Oil prices edged higher on Tuesday on positive news on vaccine trials, but are still within the narrow trading band of the past three weeks amid fears that new lockdowns could derail a recovery in demand.
Brent futures were up 21 cents, or 0.5%, at $43.49, while West Texas Intermediate gained 11...
The National Iranian Oil Company concluded an agreement with the domestic company Petropars to develop the giant South Azadegan Oilfield in Khuzestan Province.
The $1.3 billion contract aims to raise output to 320,000 barrels a day by 2023. The field’s total production stood at 45,000 barrels in...
Oil prices dropped on Monday, amid concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world.
Brent crude was down 36 cents, or 0.8%, at $42.78 a barrel, after dropping slightly last week. US oil was off by 34 cents, or 0.8%, at $...
The National Iranian Oil Company has reported that gas flaring in oilfields declined 40% in 2019 compared to 2017.
According to ISNA and based on NIOC data, daily gas flaring in 2017 was 50 million cubic meters but dropped to less than 30 mcm/d in 2019.
In 2018 it was 40 mcm/d with $5 billion...
The oil minister has asked petrochemical companies to supply raw materials for products needed for battling the coronavirus.
In a tweet on Friday, Bijan Namdar Zanganeh wrote: “All petrochemical companies whose products are used as raw material for making goods related to the fight against the...
As the world heats up, converting to energy-efficient cooling systems is a major way to curb greenhouse gas emissions and limit climate change, according to a new report from the UN Environment Programme and the International Energy Agency.
A shift to energy-efficient air conditioning...
Oil prices slipped on Friday amid growing uncertainty about the global recovery in fuel demand as coronavirus cases surged in several countries, while major producers were set to ease output curbs.
Brent crude futures fell 26 cents to $43.11 a barrel. US West Texas Intermediate crude dropped 23...
Some of the biggest oil companies in the world set their first joint target to cut their collective carbon emissions from upstream operations in a move that saw Saudi Aramco and ExxonMobil joining European majors in pledging reduced carbon intensity.
The Oil and Gas Climate Initiative, a CEO-...
Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.
It was the first report in which OPEC assessed oil markets next year. It said the forecast...
Oil prices rose on Wednesday following a sharp drop in US crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.
Brent crude futures were up 19 cents, or 0.4%, at $43.09 a barrel, and US West Texas...