Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter. Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the …

On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices. Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42. Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous …

Amid boom in tourism, Japan is facing jet fuel shortage, as the country’s plummeting oil refineries cannot provide adequate fuel to enable return trips for all planes. Authorities at Narita Airport near Tokyo, Japan’s main gateway for international arrivals, said in late June that six airlines had shelved plans to …

The Arctic LNG 2 project in Russia, which Western sanctions have hit in recent months, significantly reduced its production of natural gas in May as it hasn’t exported any LNG yet, a source with knowledge of output data told Reuters on Tuesday. Arctic LNG 2, in which Russian gas producer …

Bolivia’s state-owned oil and gas company YPFB has discovered a massive natural gas field, which is the biggest such find in nearly two decades and could become the country’s third-largest producing field. The discovery at the Mayaya Centro X1 natural gas field is estimated to contain 1.7 trillion cubic foot …

Saudi Aramco signed definitive agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Co. (BHIG), a wholly-owned subsidiary of Air Products Qudra (APQ). The transaction, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen, the oil giant …

While countries like Brazil and the United States are often seen as major pressures on OPEC oil production policies, Saudi Arabia’s ambitious Vision 2030 might pose an even greater challenge. This transformative economic strategy, spearheaded by Crown Prince Mohammed bin Salman, aims to shift the kingdom’s reliance away from oil, …

Chinese state-held oil and gas giant CNOOC said on Monday it had achieved an exploration breakthrough in medium-to-deep Mesozoic plays in the Bohai Bay offshore China. CNOOC, which specializes in offshore exploration and production in China and abroad, was exploring a discovery well in the Longkou 7-1 oilfield in eastern …

Nigeria’s Dangote Group plans to list its company Dangote Petroleum Refinery & Petrochemicals, which runs Africa’s largest refinery, on the Nigerian stock exchange in early 2025, the group’s president Aliko Dangote said this weekend. The group also plans to list another multi-billion-dollar subsidiary, Dangote Fertiliser Limited, on the domestic stock …

China aims to avoid coal shortages during the peak summer demand season by stockpiling coal and increasing production.China boosted its coal production in June to the highest level in six months as it looked to meet power demand for cooling in the summer and as eased mining safety inspections allowed …