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Russian Energy Minister Alexander Novak on Wednesday said that Moscow would propose to OPEC+ group to react to the recovery in global oil demand, as part of their agreement to cut production in order to support prices, Reuters reported. Global oil demand has recovered by as much as 90% of …

A European response that involves the Nord Stream 2 gas pipeline is needed against Russia after the poisoning of Kremlin critic Alexei Navalny with a Soviet-style Novichok nerve agent, some politicians and diplomats in Germany said on Thursday. Chancellor Angela Merkel said she expected Moscow to join efforts to clear …

Iraq has formally denied “baseless” reports that it was seeking to opt out of some of the terms of the OPEC+ agreement to limit oil supplies. In an official statement from the country’s Oil Ministry, a spokesman said the reports, based on quotes attributed to Oil Minister Ihsan Abdul Jabbar, …

Iranian Deputy Foreign Minister Seyed Abbas Araqchi said that EU commercial dealings through the Instrument in Support of Trade Exchange (INSTEX) is not satisfactory for his country, adding that Tehran does not count on the system. “It is now two years that the idea (of INSTEX) has started and it …

Head of Iran’s National Petrochemical Company (NPC) Behzad Mohammadi said the country’s petrochemical products basket is going to be more diversified by the Iranian calendar year of 1404 (starts on March 21, 2025). Mohammadi made the remarks in a ceremony for introducing the company’s new project director, Shana reported. The …

Japan will provide long-term assistance to help Mauritius deal with the cleanup from an oil spill caused by the July grounding of a Japanese-owned freighter, the government’s top spokesman said Wednesday. Noting the assistance will not be restricted to preventing the further spread of the oil or its removal, Chief …

Oil advanced as expectations for shrinking American crude and gasoline stockpiles added to signals that a demand recovery may be on the horizon in the U.S. and China. Futures edged 0.4% higher in New York on Tuesday, tracking a move higher in U.S. equities to fresh records. U.S. manufacturing expanded …

Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper reported Sept. 1, citing the country’s oil minister. Ihsan Ismaael said Iraq will continue to trim its output in October …

The world’s largest oilfield services provider, Schlumberger, is selling its North American fracking business to Liberty Oilfield Services for a minority stake in a new combined company after the oil price crash crushed the U.S. shale patch’s fracking activity. Schlumberger has agreed to combine its onshore hydraulic fracturing business in …

In January 2017, Rex Tillerson left to join the Trump administration as Secretary of State (and was permitted to sell more than $50 million in directly held Exxon stock tax free). His replacement, CEO Darren Woods — now nearly four years into the job — has presided over a 50% …