US President Donald Trump described the historic collapse in oil prices as short-term and caused by “financial pressure,” adding that his administration would consider stopping oil shipments from Saudi Arabia. Trump said at a daily press conference that his administration also plans to increase the level of crude oil stockpiles …

Iraqi Health Minister Jaafar Sadiq Allawi said on Tuesday Iraq is keen on joint venture investment with Iran to produce pharmaceuticals. Allawi made the remarks in a meeting held in Baghdad with Iran’s Ambassador to Iraq Iraj Masjedi. The Iraqi minister called on the Iranian companies to participate in the …

Earlier on Monday, the Kremlin’s press service reported that Putin and Maduro had a phone conversation discussing the situation on the world oil market MOSCOW, April 20. /TASS/. Venezuelan President Nicolas Maduro proposed holding a meeting of the committee to monitor the implementation of the OPEC+ agreement on May 10, …

Kurdistan is committed to the OPEC+ oil production cut deal and will reduce output accordingly, the government of the semi-autonomous Iraqi region said in a statement following a meeting between Kurdish and Iraqi officials. Reuters reported that at the meeting, the two sides had agreed that Kurdistan would report monthly …

Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new OPEC+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed …

Energy exports from the US reached an all-time high of 23.6 quadrillion Btu in 2019, marking the first time in 67 years that annual US gross energy exports exceeded US gross energy imports, according to the US Energy Information Administration’s (EIA) Monthly Energy Review. Gross US energy imports were 22.8 …

On April 16, Bulgarian Prime Minister Boyko Borisov said his country is likely to see some delays in the implementation of the TurkStream pipeline amidst the ongoing coronavirus outbreak. Nonetheless, some of the workers that construct the gas pipeline are foreigners who are put under a mandatory 14-day quarantine. Bulgaria’s …

Turkey will collaborate with China and United States to build a pumped-storage hydropower plant in the Isparta province, in the western Anatolian region, Anadolu reported General Electrics General Manager Marwan Al Roub saying. “The pumped-storage hydropower plant will provide important capacity toward Turkey’s renewable energy potential,” Al Roub stated. The …

OPEC countries reached a landmark deal to diminish oil output starting from May 1, 2020. On April 12, members of OPEC and their allies, including Russia, announced that they had agreed to cut production by 9.7 million barrels a day in May and June 2020. After that, the group will …

The United States called on China on April 18 to stop “bullying behavior” in the South China Sea and said it was concerned by reports of Beijing’s “provocative actions” aimed at offshore oil and gas developments in the disputed waters. Three regional security sources told Reuters on April 17 that …