Oil market optimism risks derailing its own recovery, with the recent rise in crude prices above $50/b possibly harming demand and incentivizing additional supply. Hopes that vaccines will revive the Continue Reading
Smack dab in the middle of an oil price crisis caused by an unprecedented demand loss, Exxon announced the latest in a string of discoveries off the eastern South American Continue Reading
Egypt and Iraq have signed an oil-for-reconstruction plan this December, expected to come into effect once constitutional procedures have been completed. This deal marks the start of several joint projects Continue Reading
Saudi Arabia reduced its budget plan for 2021 by 7 percent from this year’s in response to the economic fallout of the pandemic, which pushed oil prices to multi-year lows. Continue Reading
Iraq has extinguished a fire at two wells in the northern Khabbaz oil field, oil minister Ihsan Ismaael said Dec. 16, after they were set ablaze on Dec. 9 in Continue Reading
Iranian President Hassan Rouhani said Thursday that he has “no doubt” the incoming U.S. administration will rejoin the 2015 nuclear deal and remove punishing sanctions on Iran’s economy. His remarks Continue Reading
India hasn’t put the pandemic behind it, but its oil refineries have. Three state-run processors including Indian Oil Corp., the nation’s top refiner, are currently operating at close to 100% capacity or Continue Reading
For nearly 80 years, Mexico kept its borders closed to foreign oil interests, with the state-owned and -run Petroleos Mexicanos (Pemex) being the only entity allowed to drill for gas Continue Reading
Tropical rains have washed away most outward traces of the oil spill that ravaged Rio Seco this fall. But the fishing village in the shadow of Venezuela’s main refining hub Continue Reading
China’s Zhejiang, Hunan and Jiangxi provinces, along with the autonomous region of Inner Mongolia, had restricted the electricity usage of industry and government agencies to combat the shortages of electricity Continue Reading
