The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply cuts dating back to October 2022, Saudi Arabia's daily output stands at approximately nine million bpd, far below its capacity of 12 million bpd.

The production started at the first well in the Gulf of Suez.

Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according to data from a major international energy data company. The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels...

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4 percent of total imports, the Natural Resources and Energy Agency of Japan's Ministry of Economy, Trade and Industry said. During June, Japan's total crude oil imports were 68.5 million barrels,...

The oil firm and its subsidiaries posted a net profit of US$8.4bn.

Tehran, Iran-- Iran has signed oil contracts worth $40 billion with domestic and foreign companies during the last 20 months. Speaking at the second ministerial session of the 8th OPEC International Seminar entitled “Investments, finance and inclusive petroleum growth strategies” at the Austrian capital, Iran’s oil minister Javad Owji said...

In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge in May to 1.9 million barrels per day. According to its oil minister, the energy diplomacy and its strengthening relations with countries in Asia, Africa, and Latin America have helped...

Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) has signed a deal with Infinite Mining and Energy to set up a multifunctional oil refinery with a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6 million barrels. In this connection, Saud Salim Al Mazrouei, director...

The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

Spelling the end of independent oil exports by the regional government, Iraq's autonomous Kurdistan region will resume oil exports through Turkey on Monday, but in the future they will be supervised by the federal government in Baghdad. The outcome was achieved in talks between federal and regional officials.

The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake of arbitration at the International Chamber of Commerce. It said that Baghdad's claims had been accepted in a dispute with Ankara over who had responsiblity for exporting the autonomous region's...

AMMAN, JORDAN -  Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels, equivalent to 490,000 tons of crude oil."Jordan imports Iraqi crude oil according to the memorandum of understanding (MoU) for the processing of crude oil signed between the Jordanian and Iraqi...

94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels per day, the Kingdom's Minister of Energy and Mineral Resources Saleh Kharabsheh said Tuesday. He said in a press release that the Kingdom had imported roughly three million barrels of...

The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC secretary general.

Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the US and European curbs.

Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen since March 2020 when the Kingdom’s exports were 7.39 million bpd.

Kuwait's export of crude oil to Japan has climbed 7.6 percent to 6.61 million barrels, or 220,000 barrels per day (bpd), up for the second straight month, government data showed Tuesday. 

The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for the shutdowns to end "immediately". "The United States is deeply concerned by the continued oil shutdown, which is depriving Libyans of substantial revenue," the US embassy in Tripoli said.

The crude oil exports of Saudi Arabia rose by 59,000 barrels per day to 6.996 million bpd in January, according to the Joint Organizations Data Initiative (JODI).

ADNOC announced on Wednesday "significant conventional oil, condensate and gas discoveries" of up to 1 billion barrels of oil equivalent (BOE) from an exploration well in Abu Dhabi’s Onshore Block 4 Concession, which is operated by Japan’s INPEX/JODCO. ADNOC announced the discovery on a Twitter post and said it comprises...

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be "more comfortable" in 2022, the International Energy Agency said on Tuesday. The oil market "appears to stand on a better footing than it has for some time," the IEA wrote in its...

Iraq's oil Minister Ihsan Abdul-Jabbar has said that Iraq has worked on a vision that emphasizes the importance of finding a balance in the energy market, ahead of the new OPEC + meeting next month to study market conditions. "Iraq is a major member of OPEC and we have repeatedly...

Iraq is expected to scale up its oil exports to 3.4 million barrels per day in the first quarter of 2022. Ihsan Abdul Jabbar, the Iraqi oil minister, was quoted by the Iraqi state news agency as saying.