oil

Following the recent US-Iran agreement, global oil prices have tumbled to pre-war levels as tanker traffic officially resumes in the critical Strait of Hormuz. Brent crude has slipped below $70 a barrel, triggering a much-needed drop in…

Motorists across Belgium are forming massive queues at gas stations following the sudden announcement of steep fuel price increases driven by stalled US-Iran negotiations. Global market anxieties and the United States' naval blockade of the…

A fire broke out in a crude oil storage tank at the Rumaila oil field in Basra, southern Iraq, a site responsible for one-third of the country's oil production. Thick smoke and flames were seen rising from the area. Firefighting teams…

Intensive oil production continues in Türkiye’s Gabar region, which now supplies 5% of the country’s oil needs. Currently, 47 wells in Gabar produce 47,058 barrels of crude oil per day. This marks significant progress compared to…

Greenpeace activists protested the British government's decision to issue over 100 new oil and gas exploration licenses in the North Sea by scaling the roof of UK Prime Minister Rishi Sunak's historic home in North Yorkshire…

Recent oil discoveries in Şırnak, Southeastern Anatolia, align with a historical oil map initiated by the 34th Ottoman Sultan, Abdulhamid II. The region, already known for its rich underground resources, has gained…

The Iranian Revolutionary Guards Naval Forces Command seized two Greek oil tankers, “Prudent Varrior” and “Delta Poseidon” on May 27, on the grounds that they violated international law in the Persian Gulf. Iran shared footage of the…

The leaders of the EU member states reached a consensus in principle on the long-delayed 6th package of sanctions. Under the new sanctions, imports of Russian oil will be reduced by 90 percent by the end of the year. President of the…

Germany faces cooking oil shortage that cannot be supplied from Ukraine. Ukraine, which is an important producer of corn, boll seed and sunflower, exports these products to Europe, especially Germany. While Germany produces only 6 percent…