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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 …

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 …