EghtesadOnline: Oil futures clawed back some of the losses they sustained in the previous session, but a rebound in Covid-19 cases in some countries undermined hopes for a steady recovery in global demand.
EghtesadOnline: Oil prices dropped more than 1% on Monday after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months while optimism about demand recovery cooled amid the coronavirus pandemic.
EghtesadOnline: Oil held around $44 a barrel on Friday and was heading for its biggest weekly decline since June, as weak demand figures added to concerns of a slow recovery from the COVID-19 pandemic.
EghtesadOnline: Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper reported, citing the country's oil minister.
EghtesadOnline: As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry’s patchy track record on takeovers is red flag for some investors.
EghtesadOnline: Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well-supplied market.
EghtesadOnline: Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens.
EghtesadOnline: The National Iranian Drilling Company drilled and repaired 109 oil and gas wells in one year (August 2019-August 2020), the managing director said.
EghtesadOnline: Oil rose towards $46 a barrel on Wednesday, near the highest since March, lifted by US producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in US crude inventories.
EghtesadOnline: Amini refinery opened in Aras Free Zone on Wednesday with annual capacity of 200,000 tons of petroleum, including gasoline, diesel, naphtha, kerosene and bitumen, managing director of Aras Free Zone said.