The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook. The compliance last …

The U.S. oilfield services sector added more than 6,400 new jobs last month. in the latest sign that things are beginning to look up for the embattled industry. There has even been some M&A activity, too, namely Schlumberger’s offloading of its shale oil business to Liberty Oilfield Services in September. …

India’s energy demand is poised to bounce back as Asia’s third-largest economy reopens for business, oil minister Dharmendra Pradhan said. The country’s consumption of petrol, gas oil and cooking gas in October “exceeded the figures of last year”, said Mr Pradhan during the online Abu Dhabi International Petroleum Exhibition and …

Norway-based Equinor, a state-owned multi-national energy company, has announced its ambition to become a net-zero energy company by 2050, which includes emissions from production and final consumption of energy. It sets a clear strategic direction and demonstrates the company’s continued commitment to long-term value creation in support of the Paris …

Libya will not join OPEC quotas until its production stabilises at 1.7 million barrels per day (bpd), a Wall Street Journal reporter tweeted here, citing National Oil Corp chief. Libyan oil production could reach 1.3 million bpd within a month, NOC’s Mustafa Sanalla told the Journal. OPEC-member Libya is exempt …

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions. The total number of active oil and gas rigs increased for the week by 12, with oil rigs rising by 10 and gas rigs …

Every new crisis is a formidable opportunity to try new things, oftentimes merely to have another go with methods that have failed in the past but should work better now. Cognizant of the pricing developments in the Asian market, the Iraqi state oil marketing company SOMO has announced that from …

Under a Memorandum of Understanding inked between Iran and Syria, Iranian companies will construct dam and water transmission lines in Syria. Iranian Deputy Ministry of Energy for Water and Wastewater Affairs and Syria’s Deputy Ministry of Water Resources emphasized the need for implementing a Memorandum of Understanding (MoU) between Iran …

Saudi Arabia will miss more than 100 billion riyals (over $27 billion) in 2020 due to the fall in crude-oil prices this year amid the COVID-19 pandemic, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has said. “According to the 2020 budget projections presented last year, government revenues …

Turkey will rank fifth in Europe for increasing its renewable power capacity, which is forecast to add 22.2 gigawatts (GW) by 2025 to reach 66.8 GW, according to International Energy Agency (IEA) data compiled by Anadolu Agency. The country’s total installed renewable energy capacity stood at 44.6 GW at the …