Saudi Aramco raised crude pricing for August sales of all its grades to Asia as global supply cuts and reviving demand buoy the oil market. The state producer in Saudi Arabia increased its official selling price for flagship Arab Light crude to buyers in Asia to a premium of $1.20 …

Russian Energy Minister Alexander Novak said OPEC+ hasn’t made any decision yet on extending its deepest output cuts beyond July, while signaling a preference for avoiding repeated changes to the group’s current plan. “Let’s see the situation, technical data, June figures and then the OPEC technical committee will analyze the …

Oil prices hit a four-month high on Thursday, pushed higher by supply restrictions and a global rebound in demand. However, the accelerating spread of the coronavirus across the United States represents a major red flag, threatening another downturn. Experts had long warned that a second wave might be possible, but …

Caretaker of Ministry of Industry, Mine and Trade announced on Sunday that Iran has planned to export 41 billion dollars’ worth of non-oil goods by the end of the Iranian year on March 20, 2021. Despite the sanctions and coronavirus pandemic, Iran will experience growth in its non-oil exports, Hossein …

The Gulf state of Kuwait is the most dependent on revenues of fossil oil among the world countries, a recent report issued by the World Bank revealed, according to The New Khalij on Friday. The report, which was published by local Kuwaiti media, confirmed that Kuwait’s oil revenues make up …

OPEC cut oil exports in June by 1.84 million barrels per day (bpd) from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments. OPEC’s crude exports averaged 17.2 million bpd last month, Kpler said …

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. The official Twitter account of the company posted an update yesterday, saying (via …

OPEC slashed oil production to the lowest level since the Persian Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia delivered the extra curbs promised in June, and the laggards, though still trailing in …

Italian energy major ENI, who is the Operator of the Block, BP and France’s Total as Contractor members have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush, ENI said on July 1. …

French oil giant Total SA has sent a drilling rig to South Africa in the hopes of duplicating its massive find there last February, Total’s partner in the project Africa Energy Corp said in a press release on Thursday. According to Africa Energy Corp, the Odfjell Deepsea Stavanger sem-submersible rig …