OPEC+ production cuts have brought oil prices back from the brink, but the group will have to tread carefully to avoid triggering a new price collapse when it begins to reverse those reductions.
The Joint Ministerial Monitoring Committee, which reviews OPEC+ production, will meet on July 15, and...
Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel while US West Texas Intermediate crude was at $40.25 a...
Iraq's oil production, including output from the semi-autonomous Kurdish region, fell 9% in June but was still above the amount it agreed to in the historic OPEC+ output cuts, official figures released July 11 showed.
June production averaged 3.698 million barrels per day vs 4.068 million bpd in...
National Iranian Oil Company has signed a contract with Persia Oil and Gas Industry Development Company to develop Yaran joint oilfield in Khuzestan Province.
The agreement aims to achieve additional cumulative production of about 39.5 million barrels over 10 years, with direct capital...
The oil demand crash in April, when most of America was under stay-at-home orders, resulted in the biggest monthly inventory jump in US commercial crude oil inventories in data going back to 1920, the US Energy Information Administration said.
In April, US commercial crude stocks soared by 46.7...
The International Energy Agency bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook.
The Paris-based IEA raised its forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected...
Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere could suppress fuel demand.
Brent crude was down by 73 cents, or 1.7%, at $...
Higher oil prices, compared to April, and a fuel glut in Asia are depressing refining margins, likely forcing China’s independent refiners to scale down crude oil processing rates in the third quarter, traders and analysts told Bloomberg.
Earlier this year, at the peak lockdown in other...
The Energy Ministry in Tehran ruled out the possibility of a cyber-strike or sabotage on Ahvaz Power Plant where a blast was reported on Saturday.
“Transformer explosion in the (privately-run) power station in Ahvaz had nothing to do with cyber-attacks,” Mostafa Rajabi Mashhadi was quoted as...
Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while US benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.
Brent crude rose 18 cents, or 0.4%, to $42.98 a...