Oil

The idea of establishing oil startups was first raised less than a year ago by Petroleum Minister Bijan Zangeneh.

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 …

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 …

The field boasts a total capacity of 2.7 billion oil barrels.

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.

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 …

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 …

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 …

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.

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.