Oil

OPEC and allies agree to gradually boost crude oil output

The OPEC is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel.

Iran-China deal: the pro-agreement and anti-agreement division returns

Tehran and Beijing signed a 25-year bilateral agreement over the weekend, becoming a subject of both celebration and condemnation.

What the closure of the Suez Canal costs global trade

The Suez Canal is integral to the nine percent of global oil products and 12 percent of total global trade that passes through it.

Is the UAE becoming a go-to advisor on avoiding US oil sanctions?

Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.

OPEC, ally Russia agree to raise production from January

Oil producers agree to modest oil output increase by 500,000 barrels per day but fail to find a compromise on a broader policy for the rest of next year.

US to use Iranian fuel sale proceeds to aid terror victims

The US government in August seized 1.1 million barrels of fuel from four Iranian tankers that were en route to Venezuela. The fuel has since been sold, and officials say the proceeds will go to a special fund for victims of state-sponsored terrorism.

The importance of Russia’s growing footprint in Iraq

The Kremlin has been building influence in the Iraqi energy sector and propping up anti-US forces in the country as part of its objectives to counterbalance US hegemony in the region.

Warlord Haftar agrees to lift Libya oil blockade

Khalifa Haftar said his militias would let oil production resume after an eight-month blockade and a senior politician in Tripoli said a committee would be formed to ensure fair distribution of revenues.

EU sea patrol intercepts UAE ship with jet fuel headed to Libya

The ship had sailed from the port of Sharjah in the United Arab Emirates and was heading to Benghazi in Libya, the EU military mission said, adding that its cargo of fuel was "likely to be used for military purposes".

Stricken oil tanker pushed away from Sri Lankan coast

Sri Lanka's navy said rescuers were still spraying foam on the vessel while the Indian Coast Guard said there was no oil slick.

Is Pakistan dependent on Saudi oil?

A recent spat between the two Muslim countries shines a spotlight on a deal Riyadh used to bailout cash-strapped Islamabad.

Saudi Aramco profits plunge as virus batters oil demand

The company reports 50 percent drop in profits for the first half of the year. Five other leading oil firms, BP, Chevron, ExxonMobil, Royal Dutch Shell and Total, recently reported combined losses of $53 billion for the second quarter.