OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey of the group's output.
Prodded by the coronavirus pandemic and oil market meltdown to implement an...
Compressed natural gas consumption, which had declined 60% since March, is gradually picking up, head of CNG department at the state-run National Iranian Oil Products Distribution Company said.
“CNG consumption had reached 24 million cubic meters per day in February. Lockdowns to control the...
Qatar’s minister of state for energy affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, which sent oil prices into free fall.
“I think it was a very big...
Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.
Brent crude was up 89 cents, or 2.1%, at $43.19 per barrel, while US West Texas Intermediate crude rose 62 cents, or 1.6%, to $40...
Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country's finance minister said, as OPEC's second-largest oil producer struggles to adhere to it production limits.
"Iraq's decision to comply with OPEC+...
Energy companies on Friday evacuated 10% of production platforms and shut nearly 30% of offshore oil output, pushing gasoline prices higher, as Tropical Storm Cristobal entered the US Gulf of Mexico.
Cristobal on Friday was located 860 km south of the mouth of the Mississippi River and moving...
OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, and the organization could meet as soon as this weekend to sign off on the deal.
After almost a week of wrangling, OPEC+ leaders Russia and Saudi Arabia clinched a tentative deal...
Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.
Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel, while WTI crude futures rose 17...
Oil prices edged down on Monday as traders took profits, with OPEC considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.
Brent crude fell 15 cents, or 0.4%, to $37.69 a barrel, in the first day of trading in the contract with August as the...
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other.
But discussions seem premature, given the...