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Iran’s exports of fuel and petrochemical exports have surged in recent years as the re-imposition of the U.S. sanctions on the country’s oil industry curbed crude sales, the Daily Star reported. The situation has left Iran in a good position to be able to expand trade in Asia and Europe …

Europe’s power crisis was just a matter of time – and that time has come. Natural gas and electricity prices are setting record highs virtually every day, and businesses and households have gone from getting annoyed to being terrified as the bills land like hand grenades. The continent’s power system …

U.S. imports of crude oil from Iraq averaged 56,000 barrels per day (bpd) last week, the Energy Information Administration (EIA) said on Sunday, amid a drop in its appetite during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports averaged 4.88 million …

Saudi Basic Industries Corp., majority owned by Saudi Aramco, said Sept. 19 that its petrochemical joint venture with ExxonMobil near Corpus Christi, Texas, started commissioning ahead of its expected fourth-quarter start-up. The Sept. 19 confirmation follows a tour of the facility in August when the plant manager, Paul Fritsch, said …

Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the US dollar rallied. Futures in New York ended the session nearly 1 percent lower on Friday. Russia is to increase its oil exports 3 percent in the fourth quarter of this year, Interfax reported. Meanwhile, gains …

Russia’s natural gas reserves will last for more than a century, Alexey Miller, chairman of the board of gas giant Gazprom, said on Friday. “Gas reserves in Russia, Gazprom’s gas reserves are the largest in the world. And we won’t have any problems with our reserves for the next 100 …

China’s oil consumption could peak in five years at a daily level of around 16 million barrels, a senior Sinopec executive has forecast, as quoted by Reuters. Ma Yongsheng, acting chairman of the state oil major, also said gas consumption will likely peak around 2040. As for oil, Ma said, …

Rosneft and the Ministry of Economy, Trade and Industry of Japan (METI) have signed a Memorandum of Cooperation on carbon management. The document is signed to continue the cooperation between the Company and METI and provides for the development of the parties’ interaction to implement lower-carbon projects with the participation …

A group of around 40 deputies of the European Parliament has submitted a letter to the European Commission (EC) urging it to investigate from the viewpoint of the EU’s antimonopoly norms Gazprom’s actions that allegedly pushed gas prices up to a record level in Europe, a source in the European …

Iranian fuel and petrochemical exports have boomed in recent years despite stringent U.S. sanctions, leaving Iran well placed to expand sales swiftly in Asia and Europe if Washington lifts its curbs, trading sources and officials said. The United States imposed sanctions on Iran’s oil and gas industry in 2018 to …