A rebalancing of oil market is progressing more slowly than expected, but it will speed up in the second half of the year, OPEC Secretary-General Mohammad Barkindo said on Sunday.
Energy
Saudi Arabia seems to be finally doing what it takes to reduce the world's most visible oil glut: the one in the US. But, its renewed vigor comes as OPEC's deal to reduce excess crude stockpiles…
Despite the rise in domestic gasoline consumption in the last few weeks, the government has no plans to introduce quotas or raise gasoline prices, managing director of the National Iranian Oil…
A highly-anticipated meeting of oil ministers from the Organization of Petroleum Exporting Countries and some non-OPEC producers on Monday could make or break oil prices that have already tumbled…
A photovoltaic power project is scheduled for launch later this week in the city of Mahan, Kerman Province, marking the completion of a Swiss-German venture in the Iranian renewable industry…
Iraq has been the biggest customer of Iran's electricity over the last four years.
The western Arab neighbor imported 36.5 billion kilowatt-hours of electricity from Iran between March 2013…
China’s diesel and gasoline exports surged in the first half of the year, as a domestic supply glut and slowing demand growth prompted refiners to sell more fuel abroad.
Iran is studying the technical and financial terms of agreements with French company Total and Royal Dutch Shell on the construction of petrochemical plants in the country and will sign contracts…
When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say.
There is much focus on the…
Oil prices slid on Friday, settling about 2.5% lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global…
After a brief respite at the start of the year, the world's top oil and gas companies are set to double down on cost cutting, as a recovery in crude prices after a three-year slump falters.
The Kuwaiti oil minister said on Friday the compliance of oil producers with a global pact on reducing crude supplies was good. "Compliance is good and offers hope" for it has reached 106% by OPEC…
An unnamed Italian company has sealed an agreement to build a solar power plant in the southern province of Hormozgan.
"The solar power station will have a power generating capacity of…
In line with plans to fight illegal electricity use and renovate national power grid to minimize outages, electricity wastage in the national grid has been cut to 10.7% from 15.2% in less than…
OPEC’s crude oil production is expected to increase by another 145,000 barrels per day in July over June, driven by higher production in Saudi Arabia, Nigeria and the UAE, a company which tracks…
Iran's oil minister said there will be no ambiguities in payments and financial transactions pertaining to the gas deal with French energy company Total.
Iran’s total installed capacity of renewable energy production will reach 1,000 megawatts, or 1 gigawatts, by the end of the current fiscal in March 2018, said the managing director of Renewable…
Iran's average gasoline production stands at 66 million liters per day, chief executive officer of the National Iranian Oil Products Distribution Company said.
India’s government-run refiners plan to import less Iranian crude oil in the 2017-18 fiscal year ending March 2018 compared to the previous fiscal year, India’s Oil Minister Dharmendra Pradhan…
The National Iranian Tanker Company has signed an agreement with the Research Institute of Petroleum Industry on increasing the quality of bunker fuel and reducing the environmental footprint of…
The government is keen to help remove trade barriers between private-sector Iranian petrochemical exporters and Chinese buyers, Oil Minister Bijan Namdar Zanganeh said.
Domestic producers…
The Agbada 2 flow station should have been buzzing with activity, pumping crude to one of Nigeria’s largest export terminals. Instead, it remains idle as Wilcox Emmanuel, the facility’s manager,…
UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Friday he hopes global supplies will start tightening in the second half of the year when demand picks up.
"We have seen healthy…
The giant gas field that holds around 40% of total gas reserves on the Norwegian Continental Shelf is set to produce a record amount of gas this year, just as gas demand in the UK is on the rise…
India’s top refiner Indian Oil Corporation may buy out the government’s 66% stake in exploration company Oil India, in a second deal involving oil firms that is part of India’s plan to create a…
