We have created a roadmap with Gazprom, we have several working …

Russian President Vladimir Putin on Thursday proposed to his Turkish counterpart Recep Tayyip Erdogan building a natural gas hub in Türkiye. Speaking on the sidelines of a regional gathering in Kazakhstan, Putin said building a hub in Türkiye would allow, among other things, regulating prices, selling gas at market prices, …

Some Biden administration officials are growing concerned that their plan to cap the price of oil purchased from Russia may backfire after the OPEC+ alliance’s surprise production cut last week, according to people familiar with the matter. The plan seeks to keep enough Russian supplies on the global market to …

OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or …

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. Brent crude futures dropped 7 cents, or 0.1 percent, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 …

Saudi Arabia rejected statements criticising the Kingdom as “not based on facts”, after last week’s OPEC+ decision to cut its oil production target despite US objections, saying it served the interests of both consumers and producers. This decision was adopted through consensus, took into account the balance of supply and …

US President Joe Biden warned Tuesday that there will be “consequences” for Saudi Arabia after Riyadh threw its weight behind a production cut by the oil cartel OPEC+ which has sent prices soaring. “There’s going to be some consequences for what they’ve done with Russia,” Biden said in an interview …

Oil prices slipped for a third straight session on Wednesday as the dollar gained steam and investors braced for U.S. inflation data, while global recession risks and tightening COVID-19 curbs in China triggered worries about fuel demand Brent crude futures fell 46 cents, or 0.5 per cent, to $93.83 a …

The World Meteorological Organisation (WMO), in its 2022 State of Climate Services report released on Tuesday, says the supply of electricity from clean energy sources must be doubled within the next eight years to limit the global temperature increase. Focusing on energy, the multi-agency report emphasised that “otherwise, there is …