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Will OPEC continue to cut production?

Photo: Nick Taylor via Flickr.

Ten OPEC countries achieved 91 percent of their required cuts in January, according to an S & P Global Platts survey released on Monday. In the agreement signed last year, OPEC countries promised to cut 1.2 million b/d for six months and freeze production at 32.5 million b/d for six months in 2017. This includes production by Indonesia, whose OPEC membership is ...

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Iran makes $6 billion deal with Total, CNPC

total SA, Iran

According to the Wall Street Journal, Iran plans to sign a preliminary $6 billion deal with Total SA on Tuesday to help develop an onshore gas field. The move by Total is the first return by a Western energy company since sanctions were lifted this year. Total was long one of the most active Western oil companies in Iran, and ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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British government OKs fracking at 1 site despite opposition

Britain fracking

LONDON (AP) — The British government has approved fracking at a site in northern England despite opposition from the local county council. The landmark decision by Communities Secretary Sajid Javid Thursday means the shale company Cuadrilla will be able to proceed with plans to develop a site in Fylde, 230 miles (370 kilometers) northwest of London. The government stopped short ...

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Iran oil industry fires, blasts raise suspicions of hacking

Iran, hacking

DUBAI, United Arab Emirates (AP) — A series of fires at Iranian petrochemical plants and facilities have raised suspicions about hacking potentially playing a role, with authorities saying that “viruses had contaminated” equipment at several of the affected complexes. Iran officially insists the six known blazes over the span of three months weren’t the result of a cyberattack. However, the ...

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Vattenfall gets EU green light to sell German coal assets

Wyoming coal

BERLIN (AP) — Energy company Vattenfall AB says it has received approval from the European Commission to sell its loss-making coal assets in Germany. The Swedish state-owned company said Thursday that it expects the transfer to Czech energy company EPH and private equity group PPF Investments to be completed in the coming weeks. The assets include four active mines and ...

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Helicopter crash off Angola kills 4, Chevron says

helicopter crash, Angola, Chevron

JOHANNESBURG (AP) — Chevron says four people were killed when a helicopter crashed on the way to an oil facility off the coast of Angola. A statement by the oil company says the helicopter left Cabinda province on Monday afternoon with five passengers and a pilot. Four of the five passengers were contractors, and the fifth was an employee of ...

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