Russia has reportedly paid dividends from the Sakhalin 1 and 2 oil projects in Chinese yuan, a shift from its usual practice of paying in dollars, thanks to western sanctions on Russia. The decision to pay in Chinese currency instead of the traditional U.S. dollar comes after Russia was cut …

Already reeling from the months-long suspension of its crude exports, Iraq’s semiautonomous Kurdistan region may see its lifeblood oil sector further hemmed in with the passage of the federal budget. The budget, passed June 12 following four days of late-night voting and intense debates within Iraq’s parliament — including on …

India will soon overtake China as the largest driver of global oil demand, International Energy Agency (IEA) chief Fatih Birol said on Wednesday, according to Reuters. Birol made this statement during a G20 event in New Delhi, emphasizing the “rapid growth of electrification in cars and buses in China as …

The European Union will have to aim for a near-total reduction of greenhouse gas emissions by 2040 if it wants to meet its 2050 climate neutrality goal, according to a report by the bloc’s climate advisory board, published on Thursday (15 June). The recommendation by the European Scientific Advisory Board …

Oman could turn into one of the biggest hydrogen suppliers in the world, the International Energy Agency has forecast in a recent report. The tiny Gulf sultanate currently generates some 60% of its export earnings from oil and gas but has set itself ambitious net-zero targets that would involve leveraging …

One of the world’s largest oil and gas companies—and a favorite target of climate activists and activist investors—is making something of a U-turn on its plans for the future. Shell, which was sued into cutting its oil output, is going back to oil and gas in a big way, and …

A “transparent and objective” international investigation into the blasts at the Nord Stream natural gas pipelines is needed, a high-ranking Russian diplomat to the United States said early on Wednesday (14 June). Commenting on reports that the US reportedly warned Ukraine not to attack the pipelines under the Baltic Sea, …

Siemens will spend €2 billion (US$2.16 billion) on a new global investment plan, the German engineering and technology group said on Thursday (Jun 15), as it gears up to meet increased demand triggered by global stimulus packages. Siemens will build new factories, research and development centres and training sites around …

Global oil production in 2023 will reach a record figure of 101.3 mln barrels per day (bpd) and in 2024 will grow to 102.3 mln bpd, according to the report of the International Energy Agency (IEA). The United States will continue to dominate non-OPEC+ countries in terms of production growth. …

Sanctions on Russian oil by Western countries have failed to make any dent in its oil exports. The country’s oil export revenues increased by $1.7 billion to $15 billion in April 2023, as per the monthly report released by the International Energy Agency (IEA). The growth is due to higher …