A couple of weeks ago, the International Energy Agency reported that global oil demand reached an all-time high of 103mn barrels a day in June. According to the global energy watchdog, robust demand was driven by better than expected economic growth in OECD countries, surging oil consumption in China, particularly …

Slower U.S. shale growth and persistent underproduction from several OPEC+ producers are set to tighten the oil market further in 2024, Barclays said on Wednesday, hiking its Brent price forecast for next year by $8 to $97 a barrel. “Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent …

Equinor has acquired a 25% interest in Bayou Bend CCS LLC, positioned to be one of the largest U.S. carbon capture and storage projects located along the Gulf Coast in Southeast Texas. Bayou Bend is positioned to be one of the largest CCS solutions in the U.S. for industrial emitters, …

In the push to embrace emerging technologies and harness their potential commercial opportunities, Gulf countries are launching new initiatives to bolster their domestic space industries. In June Saudi Arabia’s Council of Ministers approved the transformation of the Saudi Space Commission, which was launched in 2018, into a full government agency …

Regarded as the most important gas project in the country, Phase 11 of the South Pars Gas Field was inaugurated in a ceremony in Assaluyeh, Iran’s southern province of Bushehr, on Monday with President Ebrahim Raisi and Oil Minister Javad Owji in attendance. Construction of Phase 11 of the South …

The shipping industry has taken another important step towards the era of unmanned ships with the delivery of an LNG-powered capesize bulk carrier in South Korea fitted with artificial intelligence (AI)-based machinery monitoring and safety systems. The 180,000 dwt HL Nambu 2, built by Hyundai Samho Heavy Industries for compatriot …

Russia has a capacity to store at least 4.6 billion metric tons of carbon dioxide (CO2), enough to cover domestic needs as well as some volumes from other countries, Igor Shpurov, head of Russian State Commission on minerals, said on Monday. Russia, the world’s fifth biggest emitter of carbon dioxide …

Turkey is in the process of brokering a deal between the central Iraqi government and the authorities of the semi-autonomous Kurdistan region on sharing the revenues from crude oil production in the northern Iraqi region. The deal, according to Bloomberg, which cited unnamed Turkish officials, would help resume the operation …

The spot price for gas in Europe has again risen above $400 per thousand cubic meters after falling below that level at the end of last week. It had soared towards $500 before falling back to $355 amid concerns regarding a labor dispute and possible industrial action at LNG plants …

Iraq’s Basra Oil Company (BOC) announced that TotalEnergies entered into a contractual commitment to carry out four large energy projects as part of a deal concluded with the Iraqi government last July. TotalEnergies long-awaited $27 billion energy deal is expected to increase oil production and Iraq’s capacity to produce energy …