OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting …

Turkey on Wednesday rejected claims by Greece that its oil-and-gas research vessels were encroaching on Greek waters in the eastern Mediterranean and said it would continue to defend its legitimate rights and interests in the region. A Foreign Ministry statement, however, also renewed a call by Ankara for dialogue to …

Oil prices fell on Wednesday as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60 cents, or 1.4%, to $43.72 a barrel by 0912 GMT. …

Iranian Minister of Energy said that Iran and Iraq have finalized two cooperation agreements in the field of electricity. Reza Ardakanian made the remarks on Tue. in his meeting with Iraqi Electricity Minister Majid Mahdi Hantoush on the sideline of visit of Iraqi Prime Minister Mustafa al-Kadhimi to the Islamic …

As the Middle East enters the hottest days of summer, Saudi Arabia is set to burn potentially record amounts of crude oil to run its power plants and keep its citizens comfortably air-conditioned. Electricity consumption always soars around July and August, when temperatures in the kingdom can rise above 122 …

While the rest of the world continues to struggle with fuel demand recovery in fits and starts, China has been a key factor in supporting oil prices as it breaks crude oil import records. Record Chinese crude oil imports over the past few months have supported still weak global oil …

Iraq’s Gharraf oil field has restarted production at a rate of 50,000 b/d after output was suspended in mid-March as part of measures to contain the coronavirus pandemic, a Japan Petroleum Exploration spokesman told S&P Global Platts July 22. Production was restarted July 21 after Malaysia’s Petronas, the operator of …

US demand for petroleum and liquid fuels is expected to remain below the 2019 average from before the COVID-crisis until August 2021, according to the US Energy Information Administration (EIA). Total demand for motor gasoline, distillate fuel oil, and jet fuel crashed in March and April due to the stay-at-home …

It was purely a coincidence but, simultaneously on Monday, Providence Resources announced progress with its latest bid to develop its Barryroe oil discovery off the south coast while the EU Commission approved the latest price support scheme for renewable energy. Alan Linn, Providence’s new chief executive, pointed out that Barryroe, …

In the first big deal since oil prices crashed four months ago, Chevron agreed to buy Noble Energy for roughly $US5 billion ($7 billion) in what many experts consider the beginning of a sweeping consolidation in the US oil industry. The coronavirus pandemic caused a sharp decline in oil demand, …