Iran Says Will Cooperate with OPEC to Stabilize the Oil Market: IRNA

Iran’s oil minister said today that Tehran will cooperate with Organization of the Petroleum Exporting Countries (OPEC) to stabilize the world market, but expects others to respect its rights, the ministry’s news agency SHANA quoted him as saying. Asked about an oil output freeze plan, Bijan Namdar Zanganeh also said …

Despite the Current Decline, Oil Market on the Path to Rebalancing

“Higher oil demand is expected in the 3rd and 4th Quarters”, HE Dr Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and current OPEC President said, expressing positive sentiments in a brief released from OPEC. He added that, since February of this year, the oil price had experienced …

IEA releases Oil Market Report for August

Crude oil prices eased to around $45 per barrel in August as a global supply overhang weighed and demand growth weakened, the newly released IEA Oil Market Report (OMR) for August informs subscribers. Brent crude had threatened to break below $40 per barrel at the end of July. Global oil …

IEA releases Oil Market Report for July

Global oil supplies rose by 0.6 mb/d in June, to 96 mb/d, after outages curbed OPEC and non-OPEC supplies in May, while production was 750 kb/d below as higher OPEC output only partially offset non-OPEC declines, the newly released IEA Oil Market Report (OMR) for July informs subscribers. Non-OPEC supplies …

Ventura Oil Spill Misses the Ocean, but Damage on Land is Unclear

Before the sun rose Thursday, Kirk Atwater’s wakeup call was a noxious breeze that filled his bedroom with fumes. He stepped out of his ranch that overlooks an arroyo in the Ventura hills and saw a creek of thick, black goo traveling through the canyon that was dry just the …

ABB Electric Propulsion System

ABB today announced the total fuel savings of the entire installed Azipod fleet since being launched is estimated to be more than 700,000 tons. Assuming the average family car uses one ton of fuel annually, this savings corresponds to the annual fuel consumption of 700,000 cars. The gearless, steerable propulsion …