Oil

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.

Iranian Minister of Petroleum Bijan Zangeneh said the first offshore well of South Pars Phase 11 project would be drilled in the current Iranian calendar year which began on March 20.

Global oil prices have been hit with a double whammy by the spat between Russia and Saudi Arabia in mid-March over output cuts and the coronavirus (COVID-19) pandemic.

Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a historic yet insufficient deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. That perhaps explains why the de-facto leader of OPEC slashed its official selling prices …

Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Brent LCOc1 futures fell 25 cents, or 0.8%, to $31.49 a barrel by 0825 GMT after …

Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the U.S., after OPEC and its allies agreed the biggest output cut deal in history. Saudi Arabia’s state oil giant Saudi Aramco has …

The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.