It has come to this for the beleaguered oil market: a big bet that prices are about to sink to their lowest level in more than a year.
About $7 million worth of options…
Energy
Oil prices closed 1.5% higher on Friday, rebounding from five-month lows, following positive US jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts…
Turkmenistan has discovered a potentially large natural gas field close to its Caspian coast, the Central Asian nation's state news agency reported on Saturday. Gas exports are the main source of…
The Oil Ministry faces no obstacles in getting paid for selling crude oil to foreign buyers, says Amirhossein Zamaninia, deputy oil minister for international affairs.
The economy will struggle if the oil industry, the engine of economic growth, does not get the long-awaited impetus after years of underinvestment.
Oil Minister Bijan Namdar Zanganeh made…
The ruling establishment will back any effort that will help Iran develop its key petroleum industry, Majlis Speaker Ali Larijani said on Saturday.
A sharp drop in the number of oil barrels Saudi Arabia loaded onto tankers in April appears to deliver what the market has been awaiting: a big decline not just in crude output, but exports.
A slew of measures are being taken to develop Iran's power industry, from promoting renewable energy to adopting emerging technologies to curb electricity consumption, according to the chief…
OPEC and other countries that agreed to cut crude production are converging on the need to extend the pact beyond June to help to clear a supply glut, Saudi Arabia's OPEC governor said on Friday…
Shell has reported higher-than-expected revenues and a doubling of profits for the first quarter of 2017 as higher oil prices buoyed the oil major after a difficult three years.
Oil prices fell to fresh five-month lows on Friday on concerns about a persistent glut despite assurances from Saudi Arabia that Russia was ready to join OPEC in extending supply cuts.
A wastewater treatment plant in Dogonbadan, capital city of Gachsaran County in Kohgiluyeh and Boyer Ahmad Province, was inaugurated by Energy Minister Hamid Chitchian on Wednesday.
The…
Mismanagement by the previous government plus the international economic sanctions incapacitated the key oil industry, Oil Minister Bijan Namdar Zanganeh said, stressing that Tehran has made…
Russia is leaning toward a six-month extension to an agreement among major producers to cut oil production, Energy Minister Alexander Novak said Thursday. "We are now holding…
Low water prices have made people oblivious to the fact that they must consume water judiciously and help mitigate the effects of water shortages, says Hamidreza Janbaz, managing director of…
Euro-4 standard gasoline is being sold in 40 Iranian cities, the environmental chief said on Wednesday, stressing that using natural gas as feedstock in petrochemical and power plants instead of…
The Research Institute of Petroleum Industry (RIPI) is taking steps to develop an advanced desalter, an important piece of equipment used in refineries to remove salt from crude.
OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut…
Saudi Arabia’s giant oil and gas reserves and any decisions about producing from them will remain solely in government hands after Saudi Aramco’s initial public offering, Deputy Crown Prince…
Oil Minister Bijan Namdar Zanganeh says Iran still needs to import gasoline to meet domestic demand despite the launch of a major gas condensate complex last week.
"I never said we have…
India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi…
Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much higher-than-expected fall in US crude stocks, reviving bullish sentiment about easing oversupply.
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BP Plc’s net debt rose again in the first quarter, reaching the highest level in at least a decade as payments linked to the Gulf of Mexico oil spill countered an almost threefold jump in profit…
Russian oil production edged down to 11 million barrels per day in April from 11.05 million bpd in March, just short of full compliance with the targets of a global deal to cut oil output, Energy…
Feasibility studies on Tehran and Bandar Abbas refineries' rehabilitation program, including cutting back their mazut and sulfur production, have been completed, the deputy head of National…
