Oil prices fell today after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many US refiners, a key source of crude demand, remained offline. Brent crude was down by 15 cents, or 0.2%, …

Karbala’s oil refinery will be able to provide premium oil products once it functions in full capacity starting from early 2022, Iraq’s Minister of Oil Ihsan Abdul Jabar said. Abdul Jabar’s comments came in a press conference on the inauguration of the Karbala refinery building earlier today, Wednesday. “The Karbala …

OPEC+ will likely stick to their policy of increasing oil production by 400,000 barrels per day (bpd) per month, Reuters reported, citing four sources. OPEC+ experts revised the 2022 oil demand growth forecast to 4.2 million bpd, according to two sources. OPEC and its allies will meet today, Sept. 1, …

The Ministry of Electricity announced today that the national energy system has lost more than 5,000 megawatts due to the decline in Iranian gas supply to stations in the center and south of the country. The ministry said in a statement that the national system is exposed today, Wednesday, September …

The gas price in Europe went up to over $625 per 1,000 cubic meters during Wednesday trading, according to data provided by London’s ICE. Particularly, the price of gas futures for October delivery at the TTF hub in the Netherlands reached $625.9 per 1,000 cubic meters, or 51.8 euro per …

Oil prices recovered on Wednesday, after a US industry report showed crude inventories fell more than expected last week, steadying after overnight losses from the impact of Hurricane Ida on US refineries. Prices rose ahead of the OPEC+ meeting at… Prices rose ahead of the OPEC+ meeting at 1500 GMT …

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. The data — to be presented to the group’s Joint Technical Committee on Tuesday — ought to reassure the Organization of Petroleum Exporting …

The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time. A group led by state-owned Pakistan Petroleum Ltd. will invest about $305 million to find crude and natural gas in the UAE’s Persian Gulf waters, according to Abu Dhabi National Oil Co. Adnoc is …

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate was steady above $69 a barrel after rising 0.7% on Monday. While Gulf of Mexico crude producers …

A German court in Düsseldorf has rejected an appeal by Nord Stream 2 AG to allow its pipeline to be exempt from the EU’s gas directive rules. Thus Russia will be unable to use the full transport capacities of the new gas pipeline once it is launched soon. This will …