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A South Korean delegation on Thursday departed for Tehran to negotiate an early release of an oil tanker and its crew members seized by Iranian authorities, according to local media. The delegation led by Koh Kyung-sok, director-general of the Foreign Ministry’s Africa and Middle Eastern affairs, left early morning along …

Oil prices were up on Thursday over a more-than-expected decline in US crude oil inventories and on clashes between supporters of US President Donald Trump and the police in the Capitol in Washington, Anadolu Agency reported. International benchmark Brent crude was trading at US$54.80 per barrel at 0706 GMT for …

Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral decision to slash oil production by 1 million barrels a day next month and in March, the kingdom opted to …

Iran’s ambassador to Vienna-based international organizations urged the International Atomic Energy Agency (IAEA) to address the Israeli regime’s nuclear status. In a letter to IAEA Director General Rafael Grossi, Kazem Gharibabadi urged the UN nuclear watchdog to draw the attention of all members of the Treaty on the Non-Proliferation of …

The German state of Mecklenburg-Vorpommern plans to set up a foundation to help the completion of the Nord Stream 2 (NS2) pipeline to bring Russian gas to Germany and to fend off the threat of increased U.S. sanctions that halted work last year. The Gazprom-led $11 billion pipeline would double …

Russia’s oil production declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and low demand due to the coronavirus. According to an article by Reuters, Russian oil and gas condensate output declined to 10.27 million barrels …

Oil prices jumped significantly on Wednesday after a more than expected cut in OPEC+ production when Saudi Arabia issued a surprise, major unilateral cut of 1 million barrels per day (bpd). International benchmark Brent crude was trading at $53.87 per barrel at 0647 GMT for a 0.50% rise after closing …

Exxon Mobil Corp. disclosed emissions data on customers’ use of its fuels and other products for the first time after coming under pressure from investors. The oil giant’s so-called Scope 3 emissions from petroleum-product sales were equivalent to 730 million metric tons of carbon dioxide in 2019, according to the …

Saudi Arabia’s decision to cut oil production probably reflects expectations for demand to weaken further as coronavirus lockdowns return around the world, according to Goldman Sachs Group Inc. The kingdom’s pledge to lower output by 1 million barrels a day in February and March was surprising for several reasons, Goldman …

Iraq is still waiting for Iran to resume supplying the country with sufficient amounts of gas for power generation, after the US granted Baghdad a 90-day waiver to continue to import electricity from Tehran on Dec. 30. “The reason for power shortages in provinces is the continuing slashing of Iranian …