Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit of the leading global oil producers, Russian Deputy Prime Minister Alexander Novak said.
Oil prices are trading above $50 per barrel,...
Oil prices dropped on Wednesday after an industry report showed an unexpected rise in US crude oil inventories, and as President Donald Trump rattled markets by threatening not to sign a long-awaited US Covid-19 relief bill.
Brent crude futures were down 38 cents, or 0.8%, to $49.70 a barrel,...
Average rainfall since the beginning of the current water year in September slightly increased water stored in dams. According to data from the Iran Water Management Company, dams now hold 26.7 billion cubic meters of water up 1% compared to the same time a year ago, ISNA reported.
There are 193...
Oil prices dropped about 3% on Monday as a fast-spreading new coronavirus strain that has shut down much of the United Kingdom fueled worries over a slower recovery in fuel demand amid tighter restrictions in Europe.
Brent crude slid $1.54, or 3.0%, to $50.72 a barrel after rising 1.5% and...
Oil steadied near a nine-month high on Friday on track for a seventh weekly gain in a row as investors focused on the rollout of Covid-19 vaccines and looked past rising case numbers and tighter lockdowns in Europe.
Pfizer has applied for approval in Japan for its vaccine, which is being used in...
India's appetite for oil is set to emerge from the red and post positive growth in 2021, a year that will likely witness key consolidation and mergers as well as refiners' strategic push to devise ways to reduce their carbon footprint.
Most analysts believe the worst for India's oil demand is...
The president of OPEC reiterated that the oil producers’ organization shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world.
Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency...
Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.
Brent crude futures for February rose 67 cents, or 1.3%, to $50.64 a barrel...
Global demand for road fuels hit a two-month high last week, recovering from the slowdown in October and November when many countries in Europe imposed lockdowns for a second time this year, according to various data about road use, traffic jams, and road freight services tracked by Bloomberg....
Ethane production in the first seven months of the current Persian year (started in March) increased 38.5% compared to the same period last year, manager of the third refinery of South Pars Gas Complex said.
“About 680,000 tons of ethane, which is the main feedstock of the region's...