The Sultanate of Oman’s production of crude oil and condensates recorded an increase of 8.2 per cent by the end of February 2022 to reach 60,929,200 barrels compared to 56,300,900 barrels by the end of February 2021, according to the latest data issued by the National Centre for Statistics and …

“Compared to previous oil shocks, this is a different world.” Vehicle industry expert John DeCicco, an engineer at the University of Michigan in Ann Arbor, says that history may not teach us much about how consumers are going to respond to skyrocketing oil prices. In the past, oil price sticker …

It has been exactly six weeks since Russia invaded Ukraine, with no end in sight to one of humanity’s biggest existential crises in modern times. In response to Russia’s unprovoked and unjustified war, the United States and the West have hit the rogue nation with a plethora of sanctions, with …

A driver refuels a vehicle at a petrol station in Gimpo, South Korea. Asia’s fourth-largest economy almost entirely relies on imports for its fossil fuel needs. Photo: Bloomberg South Korea is worried about knock-on effects from the Ukraine war on the prices of raw materials it needs to produce goods …

Iran announced the production of several radio medicine, including Lutetium-177, to treat a number of difficult-to-treat diseases like cancer. Several new radio medicine were unveiled on the National Day of Nuclear Technology in the presence of President Seyed Ebrahim Rayeesi. With a half-life of 7 days, Iranian-made LU-177 will have …

Replacing Russian natural gas in Europe could be challenging in short term and it will keep gas prices high, Fitch Ratings said on Friday. Europe imports around 60% of its total natural gas demand, as Russia is supplying about a third of the continent’s consumption – 152 billion cubic meters …

An expert on energy said that all the three countries of Kuwait, Saudi Arabia and Iran can exploit the Arash joint gas field but due to the possible problems, they must trilaterally determine the borders. As regards Saudi Arabia and Kuwait’s joint program on the Arash joint gas field, Ali …

Germany could end Russian oil imports this year, Chancellor Olaf Scholz said on Friday, signaling the urgency driving Europe’s biggest economy to wean itself off energy from Russia. “We are actively working to get independent from the import of (Russian) oil and we think that we will be able to …

OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. “It is not something that you can open a tap for at this point. You must have the additional capacity, …

The outlook for crude oil demand in the world’s second-largest consumer is dimmed amid the continued increase in Covid-19 cases and the extended lockdown in Shanghai, where daily cases have topped 2,000. Because of the movement restrictions put in place to rein in the spread of the virus and because …