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OPEC and its allies have finalized an historic deal to take 9.7mn barrels per day (bpd) of oil supply off the market – just under 10% of global production – to help the industry through its worst crisis in a century. Following emergency talks on April 9, the group originally …

The Iraqi Minister of Oil, Thamer Al-Ghadban announced on Monday an agreement to reduce oil production that will help reduce stocks and support prices. Iraq welcomed the results of the OPEC + meeting, which reached the commitment of the members of the group to a historic cut in production to …

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand, Trend reports with reference to Reuters. After four days of …

U.S. President Donald Trump on Sunday welcomed a deal to cut oil production reached by the Organization of the Petroleum Exporting Countries (OPEC) and some other major oil producing countries, known as OPEC+, as it will save hundreds of thousands of U.S. energy jobs. “The big Oil Deal with OPEC …

OPEC is to exempt Libya from a plan to slow down oil production for a period of two months, starting next May, due to the production lost through the closure of ports and fields by pro-Haftar militias east of Libya. The oil-exporting countries, with the exception of Mexico, have agreed …

Pressure mounted on Mexico on Saturday to agree on cuts to oil output that would set the seal on the biggest production deal in the industry’s history. The OPEC+ alliance led by Saudi Arabia and Russia was said to have made some progress on Saturday as negotiations with Mexico continued, …

Gazprom is ramping up production and pipeline transmission from its Eastern Gas program. Commercial A+B+C1+C2 gas reserves within Gazprom’s licensed areas in Eastern Siberia and the Far East exceed 5 trillion cu m (tcm). Gazprom is ramping up production and pipeline transmission from its Eastern Gas program. Commercial A+B+C1+C2 gas …

Iran’s first vice president says new economic programs are required in order to tackle the repercussions of the coronavirus outbreak. Es’haq Jahangiri said Saturday the COVID-19 epidemic affects people’s health and has economic and social consequences. “The most important responsibility of the Ministry of Economic Affairs and Finance is to …

A new 500MW solar photovoltaic plant in Spain, described by the Spanish utility Iberdrola as ‘the largest in Europe’ has entered operation. The Núñez de Balboa facility, which involves an investment approaching €300 million (£263m), has more than 1.4 million solar panels and will generate enough clean energy to supply …

The federal government intends to restrict Kurdistan Region by OPEC agreement to reduce crude oil production. The advisor to the Prime Minister, Mathar Muhammad Salih indicated in a statement quoted by the semi-official newspaper, Al-Sabah, in its Sunday edition, to what he called “the importance of the oil ministry restricting …