Iraq has reportedly “put on hold” it oil contract with China’s Zhenhua Oil. The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq’s State Oil Marketing Organization (SOMO) for a regular supply of crude oil. Oil prices have risen significantly since the deal was struck.

Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc. A reopening of the global economy will help demand return to pre-COVID-19 levels, but inventories remaining tight into the summer will cause West …

Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group. Saudi Arabia and Russia have differences over a potential deal among OPEC+ oil …

Iran has traded 134 million tons of non-oil commodities worth $65.5 billion in the first 11 months of the current Iranian calendar year (March 20, 2020-February 18, 2021), according to the head of the Islamic Republic of Iran Customs Administration (IRICA). As reported by IRIB, during the mentioned period, 103 …

Iraq has decided against signing an oil-supply deal with a Chinese state company that would’ve seen the cash-strapped Arab nation get about $2 billion upfront, according to its oil minister. Baghdad opted not to go ahead with the contract after oil prices rose in recent months, Ihsan Abdul Jabbar said …

CNOOC Limited announced Monday that the company has made a “large sized” oil and gas discovery at the Bozhong 13-2 asset in Bohai Bay. Discovery well BZ13-2-2 was drilled and completed at a depth of 17,135 feet and encountered oil pay zones with a total thickness of approximately 1,135 feet, …

Russian Ambassador and Permanent Representative to the International Organizations in Vienna Mikhail Ulyanov hailed understanding between Iran and the International Atomic Energy Agency, saying it will allow sufficient level of verification. “The IAEA Director General R.Grossi has just returned from #Tehran with positive results,” Ulyanov wrote in his Twitter account …

Director-General of the International Atomic Energy Agency (IAEA) Rafael Grossi and Head of the Atomic Energy Organization of Iran (AEOI) Ali-Akbar Salehi released a joint statement on agreement to continue with cooperation and mutual trust. The statement was issued on February 21 at the end of Grossi’s visit to Tehran. …

Global energy major ExxonMobil said it had long advocated for federal methane regulations as the most effective way to reduce methane emissions at scale, and now has received a shot in the arm with US President Joe Biden prioritising it as part of his administration’s plan to achieve the goals …

A masterplan for Pakistan’s largest oil city, including a $10 billion Aramco oil refinery project, is underway and expected to be ready before the end of the year, Pakistani officials said this week. The proposed mega oil city will be developed on 88,000 acres of land in the Gwadar district …