Polish state oil and gas company PGNiG issued a statement accusing Russia’s Gazprom of failing to comply with the ruling of Stockholm arbitration court. According to Warsaw, the Russian company continues to abuse its monopoly position in the market. “Gazprom has not complied with the final decision of the Arbitration …

Russia’s No.2 oil producer Lukoil is running into difficulties staffing its assets in Iraq due to the new coronavirus and associated restrictions, chief executive Vagit Alekperov, was cited on Saturday by Interfax news as saying. Lukoil manages the West Qurna 2 oilfield, 65 km (40 miles) north-west of Basra. It …

Russia is concerned by the US threats to Iran amid tensions in the Persian Gulf and is calling on both sides to exercise restraint, Russian deputy Foreign Minister Sergei Ryabkov said on Saturday. According to the diplomat, the United States is interpreting its right to self-defence in its own way …

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter. Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 …

International Energy Agency Executive Director Fatih Birol said on Friday that governments should put renewable energy at the heart of economic rescue packages launched in response to the coronavirus outbreak to avoid a rebound in carbon emissions. “Putting clean energy at the heart of stimulus plans is an excellent strategy …

The largest oil producer in North Dakota has halted most of its production in the US state and notified some customers it would not supply crude after prices dived into negative territory this week, sources said. Continental Resources Inc, the company controlled by billionaire Harold Hamm, stopped all drilling and …

The price of Venezuelan oil has fallen to its lowest level in more than two decades to just $9.90 a barrel, the oil ministry said on Friday. The ministry said the price between Monday and Friday was 70.62 Chinese yuan, a level that has not been seen since 1998 when …

Concurrent with 1.4 percent decline in the global steel production volume in three months of the current year in 2020 [from Jan. to March], Iran’s steel output volume registered a 13.2 hike as compared to the last year’s corresponding period. According to the World Steel Association (WSA), Iran’s production volume …

The government could see a decline of 400 trillion rials ($2.46 billion) in tax revenues as a result of the new coronavirus disease, COVID-19, if the economic effects of the pandemic on businesses go away within the next couple of months, Omid Ali Parsa, director of Iranian National Tax Administration …

China State Shipbuilding Corporation (CSSC) has just signed a major deal worth an estimated 20 billion yuan or around $2.8 billion with a Middle Eastern oil producer. The world’s largest shipbuilding conglomerate announced on Wednesday that it has inked the agreement with Qatar’s national oil company. The major deal is …