oil
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If oil disappeared tomorrow….
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
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If oil disappeared tomorrow….
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
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OPEC+ managing to keep oil prices stable: Putin
The OPEC+ alliance aims at price stability in the oil market, not endless price increases, and so far it is succeeding in this, Interfax news agency quoted Russian President Vladimir Putin as saying.
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Iran, Russia agree on new contracts for oil, gas fields development
SHANA (Algiers) – Iran’s oil minister and Russia’s energy minister agreed on signing new contracts to develop oil and gas fields.
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Owji: Contracts with Russia lead to 200,000-barrel increase in Iran daily oil output
SHANA (Tehran) – Iranian Oil Minister Javad Owji on Wednesday said the contracts signed with Russian companies to develop eight oil fields have helped his country add more than 200,000 barrels to its daily production.
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52nd Meeting of JMMC reviews oil output
The 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Thursday.
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Iran’s oil minister heads to Venezuela
SHANA (Tehran) – Iranian Oil Minister Javad Owji departed for the Venezuelan capital Caracas on Wednesday.
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Russia plans to cut seaborne oil exports by 100,000-200,000 bpd in Jan: Sources
Russia plans to cut oil exports from its sea ports in January by 100,000-200,000 barrels per day (bpd) from December levels amid increased throughput at its refineries, three industry sources familiar with export plans told Reuters.
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Russia eyes additional oil export cuts of about 50,000 bpd in Dec.: Novak
Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world's biggest exporters try to support the global oil price.
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India will buy Venezuelan oil, says minister
India will buy Venezuelan oil as some refiners in the country have the capability to process heavy crude oil, Oil Minister Hardeep Singh Puri said on Friday.
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Iran’s oil output up 60% under 13th administration: NIOC chief
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director said the country’s oil production has jumped 60 percent since the 13th administration took office in August 2021.
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Karoun oil output set to rise
Sepehr and Jofeir oil fields, located in West Karoun, are among the independent Iranian fields in the cluster and are set to come online soon. They have been developed by Pasargad Energy Development Company (PEDC) based on an IPC deal. The 13th administration is developing both independent and shared fields as part of its plan to boost its power of haggling in global oil markets.
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Oil, gas trade effect on Iran economic growth remarkable, says lawmaker
SHANA (Tehran) – Oil and gas trade has had a remarkable effect on Iran’s economic growth, said a member of the Parliament’s Energy Committee on Saturday.
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OPEC+ 36th ONOMM underway
SHANA (Tehran) – The 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM) is underway via videoconference.
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Owji: Oil, gas industry achieves ‘unprecedented’ 25.6% economic growth
SHANA (Tehran) – Iran’s oil and gas sector has achieved 25.6 percent economic growth, an “unprecedented” rate in domestic industry, Oil Minister Javad Owji said on Wednesday.
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Oil retreats on caution ahead of OPEC+ meeting
Oil fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth.
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Owji: 182 oil projects worth $76b underway
SHANA (Tehran) – Iranian Oil Minister Javad Owji said 182 projects worth $76 billion are underway.
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Oil market remains strong despite negative sentiment: OPEC
OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
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China refiners cut oil output as thin margins, quota shortage bite
China's oil refinery utilisation rates are easing from record third-quarter levels as thinning margins and a shortage of export quotas discourage plants from raising output for the rest of 2023, according to traders and industry consultancies.
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Andurand says oil must hit $110 before Saudi Arabia eases supply curbs
Oil trader Pierre Andurand said he expects Saudi Arabia to keep its current supply curbs in place until prices reach at least $110 a barrel.
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World oil, gas, coal demand to peak by 2030, IEA says
World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China's economy grows more slowly and shifts towards cleaner energy, the International Energy Agency said, undercutting the rationale for any rise in investment.
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Russia to decide in November whether to deepen output oil output cuts or raise production – Novak
Russia will consider next month whether to deepen its voluntary oil production cuts or increase output, while separately continuing its current export cuts until the end of the year, Deputy Prime Minister Alexander Novak said on Wednesday.
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Saudi Arabia, Russia to continue voluntary oil cuts until end of year
Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.
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Nigeria pumping 1.67 million barrels of oil and condensates per day
Nigeria is pumping 1.67 million barrels of oil and condensates per day, compared with just under a million barrels some months ago, due to security improvements in the producing Niger-Delta region, the head of the state-oil firm NNPC said.
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Owji reports 40% rise in Iran oil production capacity after Leader urges output hike
SHANA (Tehran) – Iran’s oil production capacity has jumped 40 percent since two years ago, Oil Minister Javad Owji said on Saturday.
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OPEC oil output rises in August as Iran hits 2018 high: Reuters survey
OPEC oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday, despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
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Raeisi: Oil, gas output rise among important measures of 13th administration
SHANA (Tehran) – Iran’s President Seyyed Ebrahim Raeisi on Wednesday said increase in oil and gas output and full settlement of a problem caused by offshore storage of 87 million barrels and gas condensates have been among top measures carried out by the 13th administration.
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Nigeria seeks to restart four state oil refineries by end 2024
Nigeria expects its four oil refineries to be operational by the end of next year, its new oil minister said on Friday, with the southern Port Harcourt plant seen starting as early as December.
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NIOC chief: Iran oil output to rise to 3.5m bpd by summer end
SHANA (Tehran) – The National Iranian Oil Company managing director on Wednesday said the country’s crude production will hit 3.5 million barrels per day (bpd) by September 22, 2023.
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Oil dips ahead of Fed rate decision
Oil prices slipped on Wednesday, with investors cautious ahead of an expected Federal Reserve rate hike later in the day and a possible increase in U.S. crude supplies.