While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers behind Saudi Arabia may not be on board with extending the current cuts into next year. Iraq, the United Arab …

The members of the Organization of Petroleum Exporting Countries (OPEC) and their non-OPEC allies, have set the stage for a dramatic meeting at the end of November as bears look firmly in control of oil markets. The expanded OPEC-plus alliance, which is dominated by Saudi Arabia and Russia, could have …

Qatar Petroleum is pleased to announce a new gas/condensate discovery in the Luiperd prospect, located in Block 11B/12B, in the Outeniqua Basin, 175 km off the southern coast of South Africa. This is the 2nd significant discovery in Block 11B/12B, which is being explored by Qatar Petroleum and its partners, …

Norwegian firm Equinor and its partner BP Canada have made two oil discoveries offshore Newfoundland, Canada. Following drilling in the Flemish Pass Basin, the two wells at the  Cappahayden  and  Cambriol prospects proved hydrocarbons presence. However, Equinor said it is too early to provide specific information on volumes present at the two prospects. Equinor …

Exxon Mobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices. Exxon and other oil producers have been slashing costs due to a collapse in oil demand and …

From his third-floor office in eastern Baghdad, Iraqi Oil Minister Ihsan Abdul Jabbar can see the rowdy protesters below as they march toward Tahrir Square, the symbolic heart of Iraq’s latest uprising. On Sunday, thousands of Iraqis again gathered with national flags at the square, across the Tigris river from …

China started this week building a mega petrochemical and refining complex in east China’s Shandong province, local state media reported, four months after the $20 billion project received state approval. The Yulong project to be built in Yantai, Shandong, China’s hub for independent oil refineries, consists of a 400,000-barrel-per-day oil …

China announced it will shut out new sales of conventional gas-powered vehicles and allow only electric and hybrid versions from 2035, forcing automakers around the world to rethink their strategies in the world’s largest auto market. The policy, announced Oct. 27 by the Ministry of Industry and Information Technology, goes …

Oil prices edged lower on Wednesday as a jump in US crude inventories and surging Covid-19 cases raised fears of an oversupply of oil and weak fuel demand amid rising coronavirus cases in the US and Europe. Brent, the international benchmark for more than half of the world’s crude, slipped …

OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market. OPEC and allies including Russia made a record oil output cut in April as the pandemic hit …