Iraq’s government agreed to sign a contract with JGC Corp to build a 55,000 barrels per day refinery in the southern region of Basra, the oil ministry said in a statement on Wednesday. The refinery will produce fuels including liquified petroleum gas, gasoline and gasoil, it said,...

Oil prices rose on Wednesday after a surprise drop in U.S. crude inventories, but demand concerns amid record increases in COVID-19 infections in some U.S. states capped gains. Brent crude futures LCOc1 rose 54 cents, or 1.3%, to $43.76 a barrel by 0923 GMT. U.S. West Texas Intermediate...

First Abu Dhabi Bank, the United Arab Emirates' biggest lender, said Tuesday its net profits for the second quarter and first half of 2020 had plunged due to the impact of coronavirus. FAB's net profit for the second quarter of this year dropped 25 percent to $657 million compared to $872...

Turkey could pause energy-exploration operations in the eastern Mediterranean Sea for a while pending talks with Greece, presidential spokesman Ibrahim Kalin said Tuesday. In an interview with broadcaster CNN Turk, Kalin said President Tayyip Erdogan had requested that operations be put on...