Top News

Iran’s president has tasked the ministry of economic affairs to facilitate the selling of the shares of major state companies at the stock market as soon as possible. President Hassan Rouhani said the process of selling the shares of large state companies in the stock market must continue and possible …

Russia’s oil output deal with leading global producers will have an impact on global markets once it begins to be implemented, Dmitry Peskov, the Kremlin’s spokesman, told reporters on a conference call. Russia and other oil producers, known collectively as OPEC+, agreed over the weekend to cut their combined oil …

Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North …

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is engaged in an “active deliberation” of the Russian oil company Rosneft’s decision to sell its assets in Venezuela, OFAC Director Andrea Gacki said on Friday. “These reports on Rosneft’s acquisition or deal with PDVSA as well as …

The US shale industry is expected to shrink by more than 2m barrels a day following a collapse in global oil prices which has forced oil producers to shut down their fracking rigs. The US oil market slumped to fresh 18-year lows and below $18 a barrel on Friday following …

The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies on Sunday agreed to a record output cut of 9.7 million barrels per day (bpd) in a bid to boost oil prices amid the coronavirus pandemic. While international benchmark Brent crude rallied on Monday on the latest development …

The OPEC oil group said on Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have hit demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations …

Qatar Petroleum has started the development drilling campaign of the North Field East Project to expand the production capacity of the world’s biggest natural gas deposit that the tiny nation shares with Iran in the Persian Gulf. Qatar shares the North Field with Iran, which calls the deposit the South …

Both countries are also committed, if necessary, to take further measures to stabilise the market, which has been extremely volatile recently, together with the alliance and other states. Russia and Saudi Arabia are firmly committed to the implementation of the new OPEC+ oil output cut deal, the Russian Energy Ministry …

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts. Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in …