Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption.
Force majeure on the Zawiya export…
Energy
Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.
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Oil prices fell on Friday after a three-day rally ran out of steam as a higher US rig count signaled rising production from shale, contributing to the global supply glut.
Iraq’s Oil Minister Jabar Ali al-Luaibi said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about…
Oil prices have been capped at around $55 a barrel so far this year, but they are on track to hit $70 per barrel later in 2017, according to Pierre Andurand, managing partner at Andurand Capital…
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian…
Energy Minister Hamid Chitchian says his ministry is doing all it can to reduce electricity wastage in the national grid to less than 10% in the present fiscal year that ends in March 2018.
Despite a two-week break for the Persian New Year holidays, the energy industry in Iran was moving ahead with government efforts to launch oil, gas and petrochemical projects…
Russian oil output was 11.05 million barrels per day in March, down 200,000 bpd from October— the baseline for a global deal to curb oil production and in line with a government promise, Energy…
March 20, 2017 - Iran has started oil production from the offshore South Pars crude oil layers after installing its first floating production, storage and offloading vessel, the FPSO Cyrus,…
German energy giant EON said on Wednesday that it booked a record loss of $12.7 billion in 2016, after massively overvaluing its coal and gas-fired power generation business which was spun-…
Iran Water and Power Resources Development Company has invited domestic and foreign companies to finance, build and operate Karun II Dam and Power Plant project in Khuzestan Province.
Negotiations are underway with Iraq to develop three joint oilfields together. Oil Minister Bijan Namdar Zanganeh said on Tuesday.
production last year, but if OPEC maintains its output cuts, demand should overtake supply in the first half of this year, the International Energy Agency said on Wednesday.
The IEA's…
Tehran Construction Engineering Organization (TCEO) signed a memorandum of understanding with Iran Fuel Conservation Company (IFCO), a subsidiary of the National Iranian Oil Company, to formulate…
The discovery of a huge natural gas deposit in Egyptian waters has boosted hopes of other such finds in the eastern Mediterranean that could help meet Europe’s energy needs, a senior official with…
Investments by Norway's oil industry will decline more than expected in 2017 and economic growth is now seen fractionally lower than forecast, the country's finance ministry said on Tuesday at the…
For two straight months this winter, France was a net importer of electricity for the first time in five years, a trend that could continue during periods of peak demand no matter who wins the…
Kuwait will support the extension of a global deal to cut oil supply beyond June, the country's oil minister said on Monday as the market needs more time to rebalance. "Kuwait supports the…
The National Iranian Oil Company can maintain its current production level of 3.9 million barrels per day for a maximum period two years. However, the 5.2 bpd production level envisaged in…
In line with the policy to prioritize development of joint oilfields, the first phase of production from Azar Oilfield in the west, with the capacity of 15,000 barrels per day has commenced after…
OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting…
Australia can expand collaboration on developing renewable energy and build water desalination projects in Iran.
India's oil imports from Iran rose nearly 17% in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output,…
Aramco and the Tokyo Stock Exchange are considering setting up a joint group to study a potential stock market listing of the Saudi Arabian state oil giant in Japan, the governments of Japan and…
