Social and Events

Russian Energy Minister Alexander Novak said on Wednesday that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic. Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on …

Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. Brent crude LCOc1 fell 29 cents, or 0.7%, to $42.95 a barrel by 0510 GMT while U.S. West …

Iranian companies on Saturday signed contract for development of Yaran joint oil field with Iraq. The National Oil Company and Persia Oil and Gas Industry Development Company signed the contract to develop Iranian share of Majnoon joint oilfield with Iraq. North Yaran oil field is located in Khuzestan Province, approximately …

A Russian vessel capable of completing the pipelaying for the Gazprom-led Nord Stream 2 natural gas pipeline project left a German port on Wednesday and entered Danish waters where the last section of the controversial pipeline has yet to be completed. According to vessel-tracking data from Refinitiv Eikon cited by …

The Central Processing Facility (CPF) of Azar Joint Field is now complete, marking a major step towards enhanced oil recovery at the field. The Central Processing Facility (CPF) of Azar Joint Field is now complete, marking a major step towards enhanced oil recovery at the field. Inauguration of the facility …

The Gulf state of Kuwait is the most dependent on revenues of fossil oil among the world countries, a recent report issued by the World Bank revealed, according to The New Khalij on Friday. The report, which was published by local Kuwaiti media, confirmed that Kuwait’s oil revenues make up …

Iranian Ambassador to China Mohammad Keshavarzzadeh in a message commended China for objection to ant-Iran resolution passed by the International Atomic Energy Agency Board of Governors, saying Iran will never forget China’s firm position. Keshavarzzadeh made the remarks in a Twitter message reacting to China Foreign Ministry Spokesman Zhao Lijian’s …

The U.S. Henry Hub natural gas prices reached the lowest levels in 21 years last week, as supply rises slightly while demand drops, according to the U.S. Energy Information Agency (EIA). The benchmark natural gas price reached $1.38 per million British thermal units (MmBtu) on Tuesday, June 16. This is …

Spokesman for the Atomic Energy Organization of Iran called on the International Atomic Energy Agency (IAEA) to refrain from a dangerous precedent and not rely on baseless claims after the UN nuclear agency’s Board of Governors adopted a resolution on Iran. In an article published on Saturday, Behrouz Kamalvandi criticized …

Iran has shifted national economy from dependence on oil over the past two years due to the conditions created in the country, an official with Central Bank of Iran (CBI) says. Gholamreza Panahi, CBI Vice Governor for Foreign Exchange Affairs, made the remarks at a specialized economic meeting in Tehran …