The president-elect has vowed to lift US sanctions against Tehran and rejoin the Joint Comprehensive Plan of Action (JCPOA) nuclear deal, as long as Iran resumes compliance with all restrictions on its nuclear program. Sanctions imposed by President Donald Trump in 2018 have cut off more than 2mn b/d of Iranian oil exports.…
Iraq is one of the few countries to benefit from the Iranian sanctions’ exemptions. The United States has repeatedly extended the period of a sanctions waiver for Iraq — most recently in September — due to Baghdad’s dependence on Iran’s gas and electricity. Iraq’s need to comply with the OPEC+ quotas has a negative…
Libya will not join OPEC quotas until its production stabilises at 1.7 million barrels per day (bpd), a Wall Street Journal reporter tweeted here, citing National Oil Corp chief. Libyan oil production could reach 1.3 million bpd within a month, NOC’s Mustafa Sanalla told the Journal. OPEC-member Libya is exempt from making production…
OPEC+ ministers talked openly about the possibility of tweaking their oil-cuts deal, the latest signal that the group is reconsidering its January production hike. While Saudi Arabia and the United Arab Emirates, two core members of the cartel, didn’t commit to any policy changes before their Nov. 30 meeting, they reiterated their intention…
Somalia’s opportunity as one of the world’s last true oil and gas exploration frontiers may soon be rekindled – creating an industry to deliver long-term economic growth and prosperity to the Somali people. The launch of the 2020 Somali Bid Round after ratification of the Petroleum Law and Resources Revenue Sharing Agreement, the…
CALGARY – Cenovus Energy Inc., through a wholly owned partnership, has entered into a definitive agreement to sell its Marten Hills oil assets in northern Alberta to Headwater Exploration Inc. for initial cash and common share equity consideration of approximately $100 million. Total consideration paid to Cenovus consists of $35 million in cash…
RIO DE JANEIRO – As Brazil’s state-controlled Petrobras rapidly boosts oil output and exports, executives are looking to a new market: India. In an interview as part of the Reuters Commodity Trading Summit, Chief Executive Roberto Castello Branco said that crude sales to China – an increasingly vital export market for Brazilian oil…
NEW DELHI: India’s fuel demand has almost recovered to pre-COVID-19 levels and the nation will experience the fastest growth in energy consumption among all large economies in the coming decades, oil minister Dharmendra Pradhan said on Monday. In October local sales of gasoline, gasoil and cooking gas in India, the world’s third biggest…
India has invited global firms to invest in its strategic petroleum reserves (SPRs) as the nation’s energy consumption growth would be fastest among large economies in coming decades, oil minister Dharmendra Pradhan told a conference on Monday.India’s share in global energy consumption is set to rise from 7% to 12% in 2050, Pradhan told…
Oil sector regulator PNGRB has given up to eight-and-a-half months of extra time to companies such as Indian Oil Corporation (IOC), GAIL and Adani Gas to fulfil their city gas project rollout commitments that had been impacted by COVID-19 lockdowns. On November 5, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued…
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