Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.09, or 1.9%, to $55.01 a barrel by 1021 GMT, after a 2 …

OPEC+ output policies and the pandemic’s path will continue to drive global oil prices in 2021, Fitch Ratings says. Although demand remains subdued because of the coronavirus pandemic, oil prices have increased materially since October 2020 due to OPEC+ production cuts, reduced oil inventories and increased investor optimism, supported by …

Angela Merkel said she’s willing to discuss energy ties with Moscow with the incoming U.S. administration, but the German chancellor reiterated her support for a controversial gas pipeline to Russia. “We need to also discuss which economic relations in the gas sector are possible with Russia, and which aren’t,” Merkel …

President Hassan Rouhani inaugurated the Persian Gulf Bid Boland Gas Refinery, the largest in the Middle East and other important oil projects in southern Iran on Thursday. Through a video conference, the President inaugurated the projects with investment of 4,590 million dollars. Persian Gulf Bid Boland Gas Refinery is inaugurated …

U.S. President Joe Biden on Wednesday signed an executive order to revoke the existing presidential permit for the controversial Keystone XL pipeline project, which would carry oil from Canada to the American Gulf Coast. Oil industry groups and Republicans in the United States opposed the move, arguing it would result …

Brookfield Asset Management Inc. and KKR & Co. are among top infrastructure investors weighing bids for a stake in Saudi Aramco’s oil pipelines, people familiar with the matter said. Apollo Global Management Inc. has also been studying whether to make an offer, the people said, asking not to be identified …

India, one of the world’s top oil consumers, has slammed OPEC for creating confusion with its latest decisions regarding oil supply, with many importers seeing their expectations of higher volumes disappointed. In December, OPEC+ had agreed to start raising oil production by half a million barrels daily from this month. …

The U.S. will always play an important role in global energy markets, even though President-elect Joe Biden is likely to be less vocal than President Donald Trump about oil, the UAE’s energy minister told CNBC ahead of Inauguration Day. “The United States of America is a major player now … …

Suddenly, the outlook for oil prices has changed dramatically. From a situation at the end of last year when there was talk of Brent crude “stuck” at $50-$55 per barrel, many experts are now looking for upward of $60 in 2021, with some of the more bullish targeting $65 by …

The Organisation of the Petroleum Exporting Countries has expressed its support for the adoption of electric vehicles in a sustainable manner as well as renewable energy as part of efforts to reduce emissions. The Secretary-General, OPEC, Mohammad Barkindo, who spoke at the Atlantic Council Global Energy Forum 2021 on Tuesday, …