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Oil Rallies on Supply Fears and Tight Market
A force majeure declaration by Russia's Gazprom and a disruption to the Keystone pipeline between Canada and the US have boosted crude prices
Top U.S. Energy Envoy Expects Further Steps From OPEC Producers on Supplies
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden's visit to the Middle East, a senior U.S. energy en…
OPEC+ to Assess Oil Market, Take Necessary Steps: Saudi FM
Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al-Saud said that oil was not discussed at a U.S.-Arab summit held on Saturday, and that OPEC+ would con…
OPEC Boosts Oil Income in 2021, Well Completions Drop
OPEC's oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members' active rigs posted a mod…
Macron Tells Biden That Uae, Saudi Can Barely Raise Oil Output
Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he ha…
OPEC+ Sees Oil Market Surplus Shrinking to 1 Million Bpd
OPEC+ is slimming down its projections for an oil market surplus this year.
IRENA, OPEC Fund Tie Up to Advance RE Investment
The International Renewable Energy Agency (IRENA) and the OPEC Fund for International Development (OPEC Fund) to further advance investment in renewable energy.…
Biden’s Trip to Saudi Arabia Won’t Solve the Oil Market’s Problems
Some observers expressed hope that a trip by President Biden to Saudi Arabia could spark more production and bring prices down.
OPEC+ Output Increase Wins It Credit but a Realignment Awaits Beyond August
Modest nature of tweak indicative of mounting challenges for Saudi Arabia and Russia led group including limited ability to raise production
OPEC+ Working On Making up for Lower Russian Oil Output
OPEC+ is working on making up for a drop in Russian oil output as Russia's production has fallen by around 1 million barrels per day as a result of Western sanc…
Iran’s Two-Month Petrochemical Export Revenues Surge 64% On Year
Iran’s revenues from petrochemical exports surged by 64% year on year to $2.45bn in the first two months of its fiscal year, official data showed on Sunday.
Five Major Challenges Facing the Energy Industry
Record-high prices at the pump, a looming diesel shortage right when the summer season is starting, and an uncooperative OPEC are probably reasons for many head…
Saudi Arabia’s Oil Revenue Expected to Rise 66% To $249BN
Jadwa Investment estimates Riyadh's expenditure to increase by 5% this year.
Oil Prices Drop on Profit-Taking, Supply Fears Linger
Oil prices slipped on Monday, giving up earlier gains as investors took profits after a surge in the previous session, but global supply fears loomed with the E…
OPEC+ Misses Production Target by Whopping 2.7 Million Bpd
All 13 members of OPEC saw their production rise by just 153,000 barrels per day.