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Iraq’s commitment to a recent agreement by the Russian-led OPEC+ group will deprive the country of 750,000 barrels of oil per day (bpd), the former Iraqi oil minister warned yesterday. “OPEC+ deal would incur $50 billion in losses over the next two years,” Ibrahim Bahr Al-Ulloum told Russia Today (RT). …

Indian Oil Corp., one of the biggest refiners in Asia, is taking the bus to reach what it considers the future of energy: hydrogen. The company that sells almost half the oil products in India will deploy 50 buses around the capital powered by fuel cells running on hydrogen-compressed natural …

China’s offshore oil and gas major CNOOC Ltd announced on Tuesday that its first offshore wind power project has connected to the grid and begun to generate power The wind power project, located in the sea area nearby China’s eastern province of Jiangsu, and with a total installed capacity of …

The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories – which rebounded …

Turkey withdrew its seismic research vessel, the Oruc Reis, from the contested waters of the eastern Mediterranean Sea, where tensions triggered by the ship’s activities have run high for more than a month. The move came as a surprise for many, and observers wonder whether the move is just a …

The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Sept. 15, citing caution about the pace of economic recovery from the pandemic. The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bbl/d) to 91.7 million bbl/d in its second downgrade in as many months. …

Kuwait aims to open what will be the Middle East’s largest import terminal for liquefied natural gas in March, according to two people familiar with the project. The Al-Zour plant will allow Kuwait to receive 22 million tons of LNG (about 31 billion cubic meters) a year, almost doubling the …

A surge in Chinese buying of blending fuels this year means oil demand in the world’s biggest importer is likely bigger than the official figures indicate, according to the trading arm of refining giant Sinopec. Chinese fuel consumption was already back at year-earlier levels in May, Fairy Wang Pei, head …

BP and Microsoft Corp. have agreed to collaborate as strategic partners to further digital transformation in energy systems and advance the net zero carbon goals of both companies. This includes a co-innovation effort focused on digital solutions, the continued use of Microsoft Azure as a cloud-based solution for BP infrastructure …

National Iranian Oil Company (NIOC) by exploring 4.9 billion barrels liquid hydrocarbon in 2019, is standing on top of oil giants in the world. Managing director of National Iranian Oil Company for explorations affairs Saleh Hendi said that based on ‘Wood Mackenzie’ reports with regard to exploration of hydrocarbon resources …