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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 …

OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside. In its Monthly …

Iran has announced the launch of the first phase of a new oil export terminal in the Direstan region. The project, which was officially launched by the Iranian President Hassan Rouhani, is expected to increase the export capacity of the country. The first phase of the Qeshm oil terminal with …

China’s gas power plants are struggling to stay afloat as they face mounting pressure from lower tariffs and the ongoing trade war, says Wood Mackenzie. The Chinese government has been reducing regulated gas-fired power tariffs by 16% to 28% in key provincial markets since June 2020. This is driven by …

On 14 September 1960, the five Founding Fathers of the Organization of the Petroleum Exporting Countries (OPEC), Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait gathered together in the Al-Shaab Hall …