The US will press on with its campaign of 'maximum pressure' on Iranian oil exports with the aim to squeeze the country's revenues, a senior American government official said.

Since walking away from the 2015 Joint Comprehensive Plan of Action last year, the US has looked to reduce Iran’s oil exports to zero. The administration imposed sanctions on Iran in November last year, restricting its sale of oil and condensate. The US increased"...

ABU DHABI, 12th November, 2019 (WAM) -- ExxonMobil has invested around US$6.5 billion in Upper Zakum oilfield since its involvement in the offshore field in 2006, according to Christian G. Lenoble, President and UAE Lead Country Manager of Exxon (Al-Khalij) Inc.

'Upper Zakum is the second largest offshore field in the world and we are planning to participate in increasing its production to one million barrel per day by 2024. It is a target that"...

Opec sees a significant upswing in oil demand growth for 2020 as potential supply from non-member producers is unlikely to materialise in the near term, according to its secretary general.

Opec, a 14-member group of sovereign oil-exporting states, lowered its five-year outlook for the collective oil supply by 7 per cent last week.

Production of crude and other liquids"...

State-owned Indian Oil Corporation, the biggest refiner in India, is looking at importing Russian crude to meet growing demand in one of Asia’s fastest growing economies, its chairman said.

“When it comes into buying options, we would prefer to have as wide options as possible. Our existing suppliers are GCC countries and Iraq, but we are also trying to look into getting Russian crude,” said Sanjiv Singh.

The"...

The alliance between Opec and other countries including Russia, known as Opec+, will probably extend its deal, however further cuts are unlikely, Oman’s oil minister said.

“Extension (of the cuts) probably. Deeper cuts I think, probably unlikely unless things happen in the next couple of weeks,” Mohammed Al Rumhy told reporters on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference on Monday.

HOUSTON: The chief executive of Pioneer Natural Resources, Scott Sheffield (pictured) , on Tuesday called on producers in the top US shale field to limit natural gas flaring and monitor for methane leaks.
Companies are targeting oil in the fast-growing Permian Basin field, but pipeline construction has lagged, leaving natural gas as a byproduct to be burned or vented.
Producers should get flaring and venting rates to 2 per cent or less and not drill wells before pipelines are complete, Sheffield said during a"...

The 20th China International Petroleum & Petrochemical Technology and Equipment Exhibition (cippe2020) will be held at the New China International Exhibition Center in Beijing on March 26-28, 2020. Featuring 1,800 exhibitors, 120,000 professional visitors from 65 countries and regions, and 7 exhibiting halls of 90,000sqm, cippe2020 is a can't-miss event for anyone who wants to explore China’s petroleum and petrochemical market.

cippe"...

SINGAPORE: Oil prices eased on Monday as traders took profit ahead of fresh European and US economic data, despite hopes for some resolution to the US-China trade row that has hurt global economic growth and crimped energy demand.
Prices jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks while US officials said the deal could be signed this month.
Brent crude futures for January LCOc1 fell 16 cents to $61.53 a barrel by 0727 GMT, while December"...

Hungary-based oil and gas company MOL has signed an agreement with Chevron Global Ventures and Chevron BTC Pipeline to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oilfield, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of $1.57 billion.

Once"...

Iran signed a preliminary agreement with Syria on Saturday to help rebuild the Arab ally’s electricity grid, as Tehran seeks a deepening economic role after years of the Syrian conflict, reports Iranian state media and Reuters.

A memorandum of understanding signed by the two countries’ electricity ministers in Tehran covered the construction of power plants, transmission lines, cutting losses in Syria’s electricity network, and"...