Iran produced 3.115 million barrels per day (bpd) of crude oil in October, registering a 46,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report.
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Oil prices were climbing upwards midday Monday, with Brent crude gaining over 1.6% after the market digested an OPEC report suggesting demand in the U.S. and China is not lowering to the point of concern.
Implementation of new projects in southern Iran has added some 30,000 barrels a day (b/d) to Iran’s oil production, according to an official with the knowledge of the matter.
India's state-run Oil and Natural Gas Corporation (ONGC) could finally see first oil production from a $5-billion deepwater project in November, three years after the initial timeline.
Oil prices wavered on Monday, as renewed concerns over waning demand in the United States and China, coupled with mixed signals from the US Federal Reserve, kept markets uncertain.
OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
China’s state-owned oil and gas company, PetroChina is to replace US energy giant Exxon Mobil Corp as the lead contractor for Iraq’s West Qurna 1 oilfield, following a settlement agreement, whereby the latter will finalise its exit from the oilfield, according to a senior Iraqi oil executive.
According to the statistics of the US Department of Energy, the total stolen Iranian oil by this country has reached more than 4 million barrels since 2020 under the pretext of sanctions.
CEO of National Iranian Oil Company announced
The CEO of National Iranian Oil Company announced that the drilling of 35 infield wells in South Pars with a credit of one billion and 170 million dollars has been handed over to four Iranian drilling, exploration and production companies with the aim of increasing productivity and maintaining gas production.
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.
The price of crude oil, natural gas, and gasoline has dropped more than 10% in recent weeks, but the U.S. Energy Information Administration (EIA) believes higher prices are in the future even though several economic indicators create questions.
The ongoing conflict in the Middle East, confined mainly to the Gaza region now, has caused only negligible disruption in India’s trade so far. Some sectors such as fertilizers and diamonds — both cut and polished — may see a slight, but manageable, impact, while for most others impact will be insignificant, finds a recent Crisil Ratings study.
China's oil imports from Iran have hit record highs as Iran ramps up output despite the threat of further U.S. sanctions, Reuters reported.
RoydadNaft – OPEC+ crude oil output grew 180,000 b/d in October, the latest Platts survey by S&P Global Commodity Insights found, adding supply pressures to…
The oil-producing country hosting the annual UN climate conference wants other petroleum producers to pledge to curb greenhouse gases, but critics say the plan doesn’t go far enough.
During a May wildfire that scorched a vast swath of spruce and pine forest in northwestern Canada, Julia Cardinal lost a riverside cabin that was many things to her: retirement project, gift from from her husband, and somewhere to live by nature, as her family had done for generations.
Wars almost always bring upheavals in securities, currencies, and commodities. The lack of impact from the Israel-Hamas war has been remarkable, even puzzling, especially for oil, which might be expected to have been affected most directly by the risk of a wider conflict in the Middle East.
National Iranian Oil Engineering and Construction Company (NIOEC) is tasked with operating infrastructure projects in the downstream oil sector including refining, storage, transport, and distribution of crude oil and petroleum products in Iran. With more than seven decades of work in infrastructure refining, NIOEC has developed special potential in handling such projects, rendering Iran independent of foreign companies.
Oil prices rose on Friday but are set to fall for a third week amid signs of slowing demand and as market attention turns to a key meeting of OPEC and its allies this month which will determine the group's next move on production.
OPEC+ crude oil output grew 180,000 b/d in October, the latest Platts survey by S&P Global Commodity Insights found, adding supply pressures to flagging market sentiment, as Iran and Iraq led the group's production higher.