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Iran, which has gained an exemption from OPEC cuts deal due to U.S. sanctions, increased production to 3.05 million barrels per day (bpd) in October, as pipeline issues that affected production and exports in September were resolved, according to a survey conducted by S&P Global Commodity Insights Platts. Production is …

Toyota Motor said Saturday it is conducting trials in Australia of a vehicle powered by a hydrogen engine, making it the automaker’s first such test of the environmentally friendly car on public roads. In the trial from late October through January, a specially modified van from Toyota’s HiAce series is …

Iran exported non-oil commodities valued at $1.3 billion to India during the first seven months of the current Iranian calendar year (March 21-October 22), the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. According to Mohammad Rezvani-Far, India was the fifth top export destination of Iranian non-oil …

The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant’s departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field’s leading operator role. Hassan Muhammad, deputy …

Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. Despite gaining $0.41 …

Global demand for oil is set to peak by 2030 driven by the “sufficient” momentum of the clean energy transition toward low-emission energy sources across the global economy, the International Energy Agency said in a recent report. Moves such as greater investment in renewable energy like solar power and the …

Turkmenistan has asked Pakistan to include its investment in the TAPI gas pipeline project under a law that was passed to protect foreign investment in the Reko Diq project, a senior official at the energy ministry told The News on Friday. The Foreign Investment Promotion and Protection Act (FIPPA), 2022, …

State-run Oil and Natural Gas Corp.’s quarterly earnings missed estimates as a slump in production and crude prices offset gains from higher gas rates. The New Delhi-based company’s net income declined 20% from a year earlier to 102.2 billion rupees ($1.2 billion) in the quarter ended September, according to a …

The Indonesian state utility PLN and UAE state-run renewables developer Masdar have inaugurated the 145MWac (192MWp) Cirata floating solar PV (FPV) plant in the West Java province of Indonesia. Opened by the president of Indonesia, Joko Widodo, Masdar and PLN said that the plant is the ‘largest’ FPV site in …

China will start guaranteeing payments to coal-fired power plants based on their installed capacity as of January 2024, as the world’s top coal consumer looks to ensure stability of electricity supply amid soaring renewable energy output. The National Development and Reform Commission (NDRC), the state planner, said on Friday that …