Oil

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 …

APPO members have committed to cutting daily oil production to 10 million barrels a day, with effect from May 1 2020.

Crude oil futures fell on Monday, with US futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that US storage facilities will soon fill to the brim amid the coronavirus pandemic.

Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …

The CEO of the National Iranian South Oil Company said: With the implementation of new projects in southern oilfields, job opportunities will be created in the country.

President Hassan Rouhani in a phone call with Oil Minister Bijan Zanganeh called for advancing the plans and policies for boosting petroleum products in a bid to decrease the crude oil sales.

The OPEC oil group said on Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have hit demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations …

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said Wednesday, April 15. For 2020 overall, demand will fall by 9.3 million barrels per day (mbd), with …

The CEO of the National Iranian South Oil Company (NISOC) said his company had started production from the first well in a package of projects aimed at enhancing productivity of old oil fields in Iran.