Oil

OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway to Guyana threaten the group’s efforts to defend crude prices.

Iran’s crude oil production at North Azadegan Joint Oilfield has reached 100 million barrels since 2016.

Chinese purchases of U.S. liquefied natural gas (LNG) are unlikely to surge.

Saudi Arabia cut crude production to 9.68 million b d from 9.88 million b d in November.

New downhole pumps were being installed in North Yaran Oilfield which would increase the field’s oil output by the end of the current Iranian calendar year to March 20 2020.

The S1 Platform of Salman Oilfield. built by relying on domestic capabilities. has been loaded from Khorramshahr Yard.

Saudi Arabia’s energy minister said that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels.

Oil headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated.

National Iranian South Oil Company (NISOC) has localized the technology of producing drilling bits without the need to rely on reverse engineering.