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The National Iranian Oil Co. on Jan. 11 signed eight more oil projects as part of a $6.2 billion national program started in January 2019 to boost oil production by 355,000 b/d at 33 fields. Eight projects worth $1.2 billion were signed on Jan. 11, potentially boosting oil production by …

The National Iranian Oil Company (NIOC) signed eight deals worth €1.2 billion with domestic companies on Monday for developing the country’s oil fields, Shana reported. The deals were signed in a ceremony attended by senior oil industry officials including the Oil Minister Bijan Namdar Zanganeh. The mentioned contracts were inked …

The unprecedented surge in spot LNG prices has taken Indian buyers by surprise and forced importers to stay away from spot purchases, which would potentially lead to lower throughput at some terminals, reduce gas-based power generation as well as slow consumption in other industrial sectors. With spot LNG prices hitting …

As the outlook for oil is uncertain for 2021, following a turbulent 2020, companies look toward new technologies and innovation to drive the industry forward. From Houston to Scotland, we are seeing more and more firms come up with innovative solutions for the digital transformation of oil; with some unexpected …

The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, …

Oil prices slipped on Monday due to worries about global fuel demand as coronavirus restrictions across Europe toughens and China imposes restrictions due to jump in cases. Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, …

Iraq raised pricing for all crude sales to Asia for February, after a similar move by Saudi Arabia, OPEC’s biggest producer. The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a …

Iran’s production of steel ingot gas reached 21,650,100 tons in the first nine months of the Iranian year (started on March 20, 2020), which shows an 8.3-percent rise compared to the same period last year. According to the tables published by the Ministry of Industry, Mining, and Trade, production of …

The first phase of Azar join oilfield will become productive soon, Head of Oil Industries Engineering and Construction (OIEC) Group Gholamreza Manouchehri announced. “Given the 97 percent progress of the joint field’s development plan, the first phase of this project is being operated and will be officially inaugurated soon,” Manouchehri …

A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 …