Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximise profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters. “We have 70 people working on this, we’re still adding more,” Yasser Mufti, Aramco’s executive vice …

Shell Offshore Inc., a subsidiary of the UK-headquartered energy giant Shell, has gotten its hands on the remaining stake in a deepwater field in the U.S. Gulf of Mexico, which has been developed as a subsea tie-back to the nearby Ursa production hub. Following the acquisition of the 20% working …

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to …

Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to …

Crude oil demand growth in India is projected to slow down next year as the post-pandemic rebound begins to lose momentum both in China and India. This is according to Rystad Energy, whose head of oil trading Mukesh Sahdev predicts India’s oil demand growth will fall to 150,000 bpd in …

A German state-owned company has requested from the U.S. Federal Energy Regulatory Commission approval for the construction of Venture Global’s CP2 LNG project. The entity, called SEFE, or Securing Energy for Europe, comprises the assets previously owned by Gazprom’s German subsidiary. The company was nationalized last year and earlier this …

Since Russia’s invasion of Ukraine on 24 February 2022, the race has been on to secure as much of the world’s regular liquefied natural gas (LNG) supplies as possible to compensate for lost energy supplies from the global gas and oil powerhouse. LNG requires much less infrastructure for delivery than …

The EU is pushing forward to protect its clean energy manufacturing from Chinese competition by adopting measures to help its EV, solar, and wind industries. The bloc has been looking for months to address its dependence on imported technologies, especially cheaper products from China, which undermine the market shares of …

Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths. China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth …

The Brent crude oil spot price will average $83 per barrel next year, the Energy Information Administration (EIA) said in its monthly Short Term Energy Outlook (STEO) published on Tuesday. In last month’s STEO, the EIA had forecast 2024 forecast for the Brent crude oil benchmark at $93 per barrel. …