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Iran to Boost Oil Output by 400,000 bpd

Iran’s Economic High Council, in its lates meeting, has ratified a plan to increase the country’s oil production by 400,000 barrels per day (bpd). The second meeting of the council in the current Iranian calendar year, 1403, ending March 19 2025, was held on Saturday while the interim president Mohammad …

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Exxon Signs Gas Exploration Deal with Algeria

Exxon has signed a deal with the Algerian government for exploration at two natural gas fields in the North African country. The supermajor, in partnership with Algeria’s state energy firm Sonatrach, will “study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin” in …

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Chinese Energy Major Inks Oil Deal with Mozambique

The China National Offshore Oil Co, or CNOOC, has signed an exploration and production deal for five oil and gas blocks in Mozambique, Reuters reported, citing a CNOOC statement. The five blocks are offshore the African country, in depths ranging between 500 meters and 2,500 meters, the Chinese state-owned company …

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Europe’s Natural Gas Prices Rally amid Supply Concerns

European benchmark natural gas prices rallied on Wednesday and early Thursday amid growing supply concerns and forecasts of lower wind power generation later this week. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, hit on Wednesday their highest level since January after Austria’s OMV warned the …

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Iraq, China Sign Deal for New Gas Field Development

China is making further inroads into Iraqi oil and gas by inking an initial agreement with Iraq’s state-owned Midland Oil Company to develop the Mansuriya gas field with a Chinese-Iraqi consortium. The already-producing Mansuriya field foresees production of 100 million standard cubic feet of gas over a period of 18 …

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Saudi Crude Oil Exports Rose to 9-Month high in March

Saudi Arabia, the world’s top crude oil exporter, saw its crude shipments rise in March to the highest level in 9 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude exports rose by 96,000 barrels per day (bpd) in March compared to February, …

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