U.S. shale production will likely plateau if WTI oil prices remain in the low $60s per barrel, and decline at prices in the $50s, ConocoPhillips chairman and CEO Ryan Lance said at the Qatar Economic Forum on Tuesday. “The breakeven probably hasn’t moved a lot,” Lance said in Doha, commenting …

Saudi Arabia’s goal is long-term oil market stability, while the Kingdom is always ready for multiple oil price scenarios, Saudi Minister of Economy and Planning, Faisal Alibrahim, said on Tuesday. “We’re always ready for scenarios – multiple scenarios, and we have buffers,” Alibrahim said at the Qatar Economic Forum in …

Chinese imports of Russian crude oil slumped to below 2 million barrels per day (bpd) in April, down by 13%, while imports from Malaysia, the biggest trans-shipment hub for Iran’s oil, nearly doubled from a year earlier. China’s imports from Russia, its single biggest supplier of crude, fell by 12.9% …

The decline in oil prices and the prevailing uncertainty about the economy, trade, and supply chains are accelerating the peak in U.S. oil production despite President Donald Trump’s ‘drill, baby, drill’ slogan. With the U.S. benchmark WTI crude prices at $60 per barrel, it’s mostly “hold, baby, hold” in the …

Foreign Minister Abbas Araghchi told his Turkish counterpart that Iran’s right to peaceful nuclear energy is non-negotiable, reaffirming Tehran’s commitment to constructive diplomacy if its rights are respected. According to Mehr News Agency, Iran’s Foreign Minister Abbas Araghchi emphasized during a phone call with Turkish Foreign Minister Hakan Fidan that …

On Saturday, President Recep Tayyip Erdogan announced the find, which was made during recent exploration efforts in the Black Sea. The Goktepe-3 well is located 69 kilometers (42.8 miles) west of the Sakarya Gas Field and 165 kilometers (102 miles) from the shore. The discovery was made at a depth …

Several parts of Africa have a long history of mining, with the sector contributing high levels of employment across the continent. As the demand increases for critical minerals – needed to fuel a green transition, mining companies are increasingly showing an interest in Africa for its vast untapped resources. Several …

Venezuela’s state-run oil firm PDVSA is taking over crude shipments once managed by Chevron as sanctions drama and payment disputes derail the fragile oil détente between Washington and Caracas. PDVSA just shipped a 920,000-barrel cargo of heavy Boscan crude—previously exported exclusively by Chevron—out of Venezuela bound for Malaysia, a known …

Egypt is seeking to buy more fuel oil on which to run some of its power plants as natural gas supply is more expensive for the cash-strapped North African country. State-controlled Egyptian General Petroleum Corporation (EGPC) is looking to buy via a tender nearly 2 million tons of fuel oil …

The EU is already working on the 18th sanctions package against Russia, which will include a lower price cap, sanctions on the Nord Stream 1 and 2 gas pipelines, more shadow fleet tankers designated, and additional sanctions on the Russian financial sector, European Commission President Ursula von der Leyen said …