American oil producers are slashing their budgets for new operations for the rest of this year, which means far fewer new rigs, a painful downturn for dozens of oil-field services companies and the certainty of layoffs, from Texas to North Dakota. Worldwide, the coronavirus pandemic has kneecapped the petroleum business, …

The storage capacity of Iran’s Offshore Oil Company, which is located on Siri Island of Hormuzgan province, in southern Iran will increase by 1 million barrels, said Ebrahim Alipour, Executor of the Iranian Offshore Oil Company’s overhaul project on the Siri Island, Trend reports citing the company’s website. According to …

Russia will provide funding for government spending commitments, including social sphere for six year at current oil process, Finance Minister Anton Siluanov said at a meeting of the Federation Council. “I want to say that even at current energy prices, we will have enough resources for a period of about …

Iran has decided to halt work on the expansion of its Abadan oil refinery until mid-April as part of measures to contain the new coronavirus outbreak, the semi-official Mehr news agency said, citing Managing Director of National Iranian Oil Engineering and Construction Company (NIOEC) Saeed Sattari Naini. Iran contracted China’s …

Russia refuses to open negotiations with Saudi Arabia, which is flooding world markets with cheap oil in a brazen attempt to punish Russia for rejecting substantial oil production cuts that would have steadied sinking oil prices. Saudi Arabia has made huge cuts to its official selling prices for oil. Arab …

Libya’s National Oil Corporation (NOC) on Friday called for reopening the country’s oil fields and ports, closed in January by tribal leaders in protest against the UN-backed government. “We call on those responsible for the closure to immediately lift the blockade and spare oil sector workers and citizens further suffering,” …

A research team, led by Professor Jungki Ryu of the School of Energy and Chemical Engineering at Ulsan National Institute of Science and Technology in South Korea, presented a new biofuel system that uses lignin found in biomass for the production of hydrogen. The system decomposes lignin with a molybdenum …

Atlas Renewable Energy has signed a deal with Anglo American to build the ‘largest solar plant’ in Brazil with a R$881 million (£143.5m) investment. The Atlas Casablanca solar plant will have an installed capacity of 330MW, with more than 800,000 panels allowing it to produce enough energy to supply a …

Global energy player Total will build a battery-based energy storage project in France’s Dunkirk port district. The battery project will be built with an investment of nearly €15m and will have 25MWh storage capacity and 25MW power output. Total chairman and CEO Patrick Pouyanné said: “This project is part of …

Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake from the kingdom. The Saudi shipments, coupled with unprecedented discounts, are turning the European oil market into the most bitterly …