Energy Economy

Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) for a month to make up for their oversupply between May and July, an internal OPEC+ report seen by Reuters shows. That oversupply above OPEC+ agreed targets …

Saudi Arabia redoubled its crusade for OPEC+ compliance Aug. 19, laying pressure on the alliance’s quota violators to make up for their excess crude production with deeper cuts in the coming weeks, in the name of fairness and market stability. Nigeria and Iraq, two of the biggest compliance laggards, received …

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 …

Iranian ministry of industry, mine and trade announced that the country has exported non-oil products worth $6.3 billion in the first quarter of the current calendar year (March 20-June 20, 2020). The ministry also said that it plans to export $41 billion of non-oil products by the yearend. There are …

The TAPI (Turkmenistan – Afghanistan – Pakistan – India) transnational gas pipeline project is considered as an important component of economic development in Turkmenistan, head of the Central Asia sector at the Institute of World Economy and International Relations of Russian Academy of Sciences (IMEMO RAS), Dina Malysheva told Trend. …

Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed. Saudi Arabia’s benchmark index rose 0.3pc, with Al Rajhi Bank gaining 0.7pc, while oil giant Saudi Aramco was up 0.3pc despite reporting a fall …

The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Suhail …

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

Iran Chief of Staff of Presidential Office Mahmoud Vaezi and Azeri Deputy Prime Minister Shahin Mustafayev, underlined on Monday that there is no obstacle on way of trade and economic cooperation between the two neighboring countries. During a phone conversation, the two officials underlined the need to share experiences to …

According to the Department General of South Pars Customs, 6,036,447 tons of non-oil goods, valued at $1,467,652,224, were exported via this customs office in first four months of the current year (from March 21 to July 22). Head of Department General of Pars Energy Special Economic Zone’s Customs Amir Abbas …