Social and Events

Iraq ranks fourth in the world in gas reserves, The Parliamentary Oil and Energy Committee confirmed, on Saturday. “Iraq is the fourth in the world with natural gas reserves, but annually, it burns about 18 billion cubic meters without any benefit.” A member of the committee, Ghaleb Muhammad, told Shafaq …

Iraq has forecast the average price of its crude oil at $50/b in 2021, 23.4% higher than that which was proposed in the 2020 budget, as OPEC’s second largest producer plans for energy reforms over the next few years, according to a government white paper seen by S&P Global Platts. …

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, stated that the Kingdom seeks to be a leader in finding solutions for the green energy future. “We will not be a part of the problem, nor will we accept to be just a part of the solution. Our …

Massive spending cuts by the global oil industry and promises to develop alternative energies may leave national oil companies such as Saudi Aramco and Abu Dhabi National Oil Co. filling the hole, if demand is yet to peak. BP surprised investors in August with plans to shrink its oil and …

The first tanker of a three-vessel Iranian flotilla carrying much-needed fuel for Venezuela has entered waters of the South American country despite the sanctions imposed on both countries by the US, reports said. The Iran-flagged tanker Forest, which is transporting some 270,000 barrels of fuel loaded in the Middle East, …

Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic. The Kingdom is strongly backing a “circular carbon economy” strategy to remove harmful greenhouse …

The UAE has been re-elected to the Board of Governors of the International Atomic Energy Agency (IAEA) for another two-year period during the group’s annual general conference. The UAE recently activated the reactor of Unit 1 of the Barakah nuclear facility, the first Arab country to develop and operate a …

Iranian Energy Minister Reza Ardakanian said on Tuesday that the new contractor selected by Russia for the Sirik 1400-MW power plant has also been endorsed by Iran, noting that the construction operation is expected to start within weeks. Speaking to IRNA, Ardakanian said that Russian side finally decided to change …

Iranian Deputy Foreign Minister for International and Legal Affairs Mohsen Baharavand and the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Sanusi Barkindo in a meeting in Vienna on Saturday reviewed bilateral relations in the field of energy. The meeting was held on the occasion of the 60th establishment anniversary …

Iran has completed 13 phases of South Pars Gas Field (SPGF) in the past seven years to bring the country’s production of natural gas to 700 million cubic meters from this field. Development of South Pars Gas Field has been among the top priorities of the Ministry of Petroleum. Seven …