Profits from gasoline production have surged over 150% in Asia from June due to output cuts and refinery maintenance, industry sources said this week, but that may not last as a flood of new supply is expected to hit markets.
Asian profits on refining Brent crude into gasoline crack touched a...
Russian oil production fell close to a three-year low in early July, to 10.79 million barrels per day, dragged down by declining output at Rosneft, the country’s largest oil producer, industry sources told Reuters on Tuesday.
This is the lowest level of extraction since August 2016, when it...
An oil tanker damaged in a bombing off the UAE port of Fujairah in May is back in business. The ship’s first destination: Iran.
The Andrea Victory is sailing in the northern Persian Gulf and signaling Iran’s Bandar Imam Khomeini as a destination, according to ship tracking data compiled by...
The 7-megawatt solar power plant in Abhar City, Zanjan Province, has been connected to the national power grid.
Built by the private sector on a 14-hectare land, the plant was completed in four months at a cost of $7.3 million, the Energy Ministry’s news portal Paven reported.
Prior to the...
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to US sanctions and other outages elsewhere in the group, a Reuters survey found.
The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million...
The US Department of State is discussing allowing China to import oil from Iran as payment for a Chinese company’s investment in an Iranian oilfield.
The administration of US President Donald Trump is discussing issuing China a waiver to a 2012 US act on Iranian sanctions that would allow...
Russian daily oil output rose in June to 11.15 million barrels per day, up from 11.11 million bpd in May, still below the amount agreed in a global deal to cut production, the country’s energy ministry data showed on Tuesday.
The production data for June were in line with what industry sources...
Amid US sanctions, Iran on Tuesday said it believes India will act in its national interest on the issue of oil imports and Tehran can act as a "protector" of India's energy security.
Iran's Ambassador to India Ali Chegeni also asserted that his country can provide "affordability, accessibility...
China is allowing additional crude oil import quotas to predominantly private oil refiners in the world’s top oil importer, Reuters reported on Tuesday, citing a document it has seen.
The additional quotas for 33 private refiners and 10 government or province-run refiners allow those 43...
Norway’s Finance Ministry has asked the government’s $1 trillion fund—the world’s biggest sovereign wealth fund—to recommend a schedule for phasing out its investments in pure exploration and production energy companies.
Its parliament approved earlier this month plans by the fund to divest...