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Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets …

Iranian Industry, Mining, and Trade Ministry has it on the agenda to establish working groups for developing non-oil export in various provinces across the country, Head of Trade Promotion Organization (TPO) announced. According to Hamid Zadboum, due to the significant role of the country’s provinces in developing export goals and …

Iran’s government spokesman says shares of four refineries will begin to be offered to the public soon. Ali Rabii said public offerings of shares of oil refineries in Isfahan, Tehran, Tabriz and Bandar Abbas will start on June. He noted among the key measures adopted by the government to spur …

Finance minister Mohammed Al-Jadaan said that government spending would need to be “cut deeply”. Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister …

Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …

Some of the world’s largest oil producers are starting to see evidence of a rebound in demand from China, even as other economies around the world remain hobbled by the coronavirus. While it’s still early days into the Chinese recovery, limited initial sales data was encouraging, Irving, Texas-based Exxon Mobil …

Nord Stream 2, the underwater gas pipeline meant to connect Germany and Russia via the Baltic Sea, has received another blow as the German Federal Network Agency has rejected Nord Stream’s request for the project to be exempted from the EU’s Gas Directive, according to media reports. Nord Stream 2 …

On Friday Iraq announced the start of implementing the decision of OPEC + to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported. Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in …

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation of Petroleum Exporting Countries’ (OPEC) rotating presidency, announced: “It is necessary for all the concerned countries to fully comply …

Chinese coal miner Baofeng Energy has announced the start of construction of what it claims will be the world’s largest solar-powered hydrogen plant, in the Ningxia Hui autonomous region of northwest China. The RMB1.4 billion ($199 million) electrolysis project is intended to produce 160 million cubic meters of hydrogen per …