London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by OPEC+ to hike crude output quotas have oil prices trading at lows not seen since the Covid pandemic. That is good news for consumers but not so much for producers,...
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA. The report shows how the industry can take a more responsible...
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to...
Oil prices surge for 6th straight week as global supplies tighten
Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while...Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several Western countries were seeking to divide OPEC member states. The Iranian president made the remark in a meeting with the Secretary-General of OPEC Haitham al-Ghais in Tehran on Saturday. Considering the...
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...
UAE, Egypt discuss cooperation in defense industries
A high-level UAE delegation, on a visit to Egypt, met with senior officials of the Egyptian Ministry of Defense.
Gas prices ‘in God’s hands’, producers warn as Ukraine crisis sparks surge
Major gas exporting nations said Tuesday they could not guarantee prices or supplies at a summit overshadowed by the worsening Ukraine crisis which has pushed costs to record highs in Europe. Qatar's emir, who hosted the talks, said gas producers were working to ensure "credible and reliable" supplies as Europe's...Iran sees possibility of exporting Covid-19 vaccines in a few months
Iran has said exporting vaccines manufactured by domestic producers was possible in a few months. Iran's deputy health minister for research and technical affairs Younes Panahi told Iranian media that some local producers made good progress and mass production of the vaccines will happen in the future. He said the...
