Iran says it is ready to continue fuel shipments to Venezuela

Iran will continue fuel shipments to Venezuela if Caracas requests more supplies, the Iranian Foreign Ministry spokesman said on Monday, despite Washington’s criticism of the trade between the two nations, which are both under U.S. sanctions. “Iran practices its free trade rights with Venezuela and we are ready to send more ships if Caracas demands.

Saudi Arabia may raise July oil prices to Asia: survey

Top oil exporter Saudi Arabia is expected to raise its official selling price (OSP) for all grades it sells to Asia in July, to track a jump in Middle East benchmarks although overall weak refining margins could cap price gains, industry sources said. Saudi Arabia is expected to increase the July OSP for Arab Light.

Oil prices edge down as wary traders eye upcoming OPEC+ meeting

Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 15 cents, or 0.4%, to $37.69 a barrel, on the first day of trading in the.

Is Lebanon’s Natural Gas Boom Dead In The Water?

Description: Absent any discovery thus far, there has been little talk as to what to do with Lebanon’s offshore hydrocarbons, once found and deemed commercially viable Ticker:  The Eastern Mediterranean has been a household name in European energy circles for quite some time, with the undisclosed demise of erstwhile plans to link Turkmenistan to Europe elevating.

Only One Oil Major Is Betting Big On Renewable Energy

Investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion, a Rystad Energy analysis finds. But a closer look at the numbers reveals that some $10 billion, or 57% of the amount, is expected to be invested by a single company, Equinor,.

A Nightmare Scenario For Offshore Oil

Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry.  The world’s offshore oil market, responsible for 30 percent of all the world’s oil production, is facing an impossible set of challenges. With oil sitting at half the price of.

Iranian fuel reaches Venezuelan stations as prices set to rise

Fuel shipped from Iran began arriving at Venezuela’s gasoline stations on Saturday, just hours before President Nicolas Maduro announced higher prices at the pump that are set to end more than two decades of almost-free gasoline. As authorities in the country with the world’s cheapest gasoline got ready to expand retail sales under a system.

OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. But those discussions seem premature, given the latest Reuters survey that suggests that the.

U.S. pipeline operator Energy Transfer warns of coming job cuts

U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall McCrea, the chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6%.

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