EghtesadOnline: Russia is complying fully with its pledge to cut oil production gradually, Energy Minister Alexander Novak said on Monday.
EghtesadOnline: To raise crude output in shared reservoirs with Iraq, Iran's Petroleum Engineering and Development Company is installing skid-mounted modular mini refining units in South Azadegan Oilfield in Khuzestan Province, managing director of the firm said.
EghtesadOnline: A senior Iranian energy official criticized Russia and Saudi Arabia for ramping up oil output, saying they were breaking a production agreement between OPEC and Moscow and would strengthen the US effort to impose sanctions on Tehran.
EghtesadOnline: Crude oil production from the giant South Azadegan field near the Iraqi border will exceed 170,000 barrels per day by the end of the current fiscal year (March 20, 2019), the director of the field's development project said.
EghtesadOnline: The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame.
EghtesadOnline: Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.
EghtesadOnline: Oil edged lower on Tuesday, pressured by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.
EghtesadOnline: U.S. oil futures sank to six-week lows on Monday on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit.
EghtesadOnline: A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday.
EghtesadOnline: OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said.