Oil declined from a five-month high in New York with the U.S. Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus. Futures fell 1% toward $42 a barrel amid a broader rout in equities after minutes from the Fed said the …

The outcome of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Wednesday was as predicted. OPEC+ — an alliance of the members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC allies, led by Russia — will continue on the trajectory agreed in April, when …

OPEC oil producers and allies are meeting today to review compliance with oil output cuts deal, but are unlikely to change their output policy, Reuters reported, citing OPEC+ sources. The meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan, the sources said, adding that compliance …

Over US$100 billion of investment in wind and solar power plants are expected to push the renewables share to 27% of Japan’s generation mix by 2030, exceeding the country’s target, says Wood Mackenzie. Outlined in the 5th Strategic Energy Plan, Japan had aimed for between 22% and 24% of the …

Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, …

Iraq plans to sign a memorandum of understanding with Chevron Corp. to explore for oil in the country’s southern province of Dhi Qar, according to a person familiar with the matter. The deal formalizes Chevron’s interest in exploring the eastern and western parts of Nasiriyah, the capital of Dhi Qar, …

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 …

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 …