The idea of establishing oil startups was first raised less than a year ago by Petroleum Minister Bijan Zangeneh.
Read More »OPEC, Allies Likely to Make Oil Output Cuts if US Joins
The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …
Read More »Crude Oil Prices Fall Sharply as Saudi Arabia, Russia Postpone Meeting to Cut Production
Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …
Read More »Equinor Set to Ramp Up Production at Johan Sverdop Oil Field
The field boasts a total capacity of 2.7 billion oil barrels.
Read More »Intl. Oil Market Cornered by Coronavirus, Iranian Economy Remains Resilient
President of Vienna Energy Research Group believes the Iranian economy was oil-reliant but the country learnt, under US sanctions, how to scaffold its oil industry and economic structure over the years.
Read More »Norway May Join Oil Output Cuts for the First Time Since 2002
Norway, the biggest oil producer in western Europe, said it would consider joining a broad international agreement to cut production. The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to support prices since 2002. OPEC and …
Read More »Majority of OPEC+ States Ready to Cut Oil Output
Oil prices suffered their worst decline in decades in March after Russia and Saudi Arabia failed to reach a deal on output cuts amid the ongoing COVID-19 crisis. OPEC Secretary General Mohammed Barkindo is in constant contact with the OPEC+ countries; the main participants in the group support the idea …
Read More »OPEC+ Meeting Planned for April 6 on Output Cut
The Saudi-led OPEC group of oil producers and their allies will meet on Monday via video conference, a source close to OPEC said on Friday, to seek to boost oil prices which have tumbled by two-thirds since the beginning of the year. Top world crude exporter Saudi Arabia on Thursday …
Read More »Oil Holds Near $20 as Saudis Surge, Russia Stands Pat on Output
Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes.
Read More »Trump Says the U.S., Russia, Saudi Arabia to Meet on Oil Price Crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.
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