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The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations on Thursday promised full conformity with oil output cuts from July through September to balance the global oil market. The 23-member group known as OPEC+ said “attainment of 100% conformity from all participating countries is not only fair and …

ENI, the Italian oil and exploration firm, is considering an exit from Pakistan after 20 years of its operations due to decline in profit margins associated with the volatile international oil prices since the coronavirus outbreak. A company official confirmed to The Express Tribune that the firm’s assets are up …

Russia hopes that the Nord Stream 2 gas pipeline will be finalized and it will help step up energy security in Europe in the future, Kremlin Spokesman Dmitry Peskov said in a televised interview on Russia’s Channel One on Saturday. “Unconditionally, we are hoping that the project will be finalized …

Spokesman for the Atomic Energy Organization of Iran called on the International Atomic Energy Agency (IAEA) to refrain from a dangerous precedent and not rely on baseless claims after the UN nuclear agency’s Board of Governors adopted a resolution on Iran. In an article published on Saturday, Behrouz Kamalvandi criticized …

Global oil demand will not return to pre-crisis levels earlier than in 2021, the RIA news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. It is possible that demand will reach pre-crisis levels within two or three years, Novak said.

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. …

Russian Ambassador and Permanent Representative to the International Organizations in Vienna Mikhail Ulyanov in a statement rejected any evidence regarding Iran’s undeclared nuclear activities in two sites cited by the International Atomic Energy Agency. There are no evidence that Iran is currently conducting undeclared nuclear activities at these locations, Ulyanov …

Iraq plans to increase its generating capacity by September and restart a 755 MW solar tender, an electricity ministry spokesman said on June 18, as OPEC’s second-largest oil producer comes under increased US pressure to wean itself off Iranian electricity and natural gas imports. Iraq plans to add 635 MW …

Volvo Cars’ manufacturing plant in Chengdu, the company’s largest in China, is now powered by 100 per cent renewable electricity. This takes the maker’s global renewable electricity mix in its manufacturing network to 80 per cent. The 100 per cent renewable electricity mix in Chengdu is the result of a …

The Organization of Petroleum Exporting Countries will host a special technical workshop titled OPEC at 60 to commemorate the foundation of its 60th anniversary, OPEC announced in a statement on Wednesday. The workshop will be held via videoconference next Tuesday, on June 23, to reflect on how OPEC has evolved …