Western oil companies are facing increasing pressure from investors as well as climate activists to set stringent targets in reducing fossil fuel production. The argument is that fossil fuels have to be phased out if climate change goals like reducing carbon emissions is to be met. Dutch oil major Shell …

Iraq has slipped one spot to the 14th position in the ranking of countries with the lowest petrol prices, the latest data from Global Petrol Prices, a prominent international resource tracking fuel costs, showed this weekend. The website’s May 2023 report revealed that Iraq’s descent was prompted by a slight …

The global discourse on addressing climate change, energy transition, and investments is currently dominated by the topic of green hydrogen. The media frenzy surrounding the expanding array of projects, subsidy schemes, and international strategies is fueled by the influence of Washington’s IRA plans and the EU’s energy strategic projects. It …

Japan’s “nuclear blackmail” accusation against Russia is “cynical, unscrupulous speculation,” the Russian Foreign Ministry said on Saturday. “Attempts to attribute to Russia the non-existing plans to use nuclear weapons in Ukraine is nothing more than cynical, unscrupulous speculation. There has been no change in our approach to this issue,” a …

Iraq’s oil exports to the United States have seen a marked contraction, dropping to an average of 136,000 barrels per day (bpd) in the preceding week, data from the US Energy Information Administration (EIA) showed on the weekend. This echoed a trend in the United States’ broader crude oil intake …

The National Oil Corporation (NOC) announced the completion of the implementation of a vital strategic project to increase the supply of natural gas to the local market, and the project of sending a scrapers unit to the Sirte company for oil and gas production. The NOC said that it had …

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9%, higher at $76.95 a barrel. U.S. …

The managing director of the National Iranian Oil Company (NIOC) has said vast exploration operations are underway on 140,000 square kilometers of offshore and onshore hydrocarbon reserves to discover new deposits, Shana reported. “Domestic firms, including the National Iranian South Oil Company (NISOC), NIOC’s Exploration Department, and the Oil Industry …

The National Iranian Oil Company (NIOC) managing director on Friday said the country, thanks to its present-day reserves, can produce oil and gas for the next 100 years. Mohsen Khojastehmehr made the remarks in his speech during a ceremony to commemorate the 115th anniversary of Iran’s first oil exploration in …

Benchmark natural gas prices in Europe continued their freefall this week and were headed to post the longest weekly losing streak since 2013 amid weak demand. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, plunged by 5.7% to $25.75 (24 euros) per megawatt-hour (MWh) as …