Oil prices rose more than 2% on Wednesday, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.
Brent crude futures rose $1.90, or 2.7%, to $71.13 a barrel, after a 3.9...
Since the beginning of the current water year (Sept. 23), the level of water in dams across Iran has declined by 30% year-on-year, the head of Data and Information Department at Iran Water Resources Management Company said.
“Currently, dams in the country have 18 billion cubic meters of water...
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Brent crude futures climbed $3.11, or 4.3...
Brent slid nearly 4% to below $80 a barrel on Friday as a new Covid-19 variant spooked investors, adding to concerns that a global supply surplus could swell in the first quarter following the release of crude reserves by the United States and others.
Oil fell in tandem with other financial...
Bandar Imam Petrochemical Company in southwestern Khuzestan Province has increased its daily output of vinyl chloride monomer (VCM) by 70 tons after the successful overhaul of the VCM unit, managing director of BIPC said.
“The daily production of the product has now reached 520 tons from 450...
The administration of US President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Biden,...
US pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group, as it does not have much extra capacity to hike output faster, even if it wanted to.
The Organization of Petroleum Exporting Countries and its allies,...
Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the Covid-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.
Brent lost 26 cents, or 0.3%, to $78.63 a barrel and US West...
Fath-27 drilling rig has recently started drilling operations in the Sepehr and Jufair oilfields in Khuzestan Province, as the fourth rig employed in the development project of the field.
The rig, which belongs to the consortium of the National Iranian Drilling Company and Pezhvak Energy...
Crude oil prices crumbled on Wednesday after the International Energy Agency and OPEC warned of impending oversupply and as Covid-19 cases in Europe increased the downside risks to demand recovery, though a fall in US gasoline stocks curbed losses.
Brent crude futures dropped 79 cents, or 1%, to...