Oil

The center was able to overcome the sanctions by relying on the strength and diligence of the valuable local forces to effectively respond to the technological needs of the petroleum industry and play a decisive role in the national economy.

Global oil spare production capacity could fall in April as Saudi Arabia and the UAE bring more supply to the market following the collapse of output restriction pact. “Global spare capacity will drop by 2-3 million bpd as most of the players with spare capacity will start ramping up their …

Iran successfully installed a giant oil drilling platform at an offshore field South of the country despite reports suggesting the country is having problems keeping its oil rigs active because of the US sanctions on the oil industry.

American oil producers are slashing their budgets for new operations for the rest of this year, which means far fewer new rigs, a painful downturn for dozens of oil-field services companies and the certainty of layoffs, from Texas to North Dakota. Worldwide, the coronavirus pandemic has kneecapped the petroleum business, …

Russia will provide funding for government spending commitments, including social sphere for six year at current oil process, Finance Minister Anton Siluanov said at a meeting of the Federation Council. “I want to say that even at current energy prices, we will have enough resources for a period of about …

Libya’s National Oil Corporation (NOC) on Friday called for reopening the country’s oil fields and ports, closed in January by tribal leaders in protest against the UN-backed government. “We call on those responsible for the closure to immediately lift the blockade and spare oil sector workers and citizens further suffering,” …

Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s output capacity by 1 million barrels a day, the latest escalation in a battle for control of the global petroleum market.

Saudi Arabia sliced its oil prices by more than 30% and has set plans for a rise in production in April. Given the lack of consensus among OPEC+ countries and competition to have a better share in the world oil market, lower crude prices are going to stay for sometime. …

Oil’s historic price crash is prompting the Chinese government to consider buying more crude for state reserves, say people with knowledge of the matter. Top planning officials are consulting with Chinese government agencies and state-owned energy companies about the possibility of bolstering the nation’s strategic stockpiles with cheap oil, the …

Global oil demand in 2020 will be down around 90,000 barrels a day from 2019, according to the latest report from International Energy Agency.