The approximate value of the large gas reserve in the Black Sea which Turkey said it discovered earlier in the day is $65 billion, Turkish Energy Minister Fatih Donmez said on Friday. “The approximate value is $65 billion. We will be conducting the seismological exploration and drilling on our own”, …

Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) for a month to make up for their oversupply between May and July, an internal OPEC+ report seen by Reuters shows. That oversupply above OPEC+ agreed targets …

A gas discovery of the scale of the Tuna-1 find in the Black Sea, if developed, would be transformational for Turkey, given its overwhelming reliance on imports and crippling energy import bill. Turkey is chiefly reliant on piped gas from Russia, Azerbaijan and Iran but the share of liquefied natural …

The oil market has not yet stabilised, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday, but added that the measures implemented by OPEC have been successful in raising crude prices. “The market is not stabilised yet for several reason including the coronavirus outbreak … But OPEC has taken …

Libya, following the resumption of the operation of oil facilities, will export only oil accumulated in port terminals, crude produced at deposits will not be exported, Libyan National Army spokesman Major General Ahmad al-Mismari said. “The opening of oil facilities means exportation of only what is in the tanks, the …

Saudi Arabia redoubled its crusade for OPEC+ compliance Aug. 19, laying pressure on the alliance’s quota violators to make up for their excess crude production with deeper cuts in the coming weeks, in the name of fairness and market stability. Nigeria and Iraq, two of the biggest compliance laggards, received …

Oil declined from a five-month high in New York with the U.S. Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus. Futures fell 1% toward $42 a barrel amid a broader rout in equities after minutes from the Fed said the …

The outcome of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Wednesday was as predicted. OPEC+ — an alliance of the members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC allies, led by Russia — will continue on the trajectory agreed in April, when …

OPEC oil producers and allies are meeting today to review compliance with oil output cuts deal, but are unlikely to change their output policy, Reuters reported, citing OPEC+ sources. The meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan, the sources said, adding that compliance …

Over US$100 billion of investment in wind and solar power plants are expected to push the renewables share to 27% of Japan’s generation mix by 2030, exceeding the country’s target, says Wood Mackenzie. Outlined in the 5th Strategic Energy Plan, Japan had aimed for between 22% and 24% of the …