Global oil demand has rebounded somewhat faster than previously thought, although the spread of the coronavirus in the United States and Latin America is “casting a shadow over the outlook,” the International Energy Agency (IEA) wrote in its latest Oil Market Report. The last few weeks have seen crude oil …

Equinor plans to build the world’s largest floating offshore wind farm in South Korea with up to 100 turbines. We have a plan for construction start in 2023, which can give a possible start of production in 2026, confirms press spokesman Erik Haaland in Equinor to Teknisk Ukeblad (TU). It …

An alliance of crude producers led by Saudi Arabia is pushing OPEC and its allies to increase oil production starting in August, officials in the group said, amid signs that demand is returning to normal levels following coronavirus-related lockdowns. Key members of the Organization of the Petroleum Exporting Countries and …

Iranian companies on Saturday signed contract for development of Yaran joint oil field with Iraq. The National Oil Company and Persia Oil and Gas Industry Development Company signed the contract to develop Iranian share of Majnoon joint oilfield with Iraq. North Yaran oil field is located in Khuzestan Province, approximately …

Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength …

Global oil demand will average 92.1 million b/d in 2020, down by 7.9 million b/d versus 2019, the US International Energy Agency (IEA) forecast in its July Oil Market Report—a slightly smaller decline than forecast in the last report. Meantime, the agency highlighted uncertainty about the forward path for global …

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the number of active rigs, with losses in the Permian, Eagle Ford, Marcellus, and Barnett basins. The total oil and gas …

Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Prices also found support after data showed U.S. energy firms cut the …

As lower oil prices and a coronavirus-driven downturn batter Iraq’s economy, availability of safe water is eroding and could fuel greater tensions, security experts warned on Wednesday. Hospitalisations due to worsening contamination from sewage, agricultural runoff and chemical dumping are high, especially in southern Iraq, and families now reliant on …

US commercial crude oil stocks increased against the market expectation of a fall last week, according to data released by the country’s Energy Information Administration (EIA) on Wednesday. Commercial crude oil inventories in the US rose by 5.7 million barrels, or 1.1%, to 539.2 million barrels for the week ending …