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OPEC

OPEC+ to Decide on Oil Production For One or Several Months at July Meeting

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There are currently no timeframe suggestions for oil production parameters that the OPEC+ countries will decide upon during their meeting next month, Russian Deputy...
sanctions

Most of Iran’s Oil Output Can be Restored Within a Month After Lifting Sanctions

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Most of Iran's oil production can be restored within a month after lifting sanctions, with the full restoration of oil output possible within three...
An oil tanker sits offshore in the San Francisco Bay Area, the United States, April 26, 2020. More than 30 oil tankers carrying over 20 million barrels of crude oil are parked between Long Beach and the San Francisco Bay Area. (Photo by Li Jianguo/Xinhua)

Brent Crude Ends Trading Day Above US$70 Per Barrel First Time Since May 2019

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Brent crude closed trading day above $70 per barrel first time since May 18, 2019, according to trading data. August futures for the North Sea...
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Global Oil Demand Expected to Grow by 6 Million Barrels Per Day in 2021

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OPEC + raised its forecast for growth in oil demand in 2021 to 6 million barrels per day, Russian Deputy Prime Minister Alexander Novak...
New Oil Field

Global Commercial Oil Inventories to Return to 5-Year Average in June – Novak

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The "surplus" of global oil inventories decreased from 260 million barrels to 34 million barrels, and the level of inventories is expected to return...
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

OPEC+ Oil Ministers to Meet on Tuesday

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Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and 10 other exporters will meet by video on Tuesday to review output...
OPEC

OPEC Hopes Iran’s Future Increase in Oil Production to Be Transparent, Orderly

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OPEC hopes that Iran’s future increase in oil production will be transparent and orderly, thus keeping the market stable, OPEC Secretary General Mohammad Barkindo...
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Oil futures settle sharply higher again

Crude oil prices moved higher on Tuesday, extending gains from the previous session, amid continued optimism about increased demand for fuel in the US...
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Oil is still crucial to global economy – Prof Alhaji

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The Moderator of the Oil, Gas and Energy Law (OGEL) says fossil fuels' dominance of the global energy mix makes oil crucial to ...
Petroleum Training

TTU, Petroleum Commission sign agreement to train youth in oil and gas products

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The Management of the Takoradi Technical University (TTU) and the Petroleum Commission of Ghana have signed a GHc 3.5 million agreement to train Ghanaian...
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Libya’s eastern-based army agrees to resume oil exports with conditions

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Khalifa Haftar, commander of the eastern-based army of Libya, on Friday announced allowing the resumption of oil exports with conditions. "It has...
An oil tanker sits offshore in the San Francisco Bay Area, the United States, April 26, 2020. More than 30 oil tankers carrying over 20 million barrels of crude oil are parked between Long Beach and the San Francisco Bay Area. (Photo by Li Jianguo/Xinhua)

Egypt’s ambitious plan to achieve oil self-sufficiency within reach

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by Marwa Yahya The Egyptian plan to achieve self-sufficiency in all oil and gas products between 2021 and 2023 is...
Libya oil blocked over Turkish deployment of troops (Photo by Oil Price)

Oil prices rebound after massive losses

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Oil prices climbed on Wednesday as the market tried to recover from considerable losses in the prior session. The West Texas Intermediate...
Burning Oil Tanker

Sri Lanka says fire onboard burning oil tanker under control

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The Sri Lanka Navy on Wednesday said a fire which had reignited onboard the MT New Diamond oil tanker on Monday has been...
Crude Palm Oil

Egypt develops jasmine oil trade to earn hard currency

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by Mahmoud Fouly A couple of hours before dawn, a lot of farmers and laborers in Shubra Beloula village...
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Oil prices climb amid storm-driven production cuts

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Oil prices advanced on Tuesday as storms forced a major shutdown of energy production in the Gulf of Mexico. The West Texas...
Illegal Immigrants

UN begins distribution of food aid for refugees, asylum seekers in Somalia

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Two UN agencies on Thursday kicked off the distribution of the more than 1,500 metric tons of life-saving food aid for refugees and asylum...
A rescue vessel tries to put out fire emerging from an oil tanker after it collided with a cargo ship near the Yangtze River estuary, Aug. 20, 2020. Three had been rescued and 14 others went missing after an oil tanker collided with a cargo ship about 1.5 nautical miles southeast of the Yangtze River estuary early Thursday, according to the maritime authorities in Shanghai. The accident occurred at 3: 39 a.m. Thursday, when an oil tanker carrying about 3,000 tonnes of gasoline collided with a cargo ship loaded with sand and gravel, causing a fire on the deck of the oil tanker and the latter to sink. (Donghai Rescue Bureau/Handout via Xinhua)

