On Friday Iraq announced the start of implementing the decision of OPEC + to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported. Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in …

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation of Petroleum Exporting Countries’ (OPEC) rotating presidency, announced: “It is necessary for all the concerned countries to fully comply …

Chinese coal miner Baofeng Energy has announced the start of construction of what it claims will be the world’s largest solar-powered hydrogen plant, in the Ningxia Hui autonomous region of northwest China. The RMB1.4 billion ($199 million) electrolysis project is intended to produce 160 million cubic meters of hydrogen per …

The wind-turbine materials market is expected to double in value to nearly $20 billion in 2026 from today’s value, US-based Frost and Sullivan has forecast. The market analyst outfit expects the market for “structural and non-structural materials” to grow at a compound annual rate of 8.9% — from $10.76 billion …

President of the OPEC Conference and Algeria’s Minister of Energy Mohamed Arkab called on OPEC and non-OPEC countries to fully implement the oil production limiting agreement, OPEC says on its website on Saturday. “In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that …

Well-known American linguist, philosopher and political activist Noam Chomsky said on Saturday that the Trump administration has sheer sadism of sanctions. Chomsky made the remarks when asked by IRNA Correspondent to New York to comment about US sanctions on Iran while the coronavirus disease (COVID-19) continues in the country. “The …

Saudi Arabia’s outlook was cut to negative from stable by Moody’s Investors Service after the crash in oil prices exposed the vulnerability of the kingdom’s finances amid the global pandemic and its reserves plunged to the lowest level in almost a decade. The rating company kept the sovereign at A1, …

The number of large dams in Iran would reach a total number of 156 by August 2021, Energy Minister Reza Ardakanian said, adding that the government is pushing ahead with plans to build 12 more dams across the country. Ardakanian said that Iran had broken a record of launching a …

Global energy demand will plunge this year, with the Covid-19 pandemic representing the biggest shock to the global energy system in more than seven decades, a new report released by the International Energy Agency (IEA) says. The report says that the drop in demand this year is set to dwarf …

ConocoPhillips went from a profit in the 1st quarter last year to a loss in the same period of 2020 after being hit by impairment charges and lower oil and gas prices. The company reported a 1st-quarter 2020 loss of $1.7 billion compared with 1st-quarter 2019 earnings of $1.8 billion. …