Oil prices jumped more than 3 percent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market. Brent crude futures rebounded $2.82, or 3.3 percent, to $87.96 a barrel by 2337 GMT …

Iran’s First Vice President Mohammad Mokhber will participate in the second edition of the Caspian Economic Forum in Moscow. Mokhber is visiting Moscow at the invitation of Russian Prime Minister Mikhail Mishustin. Several Iranian ministers and executive officials will accompany Mokhber on his trip. The delegation will seek solutions to …

Rejecting the seizure of Iranian vessel in Baku, Khazar Sea Shipping Lines Company (KSSLCO) said that the bad weather conditions on way to destination is the main reason for temporary stay of the vessel in Baku. The Iranian vessel belonging to Khazar Sea Shipping Lines Company, headed from Bandar Anzali …

Norway’s military said on Monday it had posted soldiers to help guard major onshore oil and gas processing plants, part of a wider effort to boost security amid suspicion that sabotage caused leaks in the Nord Stream gas pipelines last week. Russia’s Nord Stream 1 and 2 pipelines burst on …

Oil Minister Javad Oji has said 260 trillion rials (about $902.9 million) has been allocated for the implementation of the National Iranian Gas Company (NIGC)’s priority projects in the current Iranian calendar year (started on March 21). Oji made the remarks in an Oil Ministry committee meeting held on Sunday …

Russia’s state-controlled Gazprom PJSC suspended natural gas deliveries to Italy in an apparent scuffle over regulation in Austria, escalating the energy crisis in Europe. The cutoff appeared to target just Italy, which gets Gazprom’s supplies from a pipeline that passes through Austria. Higher volumes of Russian gas were allocated to …

The Nord Stream 2 pipeline in the Baltic Sea appears to have stopped leaking natural gas, Denmark’s energy agency said on Saturday. The agency said on Twitter that the company operating Nord Stream 2 reported balanced pressure in the pipeline stretching from Russia to Germany. This indicates that the leak …

Japan is considering extending its subsidy program for oil wholesales to lower retail gasoline prices beyond its current year-end deadline to next spring, intending to prevent a sharp hike in fuel costs amid persistent supply concerns triggered by Russia’s invasion of Ukraine, sources familiar with the situation said Saturday. The …

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation. It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua …

Iranian Oil Minister Javad Owji and Japanese Foreign Minister Yoshimasa Hayashi in a meeting stressed the need for enhancing Tehran-Tokyo cooperation. Stating that Iran can play an important role in Japan’s energy supply, the Iranian oil minister called for boosting the level of economic cooperation between the two countries. “Japanese …