3 rescued, 14 missing after ship collision in east China

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Three had been rescued and 14 others went missing after an oil tanker collided with a cargo ship about 1.5 nautical miles southeast of...
An electronic screen shows the trading data at the New York Stock Exchange in New York, the United States, on Jan. 27, 2020. U.S. stocks ended significantly lower on Monday. The Dow fell 1.57 percent to 28,535.80, the S&P 500 decreased 1.57 percent to 3,243.63, and the Nasdaq dropped 1.89 percent to 9,139.31. (Xinhua/Wang Ying)

Tokyo stocks open lower on concerns over U.S. economic recovery

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Tokyo stocks opened lower Thursday as the minutes of the U.S. Federal Reserve's July policy meeting released overnight revealing concerns over the U.S. economy's...
South Sudan

South Sudan oil firm plans survey of minerals, oil to attract potential investors

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South Sudan's state-owned oil company plans to undertake a survey of both its mineral resources and oil in a bid to attract more investors...
oil

Sinopec creates record by drilling 8,725 meters deep oil, gas field

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China Petrochemical Corporation (Sinopec) announced that its Shunbei oil and gas field created a record for the deepest onshore directional well drilling in Asia,...
petroleum revenue

Oil prices drop slightly as demand worries persist

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Oil prices fell modestly on Tuesday as soaring COVID-19 cases continued to stoke fears over weaker demand for the crude. The West...
Bank of Ghana

Ghana adds GHS 16.9 billion to debt stock in 2020 1st quarter

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New figures released by the Bank of Ghana show that the country’s debt stock increased by 16.9 billion cedis in the first quarter of...
A sign displays gas prices at a gas station in the Brooklyn borough of New York, the United States, on April 20, 2020. U.S. oil prices crashed to the negative territory for the first time in history on Monday, fueled by pandemic-related demand shock and oversupply fears. The West Texas Intermediate (WTI) for May delivery shed 55.9 U.S. dollars, or over 305 percent, to settle at -37.63 dollars a barrel on the New York Mercantile Exchange, implying that producers would pay buyers to take oil off their hands. (Photo by Michael Nagle/ Xinhua)

Oil prices gain amid output cuts

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Oil prices rose on Monday as market sentiment was boosted by output cuts from major oil producers. The West Texas Intermediate for...
Hand Sanitizer

It’s Time Africans Sanitize Our Minds and Not Only Our Hands

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The only continent with Rich mineral elements such as gold, diamond, manganese,oil, cocoa, ivory timber etc,yet instead of Africa progressing,we are rather retrogressing. We...
Ken Ofori-Atta, Minister of Finance

Civil Society caution Ministry of Finance over Heritage Fund

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The Civil Society Platform on Oil and Gas (CSPOG) has raised concerns over the Finance Minister's request for Parliament to amend the Petroleum Revenue...
oil

Lebanon extends oil and gas licensing deadline amid COVID-19 outbreak

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Lebanon extended the deadline for submitting offers for the country's second licensing round for offshore oil and gas exploration in five blocks from April...
Staff of Iran's Ministry of Health and Medical Education arrange boxes of donated masks by China in Tehran, Iran, on Feb. 25, 2020. China's Ambassador to Tehran Chang Hua on Tuesday delivered 250,000 masks to Iran's Ministry of Health and Medical Education as a support to protect Iranians against the outbreak of novel coronavirus in the country. (Photo by Ahmad Halabisaz/Xinhua)

Oil and gas production not affected by COVID-19 – Iran

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Iran's Ministry of Petroleum announced Wednesday that the outbreak of COVID-19 in the country since two weeks ago has not affected Iran's oil and...
Oil

Oil prices fall as demand worries persist

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Oil prices declined on Wednesday, as worries of weaker crude demand continued to weigh on the market. The West Texas Intermediate for...
Oil

Belarus, Russia sign protocol on compensation for polluted oil

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Belarus has signed a protocol with Russia on compensation for polluted oil, Vladimir Sizov, deputy chairman of the Belarusian state petrochemical concern Belneftekhim, said...