Saudi Arabia and Iraq have agreed to coordinate with all oil producing countries to restore balance to the oil market, according to the official Saudi Press Agency (SPA). SPA said the accord came during a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Deputy Prime Minister …

Faced with a paralyzing gasoline shortage, President Nicolas Maduro of Venezuela is using Covid-19 to keep everyone home. Iranian tankers are on their way as he considers longer-term solutions including a private market for imports and sales and a price increase at the pump to kill the black market. Under …

Oil prices rallied again on Wednesday on signs of improving crude demand and a drawdown in United States crude inventories, but gains continued to be capped by concerns over the economic fallout from the coronavirus pandemic. Global benchmark Brent crude settled up $1.10, or 3.2 percent, at $35.75 per barrel, …

The installation of the first jacket of Phase 11 of South Pars Gas Field started in the Persian Gulf at the order of President Hassan Rouhani to drill 12 wells. President Rouhani said in the videoconference to inaugurate the project that the job is being done in coronavirus time and …

Global additions of wind and solar power capacity are set to fall in 2020 for the first time in 20 years due to the coronavirus crisis, the International Energy Agency said Wednesday. A revised forecast for 143 GW of capacity additions is 26 GW below October’s outlook with approximately 16 …

Russia’s oil and gas condensate production fell to 9.42 million barrels per day (bpd) during May 1 to 19 as a global deal on reducing output took effect, two sources familiar with the data told Reuters. The deal on curbing crude output reached between the Organization of Petroleum Exporting Countries, …

Saudi Aramco is the first major global oil producer to see its stock recover to the level it traded at before the price war between Russia and Saudi Arabia. Aramco climbed 3.1% in Riyadh on Tuesday, advancing for a record sixth day alongside an extended increase in the price of …

The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19 have snarled the supply of spare parts and …

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing about 10 percent of global supply, to support oil prices amid the coronavirus pandemic. The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, …

Governor of Central Bank of Iran Abdolnaser Hemmati said that Iran’s non-oil exports are gaining momentum and booming after a downtrend in coronavirus cases in the country. He wrote on his Instagram page late on Tuesday that today, during the meeting of the Government’s Economic Coordination Headquarters in the presence …