Iran is one of the most hydrocarbon-rich countries in the world. According to the Iranian Oil Ministry data, nearly 300 oil and gas fields have been explored in the country of which over 40 are gas fields. Although until recently the Oil Ministry (as the name suggests) was mostly focused …

China, the world’s biggest oil importer, has ramped up purchases of American crude in the lead-up to a highly-anticipated review of the trade deal between the two economic powerhouses. As much as 14 million barrels — or seven super-class tankers full — of U.S. oil will be loaded next month …

Chief Executive of Iranian Offshore Engineering and Construction Company (IOEC) said that his company has turned sanctions into the opportunities of indigenizing parts. Saeed Vafapour made the remarks on Monday in the signing and sealing ceremony of 13 contracts for maintaining and increasing oil production volume, adding that exacerbation of …

Oil prices have dropped due to surging Covid-19 cases around the world despite OPEC+ stating that it is fully adhering to supply cuts to support prices. Brent crude futures decreased by $0.22 to reach at $45.15 a barrel while the US West Texas Intermediate (WTI) futures fell by $0.23 to …

This may turn out to be the year that oil giants, especially in Europe, started looking more like electric companies. Late last month, Royal Dutch Shell won a deal to build a vast wind farm off the coast of the Netherlands. Earlier in the year, France’s Total, which owns a …

OPEC has managed to raise crude prices and stabilise the oil market, OPEC member Iran’s oil minister was quoted on Monday as saying by his ministry’s website SHANA, reports Reuters. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and …

The Iraqi Oil Minister, Ihsan Abdul-Jabbar announced today, Sunday, that 30 tankers carrying more than a million liters of fuel oil will be heading to Beirut from Iraq. Abdul-Jabbar said in a statement received by Shafaq News agency, “The new batch of fuel oil comes as part of the assistance …

Iranian ministry of industry, mine and trade announced that the country has exported non-oil products worth $6.3 billion in the first quarter of the current calendar year (March 20-June 20, 2020). The ministry also said that it plans to export $41 billion of non-oil products by the yearend. There are …

A grounded Japanese-owned ship that leaked tonnes of oil near protected areas off the Indian Ocean island nation of Mauritius has split apart, with remaining fuel spreading into the turquoise waters. The bulk carrier struck a coral reef off Mauritius on July 25 and its hull began to crack after …

Global LNG demand could fall 4.2 percent in 2020 in a multi-wave pandemic scenario before recovering in 2021. The market is expected to begin re-balancing as producers curb supply and the pandemic delays commissioning of new LNG projects. The Global Gas Report 2020 , published by the International Gas Union …