Oil

Kuwait’s oil minister said talks with countries attending an OPEC+ meeting are intended to move toward reaching an agreement to reduce production by 10 million-15 million barrels per day, Kuwait’s Al-Rai newspaper reported early on Thursday. Minister Khaled Al-Fadhel said in an interview with the newspaper: “Through our continuous consultations …

Oil prices climbed on Thursday, hours before the world’s largest oil producers are scheduled to meet to discuss output cuts as the coronavirus pandemic ravages demand. Brent crude futures rose 2.5 percent or 81 cents to $33.65 as of 00:34 GMT after touching a high of $33.90, adding to gains …

Changes are reportedly high for countries part of the OPEC+ group to agree upon implementing oil production cuts for at least three months from May to July, 2020.

Crude oil prices were up on Wednesday as the upcoming meeting between OPEC and its allies, known as OPEC+, give hope to investors of potential support to prices. International benchmark Brent crude was trading at $32.32 per barrel at 0620 GMT for a 1.4% increase after it closed Tuesday at …

Venezuelan President Nicolas Maduro said he was optimistic about the upcoming OPEC+ meeting, at which solutions could be found to stabilise the oil market. On Thursday, an OPEC+ video conference will be held on the possibility of a new cut in oil production to stabilise the market, to be followed …

Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak.

Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference.

The U.S. cut its oil output forecast by more than one million barrels a day, days before OPEC and other producers meet to discuss a global deal to stem an unprecedented collapse in prices. Production will average 11.76 million barrels a day in 2020, down from an expected 12.99 million, …

Iran’s state-run National Iranian Oil Company (NIOC) has decided to invest in crude oil processing projects through implementing build-operate-own (BOO) method.

National Iranian Oil Company (NIOC) intends to engage Iranian and/or foreign companies in the construction of skid-mounted processing facilities using the build-operate-own (BOO) method.