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OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return …

Sales of road transport fuels during May 1-15 dropped by a fifth from the previous month, according to people familiar with preliminary data from the country’s three biggest retailers India’s oil demand worsened in the first half of May as large parts of the nation remained under local lockdowns to …

The National Iranian Oil Co. is set to sign a $1.78 billion deal with a domestic company to develop the Farzad B gas field in the Persian Gulf, oil ministry news service Shana reported May 16. Petropars, Iran’s leading general contractor, will ink a buyback deal with NIOC on May …

Recent news reports were replete with Iraq declaring its willingness to invest $15 billion into new gas-focused projects that could reduce its reliance on one of Baghdad’s long-standing problems, its gas imports. Baghdad has committed to an ambitious timeline of reaching self-sufficiency by 2024-2025, with several large-scale projects being developed …

Oil edged higher at the open after a third weekly increase as a demand recovery in key regions raised optimism about rising fuel consumption, despite a Covid-19 flare-up in parts of Asia. Futures in New York climbed towards $66 a barrel after advancing 2.4% on Friday. The US and China …

Europe’s carbon border levy to increase the cost of CO2-intensive goods entering the EU could push the Global South towards less restrictive trade deals, ultimately causing more harm to the environment, writes Muhammed Magassy. Muhammed Magassy is a Member of Parliament for ECOWAS (The Economic Community of West African States), …

The Director-General of Marketing at the Ministry of Energy and Minerals has said the Sultanate is an important partner in the cooperation agreement signed between OPEC and non-OPEC members that decided to cut oil production. He said that it was decided that the Sultanate’s share of the production cut in …

The U.S. Energy Information Administration(EIA) has announced on Saturday a surge in Iraqi oil exports to the U.S. to up to 235,000 barrels per day, surpassing last week’s Saudi exports. According to a report released by the EIA, “Last week’s U.S. imports of crude oil from 9 different countries amounted …

The number of active drilling rigs in the United States increased five to 453 rigs this week, up by 114 year on year, according to the weekly data released by Houston-based oilfield services company Baker Hughes, Trend reports citing Xinhua. These active drilling rigs included 352 oil rigs operating in …

The Biden administration is proposing an array of policy measures to encourage the sale of electric cars in the US — provided they are built in the US by American workers. GM has responded to the administration’s plans by announcing it will spend $1 billion to expand its factory in …