When President Biden announced earlier this week that the federal government would be releasing 50 million barrels of crude from the strategic petroleum reserve, perhaps those around him expected prices to go down significantly and stay down. Instead, prices rose, and OPEC+ gave a heavy hint it might cut supply. …

Oil prices recovered some losses with WTI crude gaining over five per cent on Monday morning as investors were a bit cautious and focused on new coronavirus variant Omicron’s spread. The spread of a new Covid-19 variant from South Africa, Omicron, resulted in sharp risk-off sentiment and sell-offs in global …

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents. Oil prices crashed together with other financial markets on Friday by more than …

The value of Iran’s non-oil trade rose 40 percent during the first eight months of the current Iranian calendar year (March 21-November 21), as compared to the same period of time in the past year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. Mehdi Mir-Ashrafi said …

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group. There are signs that demand may be weakening in some …

Saudi Aramco is marking the start of its development of the Jafurah unconventional gas field on November 29, says a report by Arab News. The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom. The move is part of the Kingdom’s push to commercialise its …

On November 10, San Jose, California-based electric vehicle maker Rivian Automotive Inc. became the latest name to join the ever-growing list of EV manufacturers going public. As widely expected, Rivian’s IPO was another blockbuster after the company managed to raise about $13.5 billion by selling 175.95 million shares at $78 …

China’s largest natural gas storage, Hutubi gas storage under China National Petroleum Corporation (CNPC) in Northwest China’s Xinjiang Uygur Autonomous Region, began to supply gas to the West-East Gas Pipeline on Friday, further ensuing the country’s stable gas supply during winter and spring. Entering November, northern Xinjiang was hit by …

Iraq does not have any expectations about the outcome of the Dec. 2 meeting of OPEC+ ministers, the country’s oil minister told the state-run Iraqi News Agency, as the 23-member coalition is set to assess the impact of the oil price crash on Nov. 26, a new COVID variant and …

Iran wants to pump more oil than it did before the Trump administration tightened sanctions, a top official said ahead of high-level nuclear talks whose outcome would directly impact the country’s energy-market ambitions. “Plans are in place to increase oil output to more than 5 million barrels a day,” said …