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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 …

One of the direct impacts of gas flaring in the Niger Delta region of Nigeria is acid rain. The flared stack from associated gas in crude oil production emits huge deposits of toxins, which are a major cause of acid rain. There is now a consensus in our country’s science …

OPEC predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for …

Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the group’s target this month. The nation’s crude exports have fallen by 2% so far in June, according to tanker-tracking data compiled by Bloomberg. That suggests it’s not …

Aramco on Wednesday announced the successful completion of its share acquisition of a 70 per cent stake in Saudi Basic Industries Corporation, SABIC, from the Public Investment Fund, PIF, the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to …

Schlumberger is collaborating with China Petroleum Logging Co. Ltd., a subsidiary of China National Petroleum Corporation, to jointly manufacture wireline downhole technology in China. The collaboration will provide CNPC Logging with a license to manufacture fit-for-basin wireline technology. Schlumberger will support CNPC Logging on the manufacturing and sustaining activities for …

China’s inventories of crude oil will go up by 440 million barrels in the first half of 2020, representing an unprecedented volume for a half-year period, IHS Markit reported Monday. China’s inventories of crude oil will go up by 440 million barrels in the first half of 2020, representing an …

Iranian Oil Minister Bijan Namdar Zangeneh in a phone call with his Iraqi counterpart Ihsan Abdul Jabbar called for more cooperation between the two brotherly and friendly neighbors. Zangeneh congratulated Abdul Jabbar on his designation as the new Iraqi oil minister in Mustafa al-Kadhimi’s administration. During the phone call, both …

Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. “Our first forecast for 2021 as a whole shows demand …

US shale oil production will slip to 7.632 million b/d in July, down 93,000 b/d from June and the lowest in two years, the US Energy Information Administration said June 15. EIA trimmed its estimate for June production by 97,000 b/d from last month’s outlook to 7.725 million b/d, according …