The oil industry has been hit hard by a number of things this year that have led to a decrease in demand. The biggest one, of course, is the coronavirus pandemic. People aren’t driving as much these days as they stay close to home. The airline and cruise ship industries …

Iran’s Energy Minister Reza Ardakanian announced his country’s plans to inaugurate and put into operation 250 electricity and water projects by the end of the current Iranian year (March 20). “We have decided to put into operation 250 projects by investing nearly 50,000bln tomans ($11.9bln) by the end of this …

Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month. The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of …

Eni announced the successful drilling of the SWM-A-6X well, in the South West Meleiha development and exploration concession located in the Egyptian Western Desert, some 130 km North of the of Siwa Oasis. The new well has been drilled close to existing production facilities and is already connected to the …

The United Arab Emirates has launched a nuclear energy plant on Saturday, the first such project in the oil-rich Arab world. Unit 1 of the Barakah plant in the Al Dhafrah region of Abu Dhabi started producing heat on Saturday, the Emirates Nuclear Energy Corporation said in a statement. Unit …

Iraqi Oil Ministry said on Saturday that it exported more than 85 million barrels of crude oil in July, bringing in revenues of over 3 billion U.S. dollars, Trend reports citing Xinhua. Iraq’s total exports of crude oil during 31 days of July reached 85.66 million barrels with an average …

China’s investment in oil and gas exploration set a record high of 82.13 billion yuan (about 11.76 billion U.S. dollars) in 2019, up 29 percent year on year, according to the Ministry of Natural Resources. National exploitation of oil and gas saw a total investment of 252.71 billion yuan last …

According to the Department General of South Pars Customs, 6,036,447 tons of non-oil goods, valued at $1,467,652,224, were exported via this customs office in first four months of the current year (from March 21 to July 22). Head of Department General of Pars Energy Special Economic Zone’s Customs Amir Abbas …

US Secretary of State Mike Pompeo has told lawmakers that the United States intends to impose sanctions on firms that continue to help Russia build a natural-gas pipeline to Europe as he sought to dispel concerns about Washington’s commitment to halt the controversial project. “We will do everything we can …

Exxon Mobil and Chevron both reported huge losses for the second quarter that were even worse than what Wall Street was expecting — yet another sign of how the Covid-19 pandemic has wrecked the global economy. Shares of Exxon and Chevron were each lower in early trading Friday after announcing …