Oil

Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), sent an official letter of condolences to the Iranian Minister of Petroleum Bijan Zangeneh to express his sorrow for the death of Hossein Kazempour Ardebili, Iran’s OPEC governor. The following is the full text of the …

The Gas Exporting Countries Forum (GECF) expressed their sadness at the demise of veteran Iranian energy negotiator Hossein Kazempour Ardebili in a tweet.

The number of U.S. oil and natural gas rigs operating fell to an all-time low for a second week in a row as energy firms slashed spending on new drilling after oil prices collapsed due to a slump in demand amid global lockdowns to stop the coronavirus pandemic. The rig …

Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months.

Everything initiated when a national demand was brought up in parliament. Some 15 years had passed since the 1933 agreement.

Iranian Minister of Petroleum Bijan Zangeneh listed the measures taken by the Iranian Ministry of Petroleum to confront the coronavirus outbreak in the country.

Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance …

Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia’s decision to cut output more than it had pledged as the virus-hit world economy cautiously emerges from lockdown. United States benchmark West Texas Intermediate for June delivery was up 1.37 percent at US$24.47 a barrel in morning trade. Global benchmark …

The April oil market crash will test the determination of majors like Shell and BP, which have recently announced goals to reach net-zero emissions by 2050, according to the International Energy Agency (IEA). “Whether or not their position will change” in the aftermath of the oil market crash “will be …

Consulting firm IHS Markit expects oil demand in the second quarter of 2020 to be 22 MMbpd less than a year ago.