The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday. The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of …

Pumping gas through the Power of Siberia pipeline, which supplies gas to Russian consumers in the Far East and China, resumed on Tuesday after scheduled maintenance work, Gazprom said. “Scheduled maintenance work on the Power of Siberia gas pipeline has been completed. Gas transportation, as planned, has been resumed today …

Libya’s state-owned National Oil Corp. expects its production to rise to 260,000 b/d during the week starting Sept. 27 following the lifting of force majeure and the end of an eight-month blockade on its oil infrastructure imposed by the self-styled Libyan National Army. The first two ports to resume operations …

Oil prices have slipped after Libyan commander Khalifa Haftar said his forces would lift the eight-month blockade of oil exports. Furthermore, rising Covid-19 cases added to the concerns regarding fuel demand. However, a tropical storm passing towards the US Gulf of Mexico restricted further losses. Brent crude LCOc1 fell by …

The National Iranian Oil Company (NIOC) has signed 13 major oil and gas extraction research contracts with Iranian universities and research centers. The documents, worth €35 million plus 7.16 trillion rials, were signed on Monday in a ceremony held in Tehran in the presence of Iranian Oil Minister Bijan Zanganeh. …

Iran’s Minister of Petroleum said on Monday that Iran will apply modern technology for recovery of oil and gas fields. Universities and industry need each other, said Bijan Zangeneh in the ceremony to sign 13 new agreements with universities for recovery of more oil and gas fields. Zangeneh said that …

Royal Dutch Shell has reportedly initiated a major cost-cutting programme with an objective to bring down its oil and gas production costs by up to 40%. The cost-cutting will help the energy company to generate cash savings and enable it in revamping its business, reported Reuters citing undisclosed sources. This …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview, Oilprice reported. “Reserves accumulated in the 2nd quarter are gradually shrinking, and we see that July and August were the first two …

Libya is expected to resume production from fields and export crude from ports that are secure, said the country’s state oil company. The National Oil Corporation said a force majeure in place will be eased across “oilfields and ports that are secure”. Force majeure refers to an unforeseen event outside …

China’s natural gas consumption is expected to increase in 2020 amid the country’s efforts to step up exploration and development of the energy source, according to an industry report. Consumption of natural gas is estimated to expand by 13 billion cubic meters to 320 billion in 2020, according to the …