Oil

Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude. Futures in New York …

The CEO of the National Iranian South Oil Company said: With the implementation of new projects in southern oilfields, job opportunities will be created in the country.

President Hassan Rouhani in a phone call with Oil Minister Bijan Zanganeh called for advancing the plans and policies for boosting petroleum products in a bid to decrease the crude oil sales.

The OPEC oil group said on Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have hit demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations …

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …

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.